NASSAU, BAHAMAS – Local regulators are making ‘good strides’ on anti-money laundering (AML) supervision according to Central Bank Governor John Rolle.
Rolle said:“We would like to see fuller international recognition of this progress”.
He was responding to the recently released International Narcotics Control Strategy Report (INCSR) by the Trump administration which accused certain Bahamian regulators of failing to accept the financial crime risks posed by online gaming and money transmission businesses.
Rolle said: “The local regulators are making good strides on AML supervision, developing a thorough understanding of risks and engaging intensively with financial institutions on these matters.
“We would like to see fuller international recognition of this progress, and will stay closely engaged with international stakeholders to advance such outcomes.”
The Trump administration, in its just-released International Narcotics Control Strategy Report (INCSR), indicated its dissatisfaction with the number of money laundering prosecutions and convictions that occurred in this nation during 2019.
It also pointed to what it described as global money laundering challenges posed by The Bahamas’ casino and online gaming sectors.
The report noted that Central Bank statistics showed the casino and online gaming sectors generated $1.3 billion and $3.2 billion in gross gaming revenues for the first eight and nine months of 2019, respectively.
