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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Prime Minister, the Rt. Hon. Perry G.Christie, delivering remarks at the First Regional Anti-money Laundering and Terrorist Financing Conference. The event was held at the British Colonial Hilton April 2 -3. (BIS Photo/Peter Ramsay).
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Nassau,
The Bahamas – Economies of the Caribbean Region are gradually changing from
being goods-based to becoming service-based. Consequently, the Financial
Services sector is evolving into a significant generator of revenues for
regional governments.
Accordingly,
meetings such as the First Regional Anti-money Laundering and Terrorist
Financing Conference are significant in order to facilitate dialogue between
stakeholders in the financial services sector.
During
the first regional meeting held here in Nassau, Prime Minister, the Rt. Hon.
Perry G. Christie, delivered remarks at the conference, held at the British
Colonial Hilton April 2 -3.
After
thanking Vladimir Nechaev, FATF President for suggesting the establishment of
this annual regional conference and for his attendance and active
participation, Mr. Christie, confirmed The Bahamas’ commitment to fighting
financial crimes.
“All
regulatory agencies in the Region should be seen to be espousing a regional
view that criminals should not be allowed to launder their ill-gotten funds and
when such funds are confiscated, they should never access them again. Fighting
financial crime in the region is an imperative for all of us,” he said.
To
this end, the Prime Minister made four suggestions to combat financial crimes.
The
first is to assume the role of Patron of the CFATF, to champion its work with
colleagues within CARICOM and around the world as well as with regional and
international institutions.
The
second is for the Attorney General to pursue the establishment of “the CFATF
Council of Elders”. In this forum,
current and former CFATF chairmen could meet as circumstances dictate (as
necessary with regional and other international experts in financial services)
to review issues facing the organisation and its membership, to provide advice
and to undertake strategic intervention to assist in accomplishing CFATF
objectives.
The
third initiative is to support the “at least 75 percent compliant” objective is
to ask every member to make a special contribution towards the cost of
achieving that objective.
To this end, The Bahamas will again this year donate
$30,000.
The
fourth initiative, said Mr. Christie, is that he would ask the University of
The Bahamas to position the Franklyn Wilson School of Business as the leading
school in the region for conferring degrees and offering courses in all aspects
of financial services including operations, governance, AML/CFT and other
compliance matters.
Attorney-General
& Minister of Legal Affairs, Sen. Hon. Allyson Maynard-Gibson delivered
welcome remarks.
The
keynote speaker was Vladimir Nechaev, President of the FATF, who discussed the
importance of forums such as the one being held and the need to have at least
75 percent compliance at the end of the fourth round.
Attorney-General: Bahamas honoured to host first CFATF Regional AML/CFT Conference
First Regional Anti-Money Laundering and Terrorist Financing Conference of the Caribbean Financial Action Task Force
First Regional Anti-money Laundering and Terrorist Financing Conference. The event was held at the British Colonial Hilton April 2 -3. (BIS Photos/Peter Ramsay)
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