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  • AG says government hopes for further 40/40 rating from FATF in November – Eye Witness News

AG says government hopes for further 40/40 rating from FATF in November – Eye Witness News

By on September 17, 2022 0

NASSAU, BAHAMAS – Attorney General Ryan Pinder said the government is “cautiously optimistic” that the Bahamas has addressed the remaining concerns of the Financial Action Task Force (FATF) as the Davis administration seeks to align the country on the fight against money laundering. – recommendations on the financing of terrorism in November.

Pinder said Eyewitness News in an interview: “The FATF has 40 anti-money laundering recommendations that jurisdictions must follow. We are compliant or largely compliant with 38 of the 40 recommendations. We complain in part about how we treat nonprofits and how we treat virtual asset service providers.

“We submitted our reclassification request to the FATF in May. Plenary is in November, when the decision will be made on whether we will get an upgrade to ‘compliant’; or “largely compliant” in both cases. »

Pinder added that he looked forward to the Bahamas being reassessed on the recommendations in question.

“We are also keeping pace with recommendation 16 which deals with wire transfers, understanding KYC and due diligence on who sends and receives money,” he said.

“In the context of digital assets, this is a whole new regime. We are changing our wire transfer rules to address anomalies in the digital asset space so that we can maintain our complaint score of 16.”