THE Opposition PLP has announced that it does not support the appointment of former commissioner of police Reginald Ferguson to be director of the Financial Intelligence Unit.
In a party statement, the PLP claimed that Mr Ferguson was criticised in the report of the 2004 Commission of Inquiry into the mv Lorequin when drugs disappeared in a sting operation conducted by the US Drug Enforcement Agency.
“Mr Ferguson,” said the PLP statement, “was also criticised by Senior Justice Jon Isaacs in the case of R v Sean Bruey and Warren Ellis.”
In that case, said the PLP, the judge “accepted the sworn evidence of the witness who said that she was forced to give evidence by Mr Ferguson and that the evidence that she gave under duress was untrue.”
The party claimed that Mr Ferguson was given four separate chances to refute her sworn testimony, but did not.
“The failure to refute her evidence was deemed to be an admission by the Crown of the truth of her sworn evidence. An appeal was filed, but was withdrawn,” the party said.
Because of these incidents, the party did not think that Mr Ferguson should be appointed director of the Financial Intelligence Unit (FIU).
“The FNM through its inept management of financial services, including the ‘stop, review and cancel’ treatment given to the Ministry of Financial Services was in large measure responsible for the lay-offs of scores of young Bahamians from Bank of Butterfield, Ansbacher Trust Company, Royal Bank of Canada, First Caribbean Bank and other banks, trust companies, insurance companies and other financial services institutions,” said the statement.
“The PLP believes that there are many suitably qualified young persons in the Bahamas who are more than able to fill the post of the Director of the FIU. The PLP does not believe that someone aged 63 on pension of 60 per cent of $67,086 together with other benefits received by former commissioners of police ought to prevent young Bahamians from holding that post. The PLP is obliged to remind the public that senior police officers younger than Mr Ferguson were sent home without the offer of any other positions; many of them are still unemployed,” said the party statement.
December 14, 2009
tribune242
A political blog about Bahamian politics in The Bahamas, Bahamian Politicans - and the entire Bahamas political lot. Bahamian Blogger Dennis Dames keeps you updated on the political news and views throughout the islands of The Bahamas without fear or favor. Bahamian Politicians and the Bahamian Political Arena: Updates one Post at a time on Bahamas Politics and Bahamas Politicans; and their local, regional and international policies and perspectives.
Showing posts with label FIU Bahamas. Show all posts
Showing posts with label FIU Bahamas. Show all posts
Monday, December 14, 2009
Tuesday, July 6, 2004
The Financial Action Task Force FATF is Concerned about the Ability of the Bahamian Authorities to Adequately Respond to Foreign Judicial and Regulatory Requests
The Financial Action Task Force (FATF) - whose purpose is the development and promotion of policies to combat money laundering and terrorist financing, also pointed to the need for continuous monitoring of jurisdictions like The Bahamas, which were once blacklisted
The Bahamas was identified as a non-cooperative country in the fight against money laundering in 2000
Bahamas Monitored
06/07/2004
While the Bahamas has shown significant progress in enacting comprehensive anti-money laundering measures, the Financial Action Task Force will continue to monitor the country as concerns persist regarding the jurisdiction’s ability to fully co-operate internationally.
“In particular, the FATF remains concerned about the ability of the Bahamian authorities to adequately respond to foreign judicial and regulatory requests,” the FATF said in a newly released report titled “Annual Review of Non-Cooperative Countries and Territories”.
The FATF, which is an inter-governmental body whose purpose is the development and promotion of policies to combat money laundering and terrorist financing, also pointed to the need for continuous monitoring of jurisdictions like the Bahamas, which were once blacklisted.
The purpose of the monitoring is to ensure continued effective implementation of the reforms enacted, the report said.
Task Force officials noted that the organization is a "policy-making body" which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
As part of its reforms in 2000, The Bahamas required banks to establish a physical presence in the jurisdiction and required all pre-existing accounts to be identified.
The Central Bank also established and began to implement an ambitious inspection programme, and the Attorney General’s Office established an international co-operation unit.
“However, the FATF has continued to monitor the situation in The Bahamas, particularly in light of continuing concerns expressed by FATF members regarding inadequate international cooperation,” the report said.
The FATF monitors members' progress in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In performing these activities, the FATF collaborates with other international bodies involved in combating money laundering and the financing of terrorism.
The Bahamas was identified as a non-cooperative country in the fight against money laundering in 2000.
Parliament subsequently enacted comprehensive anti-money laundering measures, made important progress implementing these measures, and was therefore removed from the list in June 2001, the report noted.
The Bahamas also established a financial intelligence unit (FIU), which received a total of 337 suspicions transaction reports in 2002-2003 and referred 108 to the Royal Bahamas Police Force.
For the period January to June 2004, the FIU received 54 additional reports and referred seven to the police.
Seven requests for information were received from foreign supervisors; Bahamian authorities had responded to three and the others were pending, the report said.
The FIU had responded to 21 of 22 requests from foreign FIUs. The Securities Commission, meanwhile, had responded to six of nine foreign regulatory requests, while three cases were still open.
The report said the International Legal Co-operation Unit had received 71 new requests for legal assistance.
The report lists the Cook Islands, Indonesia, Myanmar, Nauru, Nigeria and the Philippines as non-cooperative jurisdictions.
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