The country’s financial sector will once again be brought under a microscope as the industry will undergo a fourth round of reviews by the Caribbean Financial Action Taskforce next year.

Attorney General Allyson Maynard- Gibson made the announcement while bringing remarks at The Bahamas Financial Services Board (BFSB) annual excellence awards gala dinner, at the British Colonial Hilton on Friday evening.

According the attorney general, the country’s world standing in the financial arena is good however; she said that the government is constantly exploring ways to improve.

“Recently, after extensive consultations with the industry led by BFSB; AIBT and the Ministry of Financial Services, the government of The Bahamas announced our commitment to implementing global standards on the automatic exchange of information by 2018, next year, The Bahamas will undergo the CFATF Fourth Round Review,” she said.

“In order to sustain and expand the sector, especially in an era of transparency, The Bahamas must stand out as a center of expertise, efficiency and excellence.”

This year, the financial sector underwent an ‘aggressive evaluation’ from international bodies on The Bahamas’ risk for money laundering and financing of terrorism.

Evaluations were conducted by the Organisation of American States (OAS) and the United Nations (UN).

Representatives from the World Bank also facilitated a national risk assessment seminar to determine the country’s risk for money laundering and financing of terrorism.

Back in October, Mrs. Maynard-Gibson reiterated the government’s zero-tolerance position on money laundering and other financial crimes.

While offering remarks at the event, she noted that the success of The Bahamas is linked to the success of the financial sector which she called the second pillar in the economy.

“The Bahamas greatest asset is its people. Human capital is vital to the success of financial services,” she said.

“While we celebrate expertise, efficiency and excellence I want to thank members of the sector for the spirit of volunteerism and dedication manifested by your active engagement and involve the in industry associations like BFSB.”

The event is held annually in recognition of those who have performed exceptionally well in the financial sector.

Walking away with the Lifetime Achievement Award was Mr. Ian Fair.