NASSAU, BAHAMAS — The Financial Action Task Force (FATF) has concluded its on-site visit to The Bahamas, which will now await its recommendations on the question of de-listing from the FATF “grey list”.
The visit was conducted partially in person and partially by virtual means, with the remaining eight members of the International Cooperation Review Group of the Americas (ICRG) participating remotely.
The visit also included in-person discussions and questioning of Regulatory Authorities which oversee the operations of the financial services and non-banking service providers, as well as a successful dialogue with private sector service providers.
Upon the conclusion of the on-site visit, the FATF officials paid a courtesy call upon Prime Minister Dr Hubert Minnis.
According to a statement, Minnis welcomed the delegation and expressed profound gratitude for their commitment and dedication displayed by having undertaken to travel to The Bahamas in the height of the second surge of the COVID-19 pandemic.
The prime minister also reiterated the highest-level political commitment to the laudable goals of the FATF, in seeking the elimination of all forms of financial, terrorism and proliferation crimes, and all identified risk offences.
The Bahamas is now awaiting the final assessment and recommendations of the ICRG on the question of the de-listing of The Bahamas from the FATF grey list.
Back in October, the European Union confirmed The Bahamas’ inclusion on a list of nations deemed to have deficiencies in their anti-financial crime defenses, which makes it “high risk”. A key reason for The Bahamas’ inclusion was its presence on the FATF’s monitoring list.