The Secretariat of the Financial Action Task Force on Money Laundering (FATF) has announced that it will issue a new report updating its findings on the non-cooperative countries and territories in the international fight against money laundering.

The report will be presented at a news conference on Friday 22 June 2001. Mr. José María Roldán, FATF President, Mrs. Clarie Lo, future FATF President, and Mr. Patrick Moulette, FATF Executive Secretary will discuss the highlights of the report. Also being presented will be the FATF’s Annual Report, and the officials will outline the work of the FATF over the past twelve months.

The Prime Minister of The Bahamas, the Rt. Hon. Hubert A. Ingraham has expressed satisfaction that The Bahamas has acted appropriately to preserve and enhance the financial services sector and to make The Bahamas a financial services jurisdiction of choice for discerning, discriminating, reputable financial service providers. The Bahamas is in full compliance with the 40 initial recommendations of the FATF, and the Prime Minister has indicated that there no “good earthly reason” why the country should not be de-listed from amongst the “non-cooperating” countries when the FATF meets in June.

Referencing the comprehensive package of financial services legislation enacted at the end of 2000, the Prime Minister has emphasised that the most important issue is not how many laws are passed but what is accomplished by those laws.

Earlier, the FATF had advised that in assessing progress made by listed jurisdictions it would have to be satisfied as to the existence of comprehensive and effective anti-money laundering systems. Further, indications were that it would rely on its collective judgment, attaching particular importance to reforms in the area of criminal law, financial supervision, customer identification, suspicious activity reporting, and international co-operation. During May, the FATF’s Review Group of The Americas visited The Bahamas, and met with both the public and private sectors in the process of reviewing the implementation of the legislative and regulatory reforms. In fact, the Government of The Bahamas has expended considerable financial and human resources to ensure effective implementation. All institutions created by the new laws have been established and are operational.

The Financial Action Task Force is an independent international body, whose twenty nine member countries and governments include: Argentina; Australia; Austria; Belgium; Brazil; Canada; Denmark; Finland; France; Germany; Greece; Hong Kong, China; Iceland; Ireland; Italy; Japan; Luxembourg; Mexico; the Kingdom of the Netherlands; New Zealand; Norway; Portugal; Singapore; Spain; Sweden; Switzerland; Turkey; United Kingdom and the United States. The European Commission and the Gulf Co-operation Council are also members of the FATF.