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Sanctions without hearing part of new securities bill
The Securities Commission of The Bahamas (SCB) issued the Securities Industry Bill 2024 for public consultation last week - which seeks to ensure laws are "current, competitive, and reflect international best practice and standards".
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Central Bank wants stricter due diligence to stop another FTX
The Central Bank of The Bahamas has called for stricter due diligence on the transfer of funds in the wake of the FTX collapse.
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Mitchell highlights need to tackle issues facing Haiti
FOREIGN Affairs Minister Fred Mitchell is of the view that Haiti continues to suffer social and economic depression because it “struck the first blow for freedom back in 1804” for oppressed black nations. He urged regional counterparts to help them resolve their problems.
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Talks held at police HQ
HIGH-LEVEL discussions centering around the National Identified Risk Framework (NIRF) took place last week at Police Headquarters, underscoring the importance of the Royal Bahamas Police Force as the primary enforcement agency of the anti-money laundering, countering of Terrorist and proliferation financing regime (AML/CFT/CFP).
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‘Be ready for international attacks over digital role’
A financial analyst warns that international “attacks” on the financial services sector should be expected as the country’s involvement in the digital assets and cryptocurrencies business develops.
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Bahamas in modest financial centre rankings improvement
The Bahamas has improved its ranking in a key financial centre index by four spots after plummeting 26 places in 2021, it has been revealed.
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AG: Several tools added to deal with international requests for exchange of information
The Attorney General has provided an insight on the government’s case management system to help facilitate the management of responses to international requests for exchange of information.
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Legislation on securities introduced
PRIME Minister Dr Hubert Minnis led debate in the House of Assembly yesterday on legislation that will amend the Securities Industry Act and Insurance Act.
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Fighting financial crime in silos will cause failure
The risk and compliance space has been inundated with changing landscapes during the first six months of this new decade. Here in The Bahamas, many risk and compliance professionals will have thought that the 2018-2019 regulatory overhaul was a daunt
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US report 'won't impact financial crime list escape'
A withering US report will “not significantly impact” The Bahamas’ efforts to escape a list of nations with deficiencies in their anti-financial crime defences, a risk management specialist said yesterday.Emmanuel Komolafe, pictured, acknowledged tha
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Ex-AG slams 'absurdity' of financial crime listing
An ex-attorney general has slammed the “absurdity” of the criteria that will determine whether The Bahamas should be removed from an anti-financial crime monitoring list. Alfred Sears, pictured , said the Financial Action Task Force’s (FATF) asserti
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AG hails ‘a new day’ on financial regulation
The Bahamas is targeting a June “exit” from a list of 18 nations with “strategic deficiencies” in their anti-financial crime defenses, the attorney general said yesterday, hailing “a new day” in regulation.
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Financial services faces 'more of same' in 2020
The Bahamian financial services industry can “expect more of the same” from global regulatory initiatives in 2020, a senior executive said yesterday, with financial technology (Fintech) driving its evolution. Tanya McCartney, the Bahamas Financial S
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Compliance chief 'stays step ahead'
The founder and president of the Bahamas Association of Compliance Officers (BACO) has armed herself for a more rigorous regulatory climate by attaining another degree.Cheryl Bazard said it was critical for compliance professionals to “stay a step ah
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FATF calls for further steps on action
THE Bahamas has been praised for its efforts to tackle money laundering and the funding of terrorism in a new report by the Financial Action Task Force (FATF) - but Attorney General Carl Bethel said experts wanted to see further steps taken by the country.
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Nottage takes over AS national risk chief
DR Cassandra Nottage has been appointed to the post of national identified risk framework coordinator, according to a press release from the Office of the Attorney General.
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Bahamas’ case for lesser KYC regime still ‘not sufficient’
The Bahamas cannot rely on the Central Bank’s “low risk” finding alone to persuade international regulators it should lower an onerous compliance burden, an ex-attorney general is arguing.
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Bahamas' case for lesser KYC regime still 'not sufficient'
The Bahamas cannot rely on the Central Bank’s “low risk” finding alone to persuade international regulators it should lower an onerous compliance burden, an ex-attorney general is arguing. Alfred Sears QC, who held the post from 2002-2007, told Trib
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Realtors warn over client KYC ‘overkill’
Realtors yesterday expressed surprise that the Central Bank had identified their industry as posing a higher money laundering risk given the due diligence “overkill” clients currently face.
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AG: System upgrades tackle FATF concerns
THE Bahamas has addressed several issues that resulted in the Financial Action Task Force (FATF) listing it among nations with deficiencies in their anti-financial crime defenses, the attorney general said yesterday.
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