Anti-money laundering and counter-terrorist financing measures - The Bahamas

The Bahamas’ progress in strengthening its framework to tackle money laundering and terrorist financing

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Port of Spain, Trinidad and Tobago, December 22^nd, 2022 – As a result of The Bahamas’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2017 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 2 of the 40 Recommendations.

The Bahamas has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation report, which assessed the effectiveness of The Bahamas’ anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, The Bahamas has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses The Bahamas’ progress in addressing the technical compliance deficiencies identified in the mutual evaluation.  

To reflect this progress, the CFATF has re-rated The Bahamas on the following Recommendations:

8 – Non-profit organisations from partially compliant to compliant

15 – New Technologies from partially compliant to compliant

The report also looks at whether The Bahamas’ measures meet the requirements of FATF Recommendations that have changed since its 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.  

The Bahamas is now rated as Compliant or Largely Compliant with 40 out of the 40 FATF Recommendations.

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Selected by Virginie GASTINE MENOU