Nassau, The Bahamas …With the introduction to Parliament last week of the Financial Intelligence Unit Bill and the Criminal Justice (International Co-operation) Bill, The Bahamas has brought increased focus on its ongoing program of legislative and regulatory reform, addressing a range of issues which have been the subject of comment by international agencies such as FATF and FSF.
The program has included a series of consultations and meetings with heads of banking institutions operating in The Bahamas as well as with officials in Canada, the U.S., Western Europe and the U.K.
Prime Minister Hubert Ingraham said additional administrative, regulatory and supervisory changes will ensure The Bahamas remains a "major player" in the international financial services sector – and specifically will accelerate the process of removal from the FATF's blacklist.
