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Bahamas Hosting Anti-Financial Crime Training

The Financial Action Task Force’s (FATF) week-long flagship training course on combating financial crime began for Bahamian and regional regulators this morning.

The FATF Standards Training Course (STC) is being conducted for members of the Caribbean Financial Action Task Force (CFATF) by the FATF’s Training and Research Institute at the Poinciana House regulatory complex on East Bay Street.

The training on global anti-money laundering and counter terrorism financing (AML/CFT) standards, and measures to combat these crimes, is being hosted by attorney general and minister of legal affairs, Carl W. Bethel QC, and is sponsored by the Securities Commission.

“Training of this nature is an essential complement to the myriad legislative, policy and regulatory initiatives that the government and financial regulators continue to implement to protect the financial system from being abused for criminal purposes, including money laundering and terrorism financing,” Mr Bethel said.

“The knowledge that so many of our Bahamian AML/CFT sentinels will take away from this training will greatly enhance the nation’s capacity to ensure that its legal and regulatory frameworks align with the FATF’s recommendations, and their effective implementation and enforcement in the jurisdiction.”

K Peter Turnquest, deputy prime minister and minister of finance, added: “Considering the importance of financial services to The Bahamas’ economic well-being, global standards setters, potential investors, as well as those that would seek to abuse our financial system, must know of The Bahamas’ robust commitment to global anti-money laundering and counter terrorism and proliferation financing standards.

“Hosting this event in The Bahamas not only allows us to expose an array of key persons across various agencies and authorities to this in-depth training but, we hope, helps to reinforce that message.”

Christina Rolle, the Securities Commission’s executive director, said: “The Commission remains committed to properly equipping its staff to deliver the world-class regulation that the industry, the capital markets and investors deserve.

“With our recent implementation of risk-based supervision across our regulatory remit, and considering our progressive initiatives to overhaul and modernise the legislation we administer and to show regional leadership, sponsoring this event was a natural fit for our long-term objectives.”

More than 40 persons, including representatives of financial regulators, the judiciary, the Financial Intelligence Unit and the Royal Bahamas Police Force are registered to take advantage of the five-day training session.

Representatives from nine Caribbean countries including Antigua and Barbuda, Aruba, Barbados, Bermuda, Cayman Islands, Guyana, St Maarten, Trinidad and Tobago, and the British Virgin Islands are also attending the sessions.

The course will focus on the FATF standards related to risk-based supervision, international co-operation, preventive measures, financial intelligence and investigations, counter-terrorism financing, counter-proliferation financing and beneficial ownership.

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