THE inaugural meeting of the National Anti-money Laundering Task Force was held on Wednesday at the Office of the Attorney General.
The Task Force is made up of representatives from the public and private sectors, policy makers and regulators. Stephen Thompson, Inspector at the Compliance Commission, is the coordinator.
Financial Services Minister Ryan Pinder was among those in attendance and said the Task Force was a “significant” body for the advancement of the industry with a very important job because global issues not only affect the regulatory integrity of the country, but the integrity, advancement and development of the industry.
He commended the Task Force, thanked the Attorney General for its formation and for the multi-group approach to address the issues.
He said: “We can’t have the regulatory side pushing without the industry’s input on how it affects the industry and finding a commonality that satisfies everybody and the development of everybody.
“We all know the industry is changing and evolving. How do we approach it that satisfies the obligations of all involved from the policy maker, to the regulator to the industry? [It is] very important to have everybody at the table.”
He said the Bahamas has ‘the most qualified and developed’ human capital when it comes to the technical expertise to guard against money laundering violations particularly compliance and compliance officers. Mr Thompson said coordination of efforts has been overlooked in the past.
He was pleased that policymakers, regulators and the private sector were all represented on the team.
He said: “I think coordination of efforts is important and together we will safeguard the industry and in the long run our country. That’s the point we’ve been missing over the years. The regulatory arm was working on one side and the private sector on another.”
The Task Force will meet monthly.
Comments
ThisIsOurs 10 years, 5 months ago
I wonder if they heard about the pending changes to the gaming laws....
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