Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said The Bahamas Government is legislating to ensure that the country continues to meet international expectations for anti-money laundering and countering the financing of terrorism. “We also support our financial regulators, as they supervise their licensed entities in a fashion calculated to minimise financial crime,” DPM Turnquest said at a press conference at the Ministry of Finance, April 12, 2018 announcing plans for the upcoming 2018 National AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) Conference to be hosted by The Central Bank of The Bahamas and other partners.
The conference is to be the first in a new annual series and will become the Bahamian flagship event for improving national capabilities in anti-money laundering and countering the financing of terrorism. It will take place September 17 and 18, 2018 at Baha Mar Convention Centre. The DPM said the strong regulatory regime that characterizes the financial services sector ensures that the integrity of The Bahamas as an international financial center is maintained. “As a sovereign nation for more than 40 years, successive governments have consistently demonstrated the country’s commitment to international best practices, cooperation in the administration of justice, international tax transparency, anti-money laundering and the countering of financial terrorism initiatives. “Bahamian regulators are well-regarded and are active partners with international peer groups and agencies.”
DPM Turnquest said some of the brightest minds will contribute to the national dialogue on AML/CFT risk. The conference will also engage both national and international expertise. He said the event will help Bahamian stakeholders improve their capacity to protect against financial crime. “We will demonstrate to relevant international observers that The Bahamas is becoming more of a thought leader in the global fight against money laundering.” Governor of The Central Bank of The Bahamas, John Rolle said the Central Bank is pleased to be partnering with other domestic sector financial regulators, comprising the Securities Commission, the Insurance Commission, the Compliance Commission, the Gaming Board, as well as the Financial Intelligence Unit as a relevant governmental agency. “The National AML/CFT Conference is an ideal opportunity to engage in meaningful dialogue on recent global trends impacting AML/CFT, as well as focus on risk management issues within specific industries.” He said conference registration details will be announced during the week of May 7 and will provide relevant details about costs, plus a comprehensive conference schedule.