Story
Central Bank chief: Yes, web shops are ‘low risk’
THE Central Bank’s governor yesterday backed the Gaming Board’s findings that web shops pose no major money laundering threat to the domestic banking system and economy.
Story
Domestic banks 'low risk' over financial abuses
The Central Bank yesterday pronounced that domestic banking presents a “low risk” for financial crime, with the main vulnerabilities stemming from three industries - gaming, real estate and money transmission.The regulator, unveiling findings based o
Story
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.
Story
Zealous regulation still 'degrading' experience
Financial services customer experiences are still “too degraded” by the over-zealous application of strict Know Your Customer (KYC) procedures, the Central Bank’s governor believes.
Story
DPM pledges ‘further strengthening’ of FIU
The deputy prime minister yesterday pledged that “further strengthening” of the Financial Intelligence Unit (FIU) is underway to improve its handling of suspicious transactions reports (STRs).
Story
US ‘jumping to conclusions’ on suspect deals reporting
The US was yesterday accused by a former finance minister of “jumping to conclusions” over its assertion that too few suspicious transaction reports (STRs) are filed by Bahamian banks.
Story
Bahamas urged to target FATF escape
The Bahamas has been urged to “prioritise” escaping the Financial Action Task Force’s (FATF) monitoring list as all its recent woes “flow” from this.
Story
PM attacks EU action as ‘flawed’
The prime minister yesterday slammed the “flawed process” that resulted in the European Union (EU) branding The Bahamas as a “high risk” jurisdiction for financial crimes.
Story
‘Not out of woods’ on financial crime rating
The Bahamas cannot afford to “prematurely celebrate” its upgraded compliance with global anti-financial crime standards when it remains on two “watch lists” and under “enhanced” scrutiny.
Story
Central Bank to ban 'anonymous' crypto assets
The Central Bank is proposing to ban its licensees from dealing with “anonymous” crypto currency assets, with 84 percent of local institutions saying they have no desire to enter this space.The regulator, unveiling a “discussion paper” on proposals f
Story
US warns its banks on Bahamas dealings
The US government’s call for greater scrutiny of The Bahamas will not have any “immediate or significant fallout” for this nation’s key banking relationships, a senior banker said yesterday.Gowon Bowe, the Clearing Bank Association’s (CBA) chairman,
Story
Few prosecutions show anti-financial crime regime works
The Deputy Prime Minister is arguing that The Bahamas has relatively few money laundering prosecutions because its regulatory regime is successfully deterring financial criminals.Flipping a key aspect of the Financial Action Task Force’s (FATF) ratio
Story
Bran: Alternatives needed to 'crushed' financial services
The Bahamas was yesterday urged to explore alternative industries to its “crushed” financial services sector, the DNA’s former leader warning: “Let’s not fool ourselves.”Branville McCartney told Tribune Business that this nation was “complying itself
Story
AG: Prosecutions rise 40-fold over money laundering
The Bahamas will have resolved “99.9 percent” of the remaining weaknesses in its anti-financial crime defences by year-end, with money laundering prosecutions having increased 40-fold.Carl Bethel QC, the Attorney General, yesterday told Tribune Busin
Story
'Punching bag': Bahamas hit by new financial blow
The Bahamas was yesterday branded “a punching bag” after its financial services industry was dealt a fresh blow by global anti-money laundering overseers.KP Turnquest, the Deputy Prime Minister, told Tribune Business that “institutional strengthen
Story
DPM: Bahamas to 'fare well' in financial crime assessment
THE Government is confident The Bahamas will “fare well” in the latest assessment of its anti-financial crime defences following corrective action by the Minnis administration.K Peter Turnquest, pictured, the deputy prime minister, yesterday said the
Story
Web shop 'cart before horse' may cost $40m
LicenCed web shops last night branded the five percent patron tax’s imminent introduction as “putting the cart before the horse” due to the Government’s failure to combat illegal operators.The Bahamas Gaming Operators Association (BGOA), breaking its
Story
Insurance industry attends FATF forum
The Bahamas Insurance Association (BIA) was represented at the recent Financial Action Task Force (FATF) Private Sector Consultative Forum (PSCF) dealing with financial crime.Emmanuel Komolafe, its chairman, attended the high level meeting from April
Story
Bahamas represented at finance crime forum
Three Bahamian executives represented this nation at the Financial Action Task Force’s (FATF) annual Private Sector Consultative Forum (PSCF) that deals with fighting financial crime.The Forum, held from 23-24 April, 2018, was hosted by the United Na
Story
Bahamas to send message: Banks 'cannot launder cash'
THE Central Bank wants to tell the world that the Bahamas’ international banking sector “cannot launder cash”, with virtually all institutions having ceased taking such deposits.The regulator, unveiling the results of an anti-money laundering/counter
