The Hon. Alfred Sears, Attorney General of the Bahamas, has taken over the presidency of the Caribbean Financial Action Task Force.
Sears praised the efforts of countries within the CFATF region for their continued efforts to reduce money laundering, saying that The Bahamas has been at the forefront of efforts.
Importantly, Sears drew attention to the high cost of implementing “international standards” against money laundering and said that this makes it more imperative that there is equal compliance by all, including FATF member countries. The CFATF was angered that the FATF imposed NCCT status on several of its members demanding standards different – and in some cases significantly more stringent – than those adopted in or even required by FATF members.
He said, “The Bahamas has demonstrated its resolve in fighting money laundering. It has regulated the gatekeepers, and these same gatekeepers are not fully regulated in Europe among FATF member states.” He might as well have added that the same problem arises in the USA – but the USA sends a delegation to every meeting of the CFATF and is a powerful and cantankerous neighbour which the Bahamas would not want to upset.
Source: World Money Laundering Report: On-Line
