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Compliance environment gets tougher

Former Attorney General John Delaney has told compliance officers that the sector is becoming tougher and they must remain in step with the changes in the global industry. 

Monday, September 24, 2012
Monday, September 24, 2012

XXXXA leading lawyer has told compliance professionals that their sector is becoming tougher, with international and domestic scrutiny ramping up in recent years.

Senior partner at law firm Delaney Partners, John Delaney (right), recently addressed members of the industry at an event hosted by the Bahamas Association of Compliance Officers (BACO).

During his address, he spoke of the “culture and history of confidentiality” and highlighted how much the sector has changed over the past two decades, beginning with the introduction of a raft of new legislation in the late 1990s and at the beginning of this century.

“[Previously] there was almost no circumstances that a bank would disclose information. There was no means by which a third party could get information you held on behalf of another,” he said. “The landscape is entirely different in recent times. It is a very deliberate machinery.”

A combination of domestic legislation in conjunction with cross-border requirements and the work of international bodies such as the Financial Action Task Force has given rise to many circumstances in which financial institutions can be compelled to disclose information that would previously have been considered confidential, according to the former Attorney General.

“It is not an easy landscape any more,” he said. “You need to ensure you are doing the right thing. You need to understand the scope of the disclosure compelled. If you step outside of that scope, you are in a danger zone.”

Delaney warned compliance officers to “be alive to” the changes in the global industry.


Prime Minister Perry Christie was on hand to give the keynote address at the opening ceremony of the $8-million Blue Marlin Cove in west Grand Bahama this week. Watch a ZNS news report of the opening here.

The board of TXO Plc has announced that it has completed a further investment in Grand Bahama Group Ltd. The company has purchased further ordinary shares for a consideration of £350,000 ($567,192).

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