The Financial Action Task Force has released its 2004-2005 NCCT Review, including an update on The Bahamas.
Referencing the comprehensive anti-money laundering measures undertaken by The Bahamas post 2000 and the important progress made in implementing these measures, the FATF points out that The Bahamas’ Financial Intelligence Unit (FIU), a member of the Egmont Group, has continued to function effectively. The FIU receives, analyses and forwards Suspicious Transactions Reports (STRs) to law enforcement, and effectively exchanges information with foreign counterparts.
By the end of last year, The Bahamas had made progress in other areas of international cooperation and had responded to all outstanding regulatory requests from FATF members at that time.
Also referenced in the annual Review are Central Bank of the Bahamas initiatives relating to physical presence requirements and that regulatory authority’s ambitious inspection programme – as well as the International Co-operation Unit established within the Office of the Attorney General.
Reporting that the Government of The Bahamas has continued to respond productively to international requests between January and May, 2005, the FATF Review also acknowledged the proposed Handbook to assist foreign regulators when making requests to The Bahamas. This Handbook is expected to be finalised by the end of the second quarter.
The Annual NCCT Review was released at the recently concluded FATF Plenary in Singapore, as was the FATF’s 2004-2005 Annual Report and its latest Typologies Report – a detailed study of money laundering and terrorist financing methods and trends. (See link to Special Reports)