NASSAU, BAHAMAS — Bahamian financial regulators plan to brief the industry ahead of an upcoming international assessment of the country’s safeguards against money laundering and terrorist financing, as they also work on legislation to bring crypto-asset transactions into the tax reporting system.
The Group of Financial Services Regulators (GFSR) agreed at its September 17 quarterly meeting to work with the Office of the Attorney General on a joint industry session before the Caribbean Financial Action Task Force’s Fifth Round Mutual Evaluation on-site assessment. The session is intended to help financial services firms understand the evaluation process and its main areas of focus.
Members reviewed the country’s progress in addressing key observations ahead of the assessment, including regulatory work and cooperation among agencies to support compliance with international standards.
The group also received updates on legislation being developed to implement the Crypto-Asset Reporting Framework. The measure forms part of The Bahamas’ commitment to exchange tax-related information on crypto-asset transactions. Working groups reported on the Common Reporting Standard, Automatic Exchange of Information and other international tax transparency requirements.
Regulators discussed pending legislation, the work of The Bahamas Financial Stability Council, targeted financial sanctions reporting and related guidance. They also agreed to coordinate financial literacy activities across their agencies to improve financial education and inclusion.
The GFSR said continued information sharing and joint regulatory action would help agencies respond to emerging risks, including cyber threats and artificial intelligence. Its next meeting is scheduled for December 2026.
