The Bahamas’ anti-money laundering practices are being evaluated by the International Monetary Fund, Minister of Financial Services and Investments Allyson Maynard-Gibson confirmed.
Addressing the Insurance Industry Awards Banquet at the British Colonial Hilton Hotel on Saturday, Mrs. Maynard-Gibson reminded the Insurance Industry that The Bahamas has been more successful than many Onshore Centres in the effort against money laundering.
She said that the Government “fully expects” that the IMF, on the basis of the Caribbean Financial Action Task Force report and observations, “also validate the efforts we have made to combat money laundering and the resources that we have allocated to excise this scourge form the sector.”
The IMF is also expected to meet with the private sector this week, Mrs. Maynard-Gibson noted.
Insurance month commenced in customary Bahamian form with worship at the historic St. Agnes Church, and according to the minister, the service was an indication of the commitment to the underlying principles upon which the industry is built – service, integrity and respect for individuals.
“The provision of varied opportunities for the participation of a wide cross section of your membership reinforced the objectives of insurance month and furthered the progress of our national interest in a special way,” she said.
Mrs. Maynard-Gibson acknowledged the Insurance Industry for its numerous charitable and civic contributions made to the community, such as YEAST, Bilney Lane Children’s Home, the Police Dependents Trust, the Red Cross, Red Ribbon Ball, and HIV/AIDS education.
As a new Minister in a new Ministry, Mrs. Maynard-Gibson said that Insurance Month gave her the unique opportunity to observe and meet many in the profession, in a difference capacity.
“I can say with complete confidence that the insurance section of the Financial Services Sector is in good and capable hands,” she said.
During the CFATF’s meeting in Nassau two weeks, Attorney General and Minister of Education Alfred Sears was named Chairman.
And, according to Mrs. Maynard-Gibson, this was “good news” for The Bahamas and the Region.
She observed that CFATF gave The Bahamas a glowing report confirming and complimenting its efforts to excise money
laundering and terrorist financing from our centre.
“We fully expect that the IMF, on the basis of the CFATF report and their observations, also validate the efforts we have made to combat money laundering and the resources that we have allocated to excise this scourge form the sector,” Mrs. Maynard-Gibson said.
She told the Insurance Industry that her ministry also looked forward to suggestions, on ways by which the financial services sector can be improved.
By Lindsay Thompson, The Nassau Guardian
