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Critical financial crime Bills to pass next week
THE Government yesterday said it remained focused on “shoring up” weaknesses in its anti-money laundering and counter terrorist financing (AML/CTF) regime, ahead of a June inspection.K Peter Turnquest, Deputy Prime Minister told Tribune Business that
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Web shops: No 'red flag' with us
WEB shops yesterday slammed claims they are open to financial abuse and responsible for the Bahamas’ recent ‘blacklisting’, saying: “No one can point to any red flags.”Gershan Major, the Bahamas Gaming Operators Association’s (BGOA) chief executive,
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US urges ‘full safeguards’ on gaming sector
THE US government has identified “gaming” as a popular money laundering mechanism in the Bahamas, urging this nation to “emphasise enforcement” in its fight against financial crime.
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Governor targeting ‘Caribbean lead’ in finance crime fight
* Bahamas must ‘aspire’ to ‘low medium’ rating * Central Bank goes to ‘continuous’ AML watch * Moving to address CFATF deficiencies
THE Central Bank’s governor yesterday said the Bahamas needs to target “a Caribbean leadership position” by reducing its financial crime risk profile to a ‘low medium’ ranking. John Rolle, responding to Tribune Business questions following the release of the Central Bank’s new anti-money laundering/counter terror financing strategy, said the move to “continuous” supervision of such risks would address one of the deficiencies identified in the Caribbean Financial Action Task Force’s (CFATF) assessment of the Bahamas.
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Bahamas ‘on probation’: 17-step action plan cure
The Government has detailed a 17-step ‘action plan’ to strengthen the Bahamas’ anti-money laundering regime, with a top regulator describing this nation as “on probation” over increasing weaknesses.
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Bahamas converts Finland taxation deal to automatic
THE Bahamas yesterday upgraded its tax information exchange agreement with Finland to the automatic variety, as it bids to meet global standards by September 2018.K P Turnquest, deputy prime minister, signed the Protocol to Amend the Tax Information
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BACO founder: Regulation is ‘no substitute’ for governance
A FORMER Senator yesterday said regulation was “no substitute” for good governance at financial services institutions.
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Bahamian compliance specialist addresses gambling vulnerability
A BAHAMIAN compliance specialist has educated Jamaican bankers and financial services providers on how to prevent money laundering in the gaming industry.Cheryl Bazard, for a third year, was invited to present at Jamaica’s annual Anti-Money Launderin
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‘Secure the future’ by lowering money laundering ‘risks’
The Bahamas needs to “take the tough policy decisions” necessary to improve its ‘high risk’ rating for money laundering and “secure the future”, a former BFSB chairman argued yesterday.
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Bahamas urged: 'Clean up' $184m unverified accounts
A Caribbean regulatory body has urged Bahamian banks to show “more dedication and urgency” in cleaning up 20,000 ‘unverified’ accounts that collectively hold almost $184 million.The Caribbean Financial Action Task Force (CFATF), in its July 2017 repo
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Central Bank to unveil new money laundering sanctions
The Central Bank plans to create a new sanctions regime for anti-money laundering deficiencies, as it bids to move the Bahamas from a ‘high risk’ to “at least medium risk” jurisdiction.John Rolle, the regulator’s governor, responding to the Caribbean
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Correspondent ‘de-risk’ affects Bahamas banks ‘more than we thought’
The effects of correspondent bank ‘de-risking’ on the Bahamian financial services industry are “more extensive than first assessed”, the Central Bank has conceded, with 57 per cent of impacted institutions unable to find replacement relationships.
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Emphasise ‘robust regulation’ to halt correspondent loss
The Bahamas’ “robust regulatory framework” and favourable ratings by international watchdogs should encourage correspondent banks to maintain relationships with this nation’s financial institutions, a well-known compliance officer believes.
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FML staffers in anti laundering workshop
The FML Group of Companies has begun educating staff on their anti-money laundering and terror financing responsibilities following passage of the Gaming Bill.
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Cash for Gold is 'higher KYC risk'
A Cabinet minister yesterday branded ‘cash for gold’ enterprises as “higher risk”, calling for them to be subject to enhanced due diligence and transaction monitoring procedures.
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PM highlights need for financial services measures
ECONOMIES of the Caribbean region are gradually changing from being goods-based to becoming service-based, it was reported last week at an international conference.
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Pledge to help tackle money laundering
PRIME Minister Perry Christie has pledged the country’s full support regarding anti-money laundering initiatives along with a concerted effort to combat the financing of acts of terrorism. Mr Christie said serious attention to the financial services sector in particular was important as more countries in the region are moving away from being based on goods to a delivery of services.
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Developer denies kickback claims
THE developer of Blackbeard’s Cay off Nassau has been named in St Maarten press reports in connection with a bribery claim that reaches to the highest levels of government in that country.
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Attorney General's praise for money laundering fight
ATTORNEY General Allyson Maynard-Gibson praised the “sterling” performance of local compliance officers and money laundering watchdogs during challenging financial times.
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