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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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OVER 209,000 BAHAMIANS TO DECIDE NEXT GOVERNMENT IN TUESDAY’S GENERAL ELECTION

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Polls open nationwide as rallies, controversy and endorsements close heated campaign season

 

The Bahamas, May 11, 2026 – Temperatures across The Bahamas on Tuesday, May 12 are forecast to reach a high of 87 degrees Fahrenheit, with “feels like” temperatures expected to climb even higher — but the heat is not expected to disrupt the flow of voters to polling stations which open nationwide at 8 a.m.

More than 209,000 registered voters are expected to cast ballots in the country’s 2026 General Election, which will determine who forms the next government of the Commonwealth of The Bahamas.

Polling stations across New Providence, Grand Bahama and the Family Islands will remain open until 6 p.m., with all 41 House of Assembly seats being contested in what has become one of the country’s most energetic and closely watched election campaigns in recent years.

The governing Progressive Liberal Party and the opposition Free National Movement are fielding full slates of 41 candidates each, while the Coalition of Independents has emerged as a significant third-force movement with 40 candidates contesting seats nationwide.

Public schools throughout the country are closed Tuesday as many campuses are transformed into polling stations, while ballot boxes have already been dispatched to the Family Islands ahead of voting day.

The Parliamentary Registration Department has meanwhile reminded employers that registered voters are legally entitled to two hours off to vote in addition to their normal lunch break and has also issued guidance aimed at maintaining orderly conduct at polling locations.

The final days of campaigning transformed the country into a sea of rallies, motorcades, town halls and political events stretching from Exuma and Long Island to Abaco, Bimini, Eleuthera, Andros, Inagua and Grand Bahama.

The PLP closed its campaign with the message “Choose Progress,” arguing the Davis administration has strengthened the economy, expanded social support and advanced national development projects.

The FNM campaigned heavily on accountability, affordability and governance reform under the slogan “We Work for You,” while the Coalition of Independents sought to position itself as the country’s disruptive alternative with the declaration: “Change ain’t coming — change is here.”

The campaign season also drew international attention with former NBA player and businessman Rick Fox attracting celebrity endorsements from basketball legend Shaquille O’Neal, actress Vanessa Williams and reggae icon Buju Banton through widely circulated video messages.

Adding further unpredictability to the race are at least 13 independent candidates contesting seats across the country, including former Prime Minister Dr Hubert Minnis in New Providence’s Killarney constituency, former Cabinet Minister Frederick McAlpine in Grand Bahama’s Pineridge constituency and Leroy Major in Southern Shores on New Providence — all seeking to break through the dominance of the country’s traditional party structure.

Meanwhile, election officials faced controversy in the campaign’s final hours after confirming that fewer than 150 voters, around 1 percent of electors had been mistakenly omitted from the register but would still be allowed to vote Tuesday — a decision questioned publicly by FNM Leader Michael Pintard amid broader concerns over voter integrity and election procedures.

Despite the political tensions, election officials say preparations are complete.

By Tuesday night, Bahamians are expected to know whether the PLP secures a second consecutive term, whether the FNM returns to office, or whether independents reshape the country’s political landscape.

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

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BAHAMAS RATING UPGRADE: A WIN—BUT NOT A FREE PASS

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The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.

Here’s the one-liner that matters most:

A higher rating can mean cheaper borrowing for the government—over time.

That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.

But that’s only part of the story.

Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.

Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.

That’s progress.

But here’s the reality check.

The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.

Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global conditions, weather events or geopolitical shocks.

Even Moody’s signals that more work is needed. Further upgrades depend on:

  • sustained reductions in debt
  • improved debt affordability
  • and continued access to favourable financing

So while the upgrade reflects real gains, it is not a finish line.

It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.

For voters heading to the polls, the takeaway is simple:

The Bahamas has strengthened its financial position—but the fundamentals still need work.

The progress is real.

The challenge now is to make it last.

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

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VOTES SAFE, SAYS PRD AFTER BALLOT BOX FIASCO VIDEO

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The Bahamas, May 4, 2026 – The Parliamentary Registration Department is assuring the public that ballots cast during advance polling remain secure, following a viral video that sparked confusion and concern in eastern Nassau.

The footage, widely circulated on social media, showed a tense scene outside Thelma Gibson Primary School, where party supporters surrounded election officials as a ballot box was escorted to a waiting vehicle under police guard. The confrontation—loud, chaotic and closely watched—left many questioning whether proper procedures were being followed.

In response, the PRD moved to clarify.

In an official statement, the Department said the transport of ballot boxes in the Elizabeth and Yamacraw constituencies was conducted in line with established protocol. It explained that once polling concludes, the Presiding Officer is required to return sealed ballot boxes to the Returning Officer, who—accompanied by a senior police officer—then transports them to the Parliamentary Commissioner.

The PRD said it is satisfied that Returning Officer Sonia Culmer adhered to those procedures and that the ballot boxes remained sealed at all times.

But that account has been challenged.

PLP Elizabeth candidate Jobeth Coleby-Davis has called for an urgent investigation into what she described as alleged irregularities involving ballot handling. She claims that established procedures were breached, including the movement of sealed ballot boxes without the presence of party observers, and is urging authorities to review the matter.

The competing accounts have added to public unease following scenes that saw supporters from multiple political parties crowding officials during the transfer process, demanding clarity on what was taking place.

Individuals clad in PLP shirts, including incumbent Coleby-Davis swarmed the returning officer, police officers and the ballot boxes.  The charge was the woman in the crosshairs of the accusations was connected to the opposition FNM party.

There was nothing to validate this claim and there is no confirmed breach reported by election officials.

Ballots cast during advance polling are expected to remain secured until Election Day, May 12, when they will be merged with ballots in their respective constituencies and counted as part of the official tally.

For now, the PRD is standing firm on the integrity of the process—even as calls for further scrutiny grow louder.

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

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