Senior government officials will address compliance officers at the annual Money Laundering Reporting Officer (MLRO) Day, which takes place tomorrow at the British Colonial Hilton, Nassau. Minister of Financial Services Ryan Pinder will give the opening remarks at the event, which is organised by the Bahamas Association of Compliance Officers (BACO), while Minister of State in the Ministry of Finance Michael Halkitis will discuss the new VAT regime, ahead of its expected implementation next year.

Also speaking at the conference will be Attorney General Allyson Maynard-Gibson and BACO president Marsha Ferguson.

Topics on the agenda for the day include the role of the MLRO, global anti-money laundering trends, data protection and compliance expectations in the insurance industry.

Director in the Ministry of Financial Services Nicola Virgill-Rolle will examine the Foreign Account Tax Compliance Act (FATCA) and how The Bahamas will implement the new regulation, which requires foreign financial institutions (FFIs) to disclose information on their US accounts to the US Treasury. Last month, Minister Pinder revealed that the government would enter a Model 1 Intergovernmental Agreement (IGA) with the United States Department of the Treasury to ensure compliance.

Registration for tomorrow’s MLRO Day begins at 8am. For further information on the event, and a full agenda, visit www.bacobahamas.com.