Now an integral part of the United Nations Office for Drug Control and Crime Prevention, the GPML works closely with the industry to define and upgrade standards for the proper regulation of offshore financial services. The Bahamas is a participant on a special focus group created by the GPML to shape a “code of conduct” for offshore business.
A set of Principles has been drafted. It is anticipated that this will be presented for adoption by participating nations at a high-level Government meeting mid year 2000.
The Bahamas Government is fully committed to the establishment of a Financial
Intelligence Unit, first announced in 1999, with work now in the practical stages.
The Central Bank of the Bahamas has an ongoing training programme in anti-money laundering techniques, introduced in 1996 to coincide with the passage of the Money Laundering (Proceeds of Crime) Act. In 1998, the Government created the Tracing and Asset Forfeiture Money Laundering Unit — a precursor to the FIU.