Compliance Corner: The Bahamas, European Union

Editorial Staff, January 14, 2022


The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

The government of the Bahamas has announced that European Union policymakers have taken the jurisdiction off a “blacklist” of countries with serious shortcomings over anti-money laundering and counter-terrorist financing controls.

Last Friday, the European Commission adopted a new regulation to update the EU AML Blacklist, including delisting The Bahamas. That regulation has been shared with the European Parliament and Council for formal consultation. After the consultation, the regulation will be published in the Official Journal of the European Union and come into force 20 days after its publication, according to a statement from the Office of the Attorney General and Ministry of Legal Affairs in the Bahamas.

“This favorable outcome of the many months of engagement is a welcome one and comes almost 12 months after the Financial Action Task Force delisted The Bahamas on December 18, 2020 from its List of Jurisdictions Under Increased Monitoring (FATF’s Gray List),” the statement said. 

“The Bahamas will continue to work with [the] European Union and all international partners as we seek to maintain our AML/CFT/CFP regime on par with international agreed measures which safeguard the global financial system,” it continued.

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