Saturday, October 11, 2014

Money Laundering and Terrorist Financing Risks in The Bahamas

 “Zero Tolerance On Money Laundering”

By:Jones Bahamas:

Attorney General and Minister of Legal Affairs Allyson Maynard-Gibson yesterday reiterated the government’s zero-tolerance position on money laundering as she opened a two-day workshop to address the risks associated with this practice.

With the growing recognition that illegally earned funds are being concealed more and more throughout the Bahamas, officials met to continue the first of three phases of the National Money Laundering Risk Assessment at the Melia Resort early yesterday morning.

“My presence here this morning indicates the commitment of the government to Financial Services and doing all that it takes to correct the ease of doing business ratings – it’s very very low…lower than we ought to have,” the attorney general said.

Bahamas Anti-Money Laundering Coordinator, Stephen Thompson, said the sole purpose of the National Risk Assessment is to identify money laundering and terrorist financing risks in the Bahamas. The two day workshop facilitated by the World Bank will consist of training on exactly how to identify the risks.

“This is a workshop where once we would have determined the money laundering terrorists and financing risks, we will determine how we go about putting mechanisms in place to strengthen what already exists or put in place mechanisms to identify areas that are not currently regulated. We will move in that direction” said Thompson.

Mr. Thompson told reporters that all financial services legislations will be reviewed for the assessment to determine the risk of money laundering and terrorist financing risks in the Bahamas.

“What we do is we look at what is called Typologies, Money Laundering Typologies. These would be the means by which people have laundered money in the past” said Mr. Thompson, “Those will be the areas, obviously, that we will focus on. In addition to that, we will look at any other areas of vulnerabilities. Meaning, any area that is susceptible to criminal activity, obviously, cash intensive businesses will be very critical for us to look at. Any area that we know from a global perspective poses as a risk for money laundering.”

Attorney General Alyson Maynard was also present at the assessment this morning. She said As the risk assessment continues, Mr. Thompson and his team hope to find any area that is vulnerable to money laundering and terrorist financing within the country.

October 09, 2014

Jones Bahamas