Anti-Money Laundering News and Information

Bahamas delisted from FATF grey list

NASSAU, BAHAMAS — The Bahamas has officially been removed from the Financial Action Task Force’s (FATF) grey list of nations deemed to have deficiencies in their anti-financial crime defenses, the Office of the Attorney General (OAG) announced yesterday.

This follows the FATF conducting an on-site visit to the country at the end of last month.

“The FATF congratulated The Bahamas for the ‘significant progress’ it has made in improving its AML/CFT/CFP regime,” the OAG statement noted.

It also quoted the FATF as stating: “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 FATF now delists The Bahamas from the list of ‘Jurisdictions under Increased Monitoring’.

“The Bahamas is therefore no longer subject to the FATF’s increased monitoring process. The Bahamas will continue to work with CFATF to improve further its AML/CFT regime.”

The OAG expressed thanks to the attorney general and all stakeholders involved in the process.

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December 19, 2020, published on Eyewitness News

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