NASSAU, Bahamas, CMC – The Governor of the Central Financial institution of the Bahamas (CBB), John Position, says that over the previous 50 years, the nation has materially strengthened its strategy to anti-money laundering (AML) and different monetary crimes.
Addressing the Sixth Annual Bahamas Analysis Convention on Monetary Crime, which ends right here on Friday and is cosponsored by the Washington-based Inter-American Growth Financial institution (IDB), Rolle advised delegates that the nation has been cooperating internationally in coping with these points.
He mentioned that stage of dedication has additionally prolonged to collaboration in issues of worldwide tax transparency.
“Nevertheless, this continues to be a really pricey course of when it comes to sustaining a stability between the effectiveness of our threat administration practices and the unintended results of rules, as applied, on monetary inclusion, the convenience of doing enterprise, and the consequences meant or unintended on the viability of in any other case official enterprise fashions.”
Rolle mentioned he hopes that the analysis convention continues to be motivated by such issues. Particularly, it ought to first objectively perceive how the worldwide system, given its risk-based strategy, can obtain measured ranges of effectiveness in methods which can be less expensive when scaled to economies and monetary facilities of various sizes.
“Second, making certain that measures of bias in making use of worldwide requirements are objectively quantifiable. In these regards, it’s hoped that our scholarly analysis will encourage coverage discussions that enhance how we formulate and implement worldwide requirements. These efforts will encourage the discharge of extra knowledge that assist develop the vary of inquiry into such subjects.”
He mentioned the convention can be occurring at a vital juncture because the nation prepares for the following spherical of evaluation underneath the Monetary Motion Process Power‘s (FATF) mutual analysis course of.
Rolle mentioned that final yr, led by the Lawyer Common’s Workplace, the Central Financial institution, and different Bahamian regulators and regulation enforcement companies up to date the Bahamas’ Nationwide Danger Evaluation on cash laundering and monetary crimes.
“It underscored a renewed engagement with the monetary providers trade on the frontline of The Bahamas’ contribution to the worldwide combat towards cash laundering, terrorist financing, and proliferation financing.
“This threat evaluation doc units the stage for extra introspection, extra reforms the place mandatory, and nationwide consciousness constructing forward of our subsequent peer analysis,” Rolle mentioned, including, “This convention enhances our efforts by strengthening our worldwide outreach on anti-money laundering and monetary crimes and it helps to construct native capability.”
He mentioned the Central Financial institution is already planning for the 2026 convention, which it expects will construct upon the momentum gained this yr.
