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[email protected] THE attorney general has voiced optimism the financial services industry will go “from strength to strength” after The Bahamas’ efforts to shore up its anti-financial crime regime gained global approval. Carl Bethel QC, hailing the two-year “team effort” that secured the country’s removal from the Financial Action Task Force’s (FATF) enhanced surveillance initiative, told Tribune Business that its newly-secured status as a fully compliant represented a “good selling point” for the sector in attracting new business. Speaking after the FATF, the global standard-setter on anti-money laundering and counter-terror financing issues, certified on Friday that The Bahamas merited delisting after addressing previous weaknesses in its regulatory regime, Mr Bethel pledged that authorities will “not celebrate the glow of this moment and go back to sleep”. ....
The Financial Action Task Force (FATF) Secretariat on its website today advised via a Press Release, attached to the Grey List on “Jurisdictions under Increased Monitoring”, that The Bahamas has now been delisted from said list. This decision follows the final assessment and recommendations of the International Cooperation Review Group (ICRG) of the Americas, resulting from an onsite visit to The Bahamas between the 10th and 11th November 2020. The FATF congratulated The Bahamas for the “significant progress” it has made in improving its AML/CFT/CFP regime. FATF’s Press Release noted that “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”. ....