Bahamas ‘disappointed’ at inclusion on EU’s anti-money laundering blacklist

Caribbean island vows to cooperate with anti-money laundering bodies

The Bahamas insisted on its “highest standards in fighting money laundering” in defense against the European Union’s (EU) decision to include the country in its proposed blacklist.

In a Reuters report last week, the EU is said to add 12 countries, including the Bahamas, to its “list of states that pose a financial risks to the bloc” because of their failure to address anti-money laundering (AML) and terrorism financing issues in their respective jurisdictions.

“The Bahamas has expressed its disappointment to the EU over the EU’s intention to include The Bahamas on the list of high risk third countries,” the official statement of Bahamas read.

It was only in February when the island known for its pristine beaches was removed from EU’s tax blacklist.

However, the Caribbean nation assured that it will do everything in its power to comply to the criteria of the Financial Action Task Force (FATF), which put The Bahamas in the “Grey List” as of the moment. The countries in the Grey List are those that have “strategic AML deficiencies.”

Apparently, the FATF has acknowledged that The Bahamas has “remediated the issues” identified in the assessment of its anti-money laundering framework.

There was an onsite visit scheduled in The Bahamas last month, but had to be postponed due to the COVID19 pandemic.

“We  are  engaged  with  EU  officials  at  the  highest diplomatic  and  political  level  to  demonstrate  the  strength  of  The  Bahamas’  AML/CTF  regime,” the statement continued. “The Bahamas remains fully committed to the highest standards of compliance with every internationally agreed standard of conduct.”

As the country grapples with its own coronavirus cases, and braces for the typhoon season, Bahamian officials will also be busy with its continued cooperation with the FATF, until the international body removes the country from the “Grey List.”

The EU aims to finalize the AML blacklist in October 2020.