After three years of jumping through hoops, it is hard to imagine that there is anything that Nassau has not done to appease the FATF. The truth of the matter is that there is probably nothing that the Bahamas will ever do that will end these trevails.
This just goes to show that the old adage is right: one should never negotiate with terrorists.
Phaedrus
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>
Bahamas Has Made Good Progress But FATF Will Continue Monitoring
by Amanda Banks
Tax-News.com
Despite the Bahamas' having made “important progress” towards the enactment and implementation of tough anti-money laundering measures, the Financial Action Task Force is to continue monitoring the jurisdiction, citing concerns over its ability to cooperate internationally.
In its Annual Review of Non-Cooperative Countries and Territories released last week, the task force noted: “In particular, the FATF remains concerned about the ability of the Bahamian authorities to adequately respond to foreign judicial and regulatory requests.”
Since securing its removal from the FATF blacklist in June 2001, the Bahamas has put in place a number of regulatory measures to reduce the risks of money laundering activities taking place.
These have included rules requiring banks to establish a physical presence in the country, and the identification of all pre-existing accounts before December 2002.
Furthermore, the FATF noted that the Central Bank has begun to implement an “ambitious” inspection programme, and acknowledged the establishment by the Attorney General's Office of an international cooperation unit.
The multilateral body also praised the work of the Financial Intelligence Unit which received a total of 337 suspicious transaction reports in 2002/2003, of which 108 were passed on to the Royal Bahamas Police Force.
However, the report went on to add that: “While the Bahamas has shown significant progress in many areas, the FATF will continue to monitor the Bahamas as concerns persist concerning the Bahamas’ ability to fully co-operate internationally.”
The Financial Action Task Force was established by the G-7 Summit in Paris in July 1989 to examine measures to combat money laundering. In 1990, the FATF issued Forty Recommendations to address this problem.
The Recommendations were revised for the first time in 1996 and again in June 2003 so as to take into account changes in money laundering methods, techniques and trends.
<HR></BLOCKQUOTE>
This just goes to show that the old adage is right: one should never negotiate with terrorists.
Phaedrus
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>
Bahamas Has Made Good Progress But FATF Will Continue Monitoring
by Amanda Banks
Tax-News.com
Despite the Bahamas' having made “important progress” towards the enactment and implementation of tough anti-money laundering measures, the Financial Action Task Force is to continue monitoring the jurisdiction, citing concerns over its ability to cooperate internationally.
In its Annual Review of Non-Cooperative Countries and Territories released last week, the task force noted: “In particular, the FATF remains concerned about the ability of the Bahamian authorities to adequately respond to foreign judicial and regulatory requests.”
Since securing its removal from the FATF blacklist in June 2001, the Bahamas has put in place a number of regulatory measures to reduce the risks of money laundering activities taking place.
These have included rules requiring banks to establish a physical presence in the country, and the identification of all pre-existing accounts before December 2002.
Furthermore, the FATF noted that the Central Bank has begun to implement an “ambitious” inspection programme, and acknowledged the establishment by the Attorney General's Office of an international cooperation unit.
The multilateral body also praised the work of the Financial Intelligence Unit which received a total of 337 suspicious transaction reports in 2002/2003, of which 108 were passed on to the Royal Bahamas Police Force.
However, the report went on to add that: “While the Bahamas has shown significant progress in many areas, the FATF will continue to monitor the Bahamas as concerns persist concerning the Bahamas’ ability to fully co-operate internationally.”
The Financial Action Task Force was established by the G-7 Summit in Paris in July 1989 to examine measures to combat money laundering. In 1990, the FATF issued Forty Recommendations to address this problem.
The Recommendations were revised for the first time in 1996 and again in June 2003 so as to take into account changes in money laundering methods, techniques and trends.
<HR></BLOCKQUOTE>
