BAHAMAS: AML/CFT ASSESSMENT FOLLOW-UP REPORT

On 22 December, the FATF-style regional body CFATF published the 4th follow-up report on the Bahamas.  CFATF says that The Bahamas has been under enhanced monitoring since the adoption of its Mutual Evaluation Report. To reflect the progress of The Bahamas, CFATF has re-rated the country in relation to FATF Recommendations 6, 7, 24 and 33 from Partially Compliant to Largely Compliant and Recommendations 19, 22, 26, 27 and 28 from Partially Compliant to Compliant.  The Bahamas is Compliant with 18 FATF Recommendations and Largely Compliant on 20– combined they represent 38 out of the 40 FATF Recommendations.  As is usual with such reports, it addresses only technical compliance, and not effectiveness ratings.

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 outcome ratings. The Bahamas will continue to report back to the CFATF on progress to strengthen its implementation of AML/CFT/CPF measures.

https://www.cfatf-gafic.org/home/cfatf-news/735-the-bahamas%E2%80%99-progress-in-strengthening-measures-to-tackle-money-laundering-and-terrorist-financing

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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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