Categorized | National News

Bahamas Faces Money Laundering/Smuggling Threats

The Bahamas continues to face significant money laundering and smuggling threats. This according to a summary report which

The Central Bank of the Bahamas has released on money laundering and terrorist financing national risk assessment (NRA) for the country. This comes on the heels of the country recently being spared from the European union’s daunted blacklist.

Key findings from the NRA reveal that on a national level, The Bahamas faces internal and external money laundering (ML)/terrorist financing (TF) threats, including fraud, human, gun and drug smuggling/trafficking.

Adding that trade based schemes are the main threats emanating from the country and this is inclusive of tax fraud and trade based schemes in other jurisdictions.

The report also stated that vulnerabilities identified at the national level were found to include: the need to strengthen and enhance the Anti-Money- Laundering /CFT framework and implementation of
the need to boost resources (manpower, it tools, formal procedures, specialized training) for border control; 
the need to boost prosecutorial resources; the need for timely suspicious transaction report, data analysis and dissemination to stakeholders (feedback to financial institutions and data to financial 
crime investigators) and to boost resources to address this issue.

In response, the Government intends to initiate action around six key areas, adding that the Central Bank has begun a series of inter-related strategic initiatives including:  expanding from AML/CFT on-site examinations to examination plus continuous AML/CFT supervision; developing and implementing a permanent AML analytics unit in the bank supervision department and integrating stakeholder feedback with the findings of the NRA and 2017 CFTAF mutual evaluation report (MER) .



Written by Jones Bahamas

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