Bahamas removed from EU list of AML/CFT deficient countries

The archipelago is no longer subject to the FATF’s increased monitoring process

The Bahamas has been removed from the European Union’s (EU) list of jurisdictions with strategic deficiencies in their anti-money laundering/combating the financing of terrorism (AML/CFT) regime, according to a circular on the matter from the European Commission (EC).

The Bahamas has worked diligently to bring the its AML/CFT regime in line with the requirements of the Financial Action Task Force (FATF), which de-listed this country from its list of countries with strategic AML/CFT deficiencies in December 2020.

“The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by the FATF in October 2018,” the EC stated.

“The Bahamas is therefore no longer subject to the FATF’s increased monitoring process. In April 2021, the commission established additional benchmarks, which The Bahamas has now addressed.

“The Bahamas has implemented measures which are sufficiently comprehensive and that meet the necessary requirements to consider that strategic deficiencies identified under article 9 of the Directive (EU) 2015/849 have been removed.”

The Bahamas joined Botswana, Ghana, Iraq and Mauritius in being removed from the EU’s list.

The Bahamas’ removal from the FATF’s list was delayed due to the COVID-19 pandemic, which did not allow a peer review of the country’s measures on AML/CFT in early 2020.

It was recently revealed that The Bahamas is now compliant with 38 out of 40 FATF recommendations to strengthen its AML/CFT framework with the Caribbean arm of the regulatory body, which noted that this jurisdiction is now “compliant” with 18 recommendations and “largely compliant” on 20 of them.

Last year The Bahamas had 30 compliant and largely compliant ratings and ten partially compliant ratings.

With these ratings The Bahamas is firmly on par with the top FATF member states including the United States, Switzerland and Ireland.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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