The role of Compliance Officers in financial institutions is critical in protecting the reputation of The Bahamian financial services industry as it will ensure long-term profitability and improve its competitiveness.
Stating that The Bahamas has always been in the forefront of the financial services industry regionally and globally, Minister of Education and Attorney General, Alfred Sears, indicated the country’s firm commitment to the fight against money laundering and its stand to equally resist terrorism and terrorism financing in any form.
Minister Sears was addressing members of the Bahamas Association of Compliance Officers during a special workshop held by BACO in conjunction with the Caribbean Anti-Money Laundering Programme on Wednesday.
“Although the respective financial institutions and not the Government of The Bahamas employ you all, you are nevertheless, as money laundering reporting officers, legislatively mandated to act as sentinels at the entry points into our financial institutions,” Minister Sears said. “As gatekeepers, the legal obligations placed upon you, put you in a unique position in your places of employment.”
The Minister of Education said the timing of the workshop could not have been more appropriate as it reflects an awareness of what is going on regionally and globally. Furthermore, it augurs well for The Bahamas, it regional friends and the Cooperating and Supporting Nations (COSUNS) who will see the interest and activity of the private sector organization in conducting anti-money laundering training especially at a time when the country is hosting the Plenary and annual Ministerial meeting of the Caribbean Financial Action Task Force (CFATC).
Commending BACO on their recent enterprise in setting up the International Diploma in Compliance and Money Laundering in conjunction with the International Compliance Association and the Bahamas Institute of Bankers, Minister Sears said, “I implore you to continue these training initiatives and to go one step further. To assist other CFATF members to set up Compliance Association and to be instrumental in setting up a Caribbean Association of Compliance Officers.
“As Chairman of CFATC, I undertake to use my position to assist you in this endeavour.”
Minister Sears said as part of his work programme for the next year, he intend to focus on the effective coordination of technical assistance and training to all members of CFATC; keep abreast of money laundering methodologies through the typology exercises programme and raise the profile of the CFATC both regionally and globally through increased public relations activity.
“I am of the opinion that BACO may be able to assist CFATC with these objectives,” he said. “It is important for CFATC and BACO to disseminate information on money laundering to the industry.”
To lend further assistance on this issue, the Minister said that the Financial Intelligence Unit (FIU) has undertaken to organize town meetings to inform the public on the financial legislation, the suspicious transaction and Anti-money laundering guidelines.
He urged the compliance officers to take note of their part in detecting suspicious financial transactions in their various institutions. Failure to do this he said, would provide further ammunition to those international institutions who have criticised the country in the past and sought to impose punitive measures against the financial services sector of The Bahamas.
Minister Sears stated that it is the Government’s policy to consult with the wider Bahamian society as part of its process in developing national policy.
“As part of the continuing process of reviewing our financial legislation, we invite your organization to present any proposals you may wish with respect to improving and streamlining our legislation,” he said. “Needless to say, any further attacks on our financial services sector may not only threaten its profitability but its very survival.”
By Lisa Albury, The Nassau Guardian
