FATF RE-EVALUATES BAHAMAS’ COMPLIANCE WITH AML/CFT REQUIREMENTS

On 18th December, Eye Witness News reported that the re-evaluation had found the country compliant with the majority of FATF recommendations.  FATF said its report does not address what progress has been made to improve effectiveness, and that a later follow-up assessment will analyse progress on effectiveness, and could result in another re-rating of immediate outcomes at that time.  The Bahamas will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes.  The articles goes on to mention some of the measures taken by the Bahamas to meet FATF requirements.

https://ewnews.com/majority-compliance-in-fatf-re-rating

FATF FOLLOW-UP REPORT ON THE BAHAMAS

The report itself is available online.  It is a follow-up to the 2017 mutual evaluation of the country.  The Bahamas has been re-rated on Recommendations 1, 2, 6, 10, 12, 15, 17, 18, 23, 25, 30, 32 and 35.   However, based on the revisions to the revisions to Recommendations 8 and 21, the ratings remain unchanged.   Whilst the regional body (CFATF) welcomed steps taken to improve its technical compliance with Recommendations 5, 7, 19, 22, 26, 27, 28, 33; it said that insufficient progress has been made to justify a re-rating of these Recommendations.

https://ewnews.com/wp-content/uploads/2018/12/FATF-December-report.pdf

bahamas

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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