The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas has a chance to “change the conversation” after the European Commission’s list of nations that pose a “high” financial crime risk was rejected by the bloc’s 28 member states.

Chester Cooper, the Progressive Liberal Party’s (PLP) deputy leader, yesterday said the “dilemma” created for the European Commission had presented The Bahamas with an opportunity to change the narrative surrounding the alleged deficiencies in its anti-money laundering and counter terror financing regime that resulted in its inclusion on the 23-strong list.

Speaking during his contribution to the debate on the Investment Funds Bill 2019, he said: “I note that the EU itself appears to have rejected its latest blacklist that included The Bahamas. There needs to be some recalibration on how we approach these issues. The outright rejection of this list by the US and its territories, and the Saudis, has effectively rendered the list useless, and created some credibility issues, it appears.

“I guess the EU ran into a nation called the United States that was willing to use its power to effectively ‘de-list the list’ itself. I would like to think that it would serve as a lesson to the EU, but given their penchant for ‘running out’, as the young people would say, they will likely be back.

“This dilemma for the EU creates an opportunity, in my view, for a global conversation. We must lobby international bodies like the UN, where we have representation, along with CARICPM and other international financial centres.”

Mr Cooper addressed the matter after international media reports revealed that all 28 EU member states will reject the list compiled by the European Commission, which acts as the bloc’s civil service.

Prior to its release there had been strong lobbying by the UK and others against the inclusion of Saudi Arabia, while the US reacted furiously post-publication to the naming of American Samoa, US Virgin Islands, Puerto Rico and Guam.

The EU governments “cannot support the current proposal”, a strongly worded draft statement that will be approved by ministers, is purported to say.

Diplomats complained that the way the EU Commission had drawn up the list was unclear and potentially vulnerable to legal challenges, adding that it “was not established in a transparent and resilient process that actively incentivises affected countries to take decisive action while also respecting their right to be heard”.

Referencing the prime minister’s recent trip to meet with EU officials, Mr Cooper urged Dr Hubert Minnis to “leave it to the experts”. “We must be proactive in our negotiations. Hire the best experts in DC and Brussels,” he added. “Create alliances with our friends in big countries, and counterparts in small countries and international financial center (IFCs).