Attorney General and Minister of Legal Affairs Carl Bethel has been elected as the deputy chair of the Caribbean Financial Action Task Force (CFATF), a press release on the matter said, making Bethel next in line for the chairmanship as the Caribbean bolsters its (Financial Action Task Force) 40 recommendations.
According to the release, Bethel was appointed to the position at a meeting held by the CFATF in Miami at the end of August.
“At this meeting, the council of ministers selected the Hon. Carl W. Bethel as deputy chairman of the CFATF for a term of 12 months commencing November 2019,” the release read.
“Minister Bethel is due to assume the chairmanship of the CFATF in November 2020 for a 12-month period ending November 2021.
“The CFATF is an organization of 25 member states and territories of the Caribbean Basin, which have agreed to implement common counter-measures against money laundering and terrorism financing based on the Financial Action Task Force (FATF) 40 Recommendations. The CFATF is an associate member of the FATF.”
The FATF recently released its revised list of countries with strategic anti-money laundering/combatting the financing of terrorism (AML/CFT) deficiencies, and while lauding The Bahamas for commitments made to strengthen its regime, the organization suggested two issues the country needs to address.
The FATF said The Bahamas has made a high-level political commitment to work with the FATF to strengthen the country’s AML/CFT regime and address any deficiencies, but the global financial services sector watchdog pointed to the country’s need to demonstrate that it is carrying out more investigations into money laundering and tax crimes and it needs to identify, trace and freeze assets related to offenses.
“The Bahamas should continue to work on implementing its action plan to address its strategic deficiencies, including by demonstrating that authorities are investigating and prosecuting all types of money laundering, including complex money laundering (ML) cases, standalone ML and cases involving proceeds of foreign offenses, including foreign tax crimes…and increasing the identification, tracing and freezing or restraining of assets and to present cases linked with foreign offenses and standalone ML cases,” the FATF stated earlier this month.