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Bahamas Issues Guidance On Fiscal Crime Prevention

by Mike Godfrey, Lowtax.net, Washington
04 September, 2018

The Bahamas has published two new guidance documents for financial services firms on the prevention of fiscal crime.

The first note - Guidance Note on Financial Crime Risk Management - is aimed at licensees in the banking and non-banking financial sectors and is intended to provide guidance on financial crime-related risk management at both the enterprise and client levels.

The note provides assistance in implementing the anti-money laundering and countering the financing of terrorism (AML/CFT) standards of the Financial Action Task Force (FATF), the global AML/CFT standard setter. This includes guidance on implementing a risk-based approach and assisting licensees in their attempts to detect and reduce the likelihood that they will be involved in financial crime activities.

The second note - Guidance Note on Proliferation Financing - is aimed at supervised financial institutions and has been issued to raise awareness of the risks and vulnerabilities in regards to terrorist proliferation and proliferation financing.

The note provides common definitions surrounding proliferation financing and describes the regulatory framework in the Bahamas, coupled with international standards and obligations that are relevant to combatting proliferation financing risks.

The guidance note lists indicators of possible proliferation financing risks, and the relevant risk management practices and tools supervised financial institutions should implement and incorporate in their AML/CFT programs.

Both notes can be downloaded from the Compliance Commission website.

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