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BAHAMAS: FTRA to meet country’s deficiencies regarding FATF recommendations

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#Bahamas, May 17, 2018 – Nassau – The Bahamas’ Financial Transactions Reporting Act, 2018 (FTRA), will meet all of the deficiencies that were identified in respect to the country’s compliance with the recommendations of the Financial Action Task Force (FATF), Attorney-General and Minister of Legal Affairs, Senator the Hon. Carl W. Bethel, QC, said Wednesday.

Addressing a stakeholder meeting with industry regulators and members of the Bahamas Bar Association, Attorney-General Bethel said the Act will, in a broad sense, be the “heart of the system of compliance and due diligence that will henceforth be the standard of conduct to be expected of all participants in financial services.”

The stakeholder meeting was hosted by the Office of the Attorney-General, in conjunction with the Bahamas Bar Association, as part of the 2018 Legislative Series. Attorney-General Bethel provided an overview of the FTRA during Session I.

The Bahamas was found to be deficient in 22 of the 40 recommendations included in the FATF’s Mutual Evaluation for late 2015. Attorney-General Bethel said the present Administration received notice in late May, beginning of June, 2017, and has been working assiduously to correct the situation ever since.

“You only need to be deficient in 21 of them to be where we are today,” Attorney-General Bethel said. “One of the things that was required was to bring into effect an updated Financial Transaction Reporting Act. Drafts were found in the Ministry’s files, but had not been progressed. They weren’t aligned with the FATF’s recommendations.”

Attorney-General Bethel said the FATF “break their recommendations down” into almost microscopic suggestions that are called methodologies.

“And so you have the recommendation. To comply with the recommendation, you have to show that you have the methodology in place and are implementing it. How do you get the methodology in place? You have to craft laws almost with microscopic attention to these methodologies. That is the process we have been at and so today we now have an FTRA. We will have a fully compliant and acceptable FTRA that will meet all of the deficiencies,” Attorney-General Bethel added.

The Financial Transaction Reporting Act was one of several areas covered by Attorney-General Bethel during Wednesday’s session. The Attorney-General also addressed matters ranging from compliance to lawyer/client privilege.

Attorney-General Bethel said the session with the stakeholder group, was a necessary part of the stakeholder consultative process on the Financial Transaction Reporting Act, as lawyers/attorneys and accountants are now being looked upon as financial institutions globally. They were previously designated as Non-Financial Businesses and Professions (DNFBPs).

“Lawyers, accountants and certain other professionals, were never treated as financial institutions before, they merely had duties of customer due diligence, making Suspicious Transaction Reports (STRs) possibly, but they were never given the duties of being a financial institution. That has all changed. They are now in the category of financial institutions,” Attorney-General Bethel said.

“Now attorneys, apart from having the usual due diligence, they must verify it. That’s the kind of ‘enhanced’ due diligence that is now required because the standard now is obtaining and verifying. The second aspect of that is of course, that as financial institutions, you are now expected to comply and to be regulated.”

The Attorney-General also addressed the matter of lawyer/client privilege.

“We all know that privilege does not extend to the issue of, or in any way facilitate, the commission of a crime by a client. So there are limits to privilege. It was suggested to myself and my staff in a meeting with the Bar Council by some persons, that we look at the situation in Canada whereas it is well known that the Supreme Court ruled that lawyer/client privilege was akin to an absolute right and that any intromission into this sacred territory violated certain articles of the Canadian Charter of Rights and Freedoms.

“And so Canada is habitually, in their mutual evaluations, given negative ratings on this whole issue of the legal profession and privilege because it is inescapable that they are unable to comply with the recommendations that they, as a member of the FATF, are party to imposing on the rest of the world.

“But the reality is that Canada is a country with enormous natural resources, 40-50 million people, and a standing army, navy and air force. They do not need the world as much as we do. We have an entirely open economy. We are an integrated part of the world, and we are very small. We do not have the luxury that a Canada can enjoy.”

Attorney-General Bethel said it is expected that lawyer/client privilege will be kept within due bounds.

“Any time counsel is aware of anything untoward, it is mandated by law that STRs be generated.”

The Attorney-General expressed his “full confidence in this august and learned legal profession” of The Bahamas.

“You have helped to pilot this Ship of State through many such storms. This is only the latest. This is The Bahamas. We know how to pilot the ship. Let us remember that it is not survival of the fittest, it is survival of the smartest and I always say about this Blessed country, that we may not have natural resources – iron or steel, etcetera; we may not have rare earth minerals, we may not have large quantities of agricultural lands to speak of (and) so we have had to learn, and we have learned over this past four hundred-odd years, to not only survive, but to succeed because we use what God gave us between our ears – our brains. We have what it takes not only to survive, but to succeed.

“My colleagues of the Bar, I have every confidence that you will continue in that noble tradition of not just surviving, but succeeding,” Attorney-General Bethel added.

 

Photo Captions:

Header: Attorney-General and Minister of Legal Affairs, Senator the Hon. Carl W. Bethel, QC, chatting with officials from the Office of the Attorney-General and Ministry of Legal Affairs during a break in Wednesday’s Session. Attorney-General Bethel was accompanied by (first right) Mr. Marco Rolle, Permanent Secretary, Office of the Attorney-General and Ministry of Legal Affairs.

Insert: Attorney-General and Minister of Legal Affairs, Senator the Hon. Carl W. Bethel, QC, provided regulators and members of The Bahamas Bar Association with an overview of the Financial Transactions Reporting Act, 2018 (FTRA) Wednesday, May 16 as part of the Office of the Attorney-General/Bahamas Bar Association’s 2018 Legislative Series held at the British Colonial Hilton. Also pictured (from left) are: Khrystle Rutherford- Ferguson, Treasurer, Bahamas Bar Association; Kahlil Parker, President, Bahamas Bar Association; Attorney-General Bethel; Juanita Lewis-Johnson, Vice-President, Bahamas Bar Association and Marco Rolle, Permanent Secretary, Office of the Attorney-General and Ministry of Legal Affairs.

(BIS Photo/Patrick Hanna)

 

 

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Walker Confirmed as U.S. Ambassador to The Bahamas: A Partner in America’s Extended Family

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By Deandrea Hamilton | Magnetic Media

 

The United States and The Bahamas share more than proximity — they share a bond of history, trade, and culture that Washington’s newest diplomat calls “part of America’s extended community.”

Now, for the first time in 14 years, the U.S. Embassy in Nassau will again be led by a Senate-confirmed ambassador. Herschel Walker, the Heisman-winning football legend turned entrepreneur, has been confirmed by the U.S. Senate as America’s official envoy to The Bahamas.

Walker, who will oversee one of the Caribbean’s most strategically positioned U.S. missions, told senators during his confirmation hearing that The Bahamas will play a key role in upcoming U.S. 250th Independence celebrations. “The Bahamian people,” he said, “will be included in this milestone year, because our stories are intertwined — through family, trade, and friendship.”

While his nomination was unconventional, his priorities are anything but vague. Walker vowed to counter growing Chinese influence in the Caribbean, calling Beijing’s investments in Bahamian deep-water ports “a direct threat to U.S. national security.” He pledged to work closely with Bahamian authorities to ensure American interests remain the region’s cornerstone.

“There’s a rise in drug smuggling in The Bahamas, and this is a real danger to the United States,” Walker said, referring to the Operation Bahamas, Turks and Caicos (OPBAT) partnership. He promised to strengthen intelligence sharing, joint patrols, and law enforcement coordination to disrupt trafficking routes that have grown increasingly sophisticated.

But Walker also emphasized opportunity over fear — signaling that his ambassadorship will not only focus on security, but on strengthening The Bahamas as a gateway for U.S. investment, trade, and tourism.

“I will advise the American business community of the vast investment opportunities that exist in The Bahamas,” he said. “And I will make sure the Bahamian government maintains an environment where U.S. companies can invest confidently — because America must prove it is still great as an investor.”

For a small island nation sitting less than 50 miles off the coast of Florida, this renewed diplomatic attention carries weight. Since 2011, the post of U.S. ambassador had remained vacant — a gap that many observers say weakened direct ties, delayed joint security initiatives, and allowed other powers to move in.

Walker’s confirmation — approved 51 to 47 — ends that silence. And with it comes the expectation that this former Olympian and business owner will translate his discipline, charisma, and resilience into diplomatic results.

Critics question his lack of foreign policy experience, but Walker counters with confidence: “Throughout my life, people have underestimated me. I’ve always proved them wrong — by outworking everyone.”

As he prepares to take up residence in Nassau, Walker says his mission is simple: rebuild trust, deepen cooperation, and remind both nations that their futures are tied not just by geography — but by shared purpose, mutual respect, and the enduring ties of community.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

 

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PAY STANDOFF: Prime Minister Cancels Talks as Unions Warn of More Protests

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By Deandrea Hamilton | Magnetic Media

Monday, October 13, 2025 — Nassau, The Bahamas – What began as a calm holiday meeting has spiraled into a full-blown standoff between The Bahamas Government and two of the country’s most powerful public sector unions — the Bahamas Union of Teachers (BUT) and the Bahamas Public Services Union (BPSU) — after the Prime Minister abruptly cancelled follow-up talks set for Tuesday, blaming public comments made by union leaders.

The announcement of the cancelled meeting came late Monday, just hours after a tense sit-down at the Office of the Prime Minister, held on National Heroes Day, where both BUT President Belinda Wilson and BPSU President Kimsley Ferguson accused the government of dragging its feet on salary increases and retroactive pay owed to thousands of public officers.

Wilson, never one to mince words, said the Prime Minister’s “technical officers” — the very people responsible for executing his instructions — were failing to carry out his directives regarding payment timelines.

“The Prime Minister’s issue,” Wilson said, “is that he has persons working for him who are not following his instructions. If those officers would follow through on what he told them to do, we wouldn’t be here today.”

Wilson added that the BUT and other unions are demanding retroactive pay dating back to September 2024, and that all increases be applied and paid by the October payday, not December as previously stated by the Prime Minister.

“Senior civil servants already received their retroactive pay — thousands of dollars — backdated to September of last year,” Wilson charged. “We’re saying the small man deserves the same. This isn’t a gift. It’s money already earned.”

Her comments came after the government publicly insisted that the salary adjustments would be implemented by December 2025, just ahead of Christmas — a timeline unions flatly reject as too slow.

Ferguson: ‘No More Excuses’

Following Wilson, BPSU President Kimsley Ferguson delivered a fiery statement of his own, telling reporters the unions would no longer tolerate delays or mixed messages from the Davis administration.

“The Prime Minister was receptive — but we’re not accepting excuses,” Ferguson said. “If the Prime Minister’s having a memory lapse, we have the Hansard from Parliament to remind him exactly what he promised public officers.”

Ferguson went further, warning that if Tuesday’s meeting failed to produce results, unions would “visit the House of Assembly” and intensify their campaign for immediate payment.

“Public servants, ready yourselves,” he declared. “We are prepared to stand together — all across The Bahamas — until our needs are met.”

Now, with the Prime Minister cancelling tomorrow’s talks altogether, that threat appears closer to becoming reality.

Government Bungles Response

Observers say the administration’s handling of the matter has been confused and contradictory, with conflicting statements on payment timelines and poor communication fueling frustration among teachers, nurses, and general public officers.

The government has maintained that the funds are allocated and will be disbursed before year’s end, but unionists insist they’ve heard it all before — and this time they want results, not promises.

The Prime Minister’s decision to cancel the meeting, rather than clarify or de-escalate tensions, has drawn sharp criticism across social media and among rank-and-file civil servants who see the move as punitive and dismissive.

Slowdown and the Threat of Another Mass Protest

Across several ministries, departments, and schools, reports are already surfacing of a go-slow in the public service, as workers express solidarity with the unions’ demands.

Many believe another mass demonstration is imminent, similar to the one staged last week Tuesday when thousands of workers gathered outside the House of Assembly on Bay Street as Parliament reopened after summer recess.

That protest brought parts of downtown Nassau to a standstill as union members sang, marched, and even sat in the street — a powerful show of defiance that now threatens to repeat itself unless the government moves quickly to resolve the impasse.

A Political Flashpoint

What began as a straightforward salary dispute has now evolved into a test of credibility and competence for the Davis administration. With a restless public sector, rising inflation, and unions unified across professions, the government risks not only another protest — but a full-blown industrial crisis heading into the year’s end.

For now, the unions are standing firm: they want retroactive pay from September 2024 and full salary adjustments by this October. Anything less, they warn, could push the country’s workforce from a slowdown into open confrontation.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Nassau Cruise Port Marks Sixth Anniversary with Exciting New Additions for Visitors and The community

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[Nassau, Bahamas, October 8, 2025] Nassau Cruise Port (NCP) proudly celebrates its sixth corporate anniversary by unveiling a series of transformative additions that further enhance the guest and community experience. The anniversary comes at a pivotal moment in the growth of the port, with the opening of a new swimming pool, an expanded marina, and a state-of-the-art ferry terminal that will support transfers to the Royal Beach Club, which is currently under construction on Paradise Island.

Since its $300 million redevelopment, Nassau Cruise Port – the largest transit cruise port in the world – has welcomed millions of visitors and become one of the most vibrant cruise destinations in the world. This anniversary not only reflects its commitment to delivering world-class facilities, but also its dedication to creating meaningful connections between visitors and the Bahamian community.

“This milestone represents much more than the passage of time,” said Mike Maura, Jr., CEO and Director of Nassau Cruise Port. “It reflects our promise to continually elevate the guest experience, contribute to the local economy, and provide opportunities for Bahamians. During our first year (2019) of operating the Nassau Cruise Port, Nassau welcomed approximately. 3.85 million cruise guests, and 2025 will see well over 6 million cruise visitors visit Nassau. Our focus on driving cruise tourism and the $350 million investment in our downtown waterfront is a testament to our vision of making Nassau a premier cruise and leisure destination.”

The new pool offers a refreshing retreat for visitors enjoying Nassau’s waterfront, while the expanded marina will accommodate additional yachts, boosting tourism and local commerce. The ferry terminal expansion enhances passenger flow and supports convenient, seamless transfers to the Royal Beach Club, strengthening Nassau’s position as a hub for Caribbean cruising and leisure.

As part of its anniversary celebrations, NCP will host a series of internal and external activities to celebrate its team and to highlight its ongoing investments in the Bahamian economy, including job creation, local vendor opportunities, and cultural showcases at the port.

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