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Bahamas set to host CFATF meeting

The Bahamas will be hosting the 38th Plenary Meeting of the Caribbean Financial Action Task Force in Freeport, Grand Bahama, this month. 

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TheBahamasInvestor.com
Friday, November 1, 2013
Friday, November 1, 2013

The Bahamas will be hosting the 38th Plenary Meeting of the Caribbean Financial Action Task Force (CFATF) in Freeport, Grand Bahama, November 18-21, 2013.

The CFATF is an organization of 29 states in the Caribbean basin that have agreed to implement common counter measures to address the problem of money laundering.

The main objective of the CFATF is to achieve effective implementation of and compliance with the Financial Action Task Force’s 40 Recommendations to prevent money laundering and to combat the financing of terrorism.


Currently, CFATF members include Anguilla, Aruba, Antigua & Barbuda, The Bahamas, Barbados, Belize, Bermuda, The British Virgin Islands, The Cayman Islands, Curacao, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Republic of Haiti, Honduras, Jamaica, Montserrat, Nicaragua, St Kitts & Nevis, St Lucia, St Maarten, St Vincent and the Grenadines, Suriname, Trinidad & Tobago, The Turks & Caicos Islands and Venezuela.

For more than two decades, the CFATF has been conducting a number of typology exercises on money laundering with the aim of increasing awareness of the attendant risks to the region. These exercises allow for sharing of information collected by various bodies involved in combating money laundering.

In November 2012, the Commonwealth of The Bahamas assumed the position of deputy chair of the CFATF and subsequently this jurisdiction, through the Office of the Attorney General.

The Bahamas last led the CFATF in 2002 under the chairmanship of Alfred Sears, who served as Attorney-General at that time. It should be noted that hosting the CFATF Plenary Meeting occurs only once every 10 years. Therefore, this event provides The Bahamas with a unique opportunity to showcase its second city Freeport, Grand Bahama.

Although the CFATF’s deliberations are closed to the general public, Bahamian officials from various government ministries, non-government organizations (NGO’s) and invited guests will be able to witness and enjoy the opening ceremony and planned social events.

Prime Minister Perry Christie is expected to be the keynote speaker and to officially open the meeting.

This CFATF Plenary Meeting is expected to have more than 200 regional and international delegates in attendance.

The Bahamas aims to become a leader in the gaming industry in the region, Minister of Tourism Obie Wilchcombe said during an address to the Caribbean Gaming Forum held this week.

The Bahamas Financial Services Board (BFSB) honoured financial services professionals for their contribution to the growth and development of the sector at a gala event held last Friday.

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