NASSAU, BAHAMAS –The Financial Action Task Force’s (“FATF”) flagship training course on global anti-money laundering and countering the financing of terrorism (“AML/CFT”) standards and implementing effective measures got underway in the capital on Monday, June 3.
The FATF Standards Training Course (“STC”) is being conducted for members of the Caribbean Financial Action Task Force by the FATF Training and Research Institute, June 3-7, 2019 at the Poinciana House regulatory complex. The training is hosted by Attorney General and Minister of Legal Affairs Carl W. Bethel, QC, and is sponsored by the Securities Commission of The Bahamas.
“Training of this nature is an essential complement to the myriad legislative, policy and regulatory initiatives that the Government and financial regulators continue to implement to protect the financial system from being abused for criminal purposes, including money laundering and terrorism financing,” AG Bethel said.
“The knowledge that so many of our Bahamian AML/CFT sentinels will take away from this training will greatly enhance the nation’s capacity to ensure that its legal and regulatory frameworks align with FATF’s recommendations, and their effective implementation and enforcement in the jurisdiction.”
Deputy Prime Minister and Minister of Finance K. Peter Turnquest congratulated the Commission on hosting the event, which he said was significant for a number of reasons.
“Considering the importance of financial services to The Bahamas’ economic well-being, global standards setters, potential investors, as well as those that would seek to abuse our financial system must know of The Bahamas’ robust commitment to global anti-money laundering and counter terrorism and proliferation financing standards,” DPM Turnquest said.
“Hosting this event in The Bahamas not only allows us to expose an array of key persons across various agencies and authorities to this in-depth training, but, we hope, helps to reinforce that message.”
Ms. Christina Rolle, executive director of the Securities Commission of The Bahamas said, “The Commission remains committed to properly equipping its staff to deliver the world-class regulation that the industry, the capital markets and investors deserve.
“With our recent implementation of risk based supervision across our regulatory remit, and considering our progressive initiatives to overhaul and modernize the legislation we administer and to show regional leadership, sponsoring this event was a natural fit for our long term objectives.”
Over 40 local persons, including representatives of financial regulatory bodies, the Judiciary, the Financial Intelligence Unit and the Royal Bahamas Police Force are registered to take advantage of the 5-day training session. Representatives from nine Caribbean countries including Antigua and Barbuda, Aruba, Barbados, Bermuda, Cayman Islands, Guyana, St. Martin, Trinidad and Tobago, and the British Virgin Islands are also attending the sessions.
The course will focus on the FATF Standards related to risk based supervision, international cooperation, preventive measures, financial intelligence and investigations, counter-terrorism financing, counter-proliferation financing and beneficial ownership.