Bahamas News

BAHAMAS:Attorney General’s Office: Public Statement on FATF ICRG Announcement

Published

8 years ago

October 30, 2018

#Nassau, October 30, 2018 – Bahamas – The Caribbean Financial Action Task Force (CFATF) conducted a mutual evaluation of The Bahamas during an onsite visit (November 30, 2015 to December 11 2015). The Bahamas’ CFATF Mutual Evaluation Report (MER) was approved at the May 2017 CFATF Plenary in Trinidad and Tobago. The report provided a summary of the AML/CFT measures in place in The Bahamas, analysis of the country’s level of compliance with the FATF 40 Recommendations, the level of effectiveness of the AML/CFT regime, and provided recommendations on how the regime could be strengthened.

Results of the CFATF MER reflected that the country received ‘largely compliant or compliant’ ratings in 18 of the 40 FATF Recommendations, while posting ‘partially compliant’ ratings in 21 FATF Recommendations and ‘non-compliant’ rating in one (1) FATF Recommendation.

Following the publication of The Bahamas’ CFATF MER in July 2017, the National AML/CFT Action Task Force (Task Force) commenced an ambitious plan to address all of the deficiencies noted in the 2017 MER, particularly to complete the National Risk Assessment (NRA), which examined the money laundering and terrorist financing risks in the financial services sector both domestic and international, and to gain the government’s approval of same. Emanating from the NRA and the CFATF MER were gaps regarding the country’s AML/CFT Framework (legal, supervisory/regulatory, and enforcement regimes). The Task Force was charged with the responsibility of developing a National Identified Risk Framework Strategy (NIRFS) inclusive of AML/CFT/PF regimes. The NRA was approved by government in December 2017 and the NIRFS was approved in April 2018.

Among the deficiencies noted also was the absence of a legal regime that was capable of addressing the identified risks which were illuminated by the NRA. In order to address this the government embarked on an ambitious legislative reform agenda.

Both internationally and regionally, The Bahamas has been praised for its significant efforts and achievements over the last 15 months to address deficiencies identified in its CFATF MER. During this period of time the Attorney-General and the Task Force he leads have attained many of the goals they established post the 2017 publication of the country’s CFATF MER. Notably –

Since July 2017, the authorities have enacted the following legislative measures:

(i) The International Tax Cooperation Amendment Act, 2018, Automatic Exchange of Information Amendment Act, 2018 and Automatic Exchange of Information Amendment Regulations 2018 which resulted in the signing of the MCA and MCAA;.

(ii) The legislative amendment of the National Constitution to create the Independent Office of the Director of Public Prosecutions.The mandate of the ODPP as an independent prosecutorial Authority is to provide efficient, effective, fair and just prosecutorial services within the Commonwealth of The Bahamas. Noteworthy is the progress made with money laundering investigations, prosecutions and convictions – during the period July 2017 – September 2018, during which 40 money laundering prosecutions were recorded with 19 convictions compared with one (1) money laundering case recorded for the previous period;

(iii) The Financial Transactions Reporting Act (FTRA), also passed in 2018 addressed technical gaps identified in the Bahamas’ CFATF MER;

(iv) The Proceeds of Crime Act (POCA), 2018 addressed technical gaps identified in the Bahamas’ CFATF MER -with provisions such as the introduction of Unexplained Wealth Orders, Civil Forfeiture and the establishment of the Identified Risk Framework (IRF) oversight bodies – the Ministerial Council (National Identified Risk Policy Body), the Identified Risk Steering Committee (an operational IRF multi-agency body responsible for implementation and enforcement of the IRF);

(v) Anti-Terrorism Act (ATA), 2018) addressed the technical gaps identified in the CFATF MER and IO 10 and IO 11. Notable provisions address the financing of terrorism, financing of proliferation of WMD, manufacturing of WMDs, all forms of terrorism and participation in terrorist activities, identification of the competent authority dealing with terrorist issues (Attorney-General), local and international listing of terrorists and terrorist organization, and international cooperation. Attention was given to ensuring that the requirements of Recommendation 6 and 7 of the FATF 40 Recommendations and IO 10 and IO 11 were addressed; and

(vi) The Travellers’ Currency Declaration (Amendment) Act, 2018. The provisions of this Act mandate currency declaration at the borders by departing and arriving passengers. These provisions along with those of the Travellers’ Currency Declaration Act, 2015 came into force by 1^st September 2018. This legislation obligated all travellers to declare currency, negotiable instruments, precious metals and stones equal or exceeding $10,000.

The Government further enacted a number of Regulations (which have the force of Law) in order to address other noted deficiencies:

b) Regulations released by the Government include:

(vii) Financial Transactions Reporting Regulations, 2018 which establishes the thresholds for customer due diligence set out in the FATF 40 recommendations, customer due diligence requirements for companies, trusts and legal persons, and establishes STR filing obligations on general insurers.

(viii) Financial Transactions (Wire Transactions) Regulations, 2018 which incorporated the provisions of the 2015 Regulations and increased administrative penalties for non-compliance with the requirements of the Regulations.

ix) International Obligations (Economic & Ancillary Measures) (Implementation of United Nations Security Council Resolutions) Iraq Order, 2018, which enforces all provisions of the UN Security Council’s mandated targeted sanctions on Al’Qaida, I’Sil and related entities and associated parties. Order to come into force on 11 October 2018;

(x) International Obligations (Economic & Ancillary Measures) (Implementation of United Nations Security Council Resolutions) Afghanistan Order, 2018, which enforces all provisions of the UN Security Council’s mandated targeted Sanctions on Al-Qaida, I’Sil and related entities and associated parties. Order to come into force on 11 October 2018;

Additionally the Central Bank of The Bahamas and other financial sector Regulators issued the following Guidance Notes:

c) Regulatory guidance issued to the financial institutions and designated non-financial businesses and professions:

(xi) As of August 2018, The Central Bank (CBB) has updated its Guidelines for Supervised Financial Institutions on the Prevention of Money Laundering and Countering the Financing of Terrorism (AML/CFT Guidelines) to align with the NIRFS and address the deficiencies highlighted in The Bahamas’ Mutual Evaluation Report (MER);

(xii) As of August 2018, the Group of Financial Services Regulators – CBB, Insurance Commission Board (ICB), Securities Commission Board (SCB), Gaming Board (GB) and Compliance Commission (CC) jointly issued the following guidance notes;

Guidance Note on the Sound Management of Risks Related to Financial Crime in The Bahamas; and
Guidance Note on Proliferation and Proliferation Financing.

The guidance notes provide direction to regulated entities on the identification, assessment, management and mitigation of financial crime risk and raise awareness of the risks and vulnerabilities in regards to proliferation and proliferation financing.

(xiii) The Compliance Commission issued revised and enhanced Codes of Practice for Lawyers, Accountants and Real Estate Brokers and Developers.

Note is made that the Insurance Commission of The Bahamas, the Gaming Board and the Securities Commission of The Bahamas have drafted updated AML/CFT Guidelines for their licensees and registrants which are due for release by month end October 2018. The guidelines are being updated to address key deficiencies noted in the MER, and to take into account the enhanced provisions contained in the FTRA 2018, POCA 2018 and ATA 2018.

d) Development and implementation of Risk Based Supervision:

(xiv) The Central Bank, having developed and implemented risk based supervision for its substantive licensees (banking and trust companies) in last quarter of 2009, incorporated credit unions into its risk based framework in the second quarter of 2018 and has completed the risk profiling of all 10 credit unions as of July 2018.

(xv) The Securities Commission of The Bahamas, developed and implemented risk based appropriate supervision for securities licensees and registrants. The risk profiling of al licensees is ongoing. Note is made that SCB’s risk based supervision has been ongoing for Financial and Corporate Service Providers since 2014.

The Compliance Document

The FATF recently listed The Bahamas in the ‘Compliance Document’ following its October 2018 Plenary in France. The same is not a “Black List”, but a monitoring list; as the country is working to implement fully the provisions of the newly enacted POCA, 2018, FTRA, 2018, and ATA, 2018. It has been recognized even in the context of the Compliance Document, that The Bahamas has in a very short period of time since May 20017, made significant and important progress towards fully addressing all deficiencies noted in the 2017 MER.

The terms of the short “Action Plan” adopted by the FATF Plenary in Paris this month clearly indicates that all required now of The Bahamas is the production of evidence to support the effective implementation of the vigorous AML/CFT and Counter-identified risk legal framework which has now been created by the legislative framework, the NRA and subsequent AML/CFT Guidance Notes referred to above. Issues related to the availability of beneficial ownership information are being addressed concurrently with the Bahamas’ commitment to the Base Erosion and Profit Shifting (BEPS) project of the European Union.

This task will necessarily involve the installation of case management software to better track international cooperation efforts, coupled with the installation of analytical software to improve the outcomes of the Financial Intelligence Unit in its response to both domestic and international Suspicious Transactions Reports and requests for intelligence-based assistance.

The Bahamas has formally communicated a high level of political commitment and will to address the remaining implementation issues and have noted that within the international and regional AML/CFT/PF organizations, there has been favorably recognition of the tremendous effort that The Bahamas has expended to enable it to be the first of the countries (Trinidad & Tobago, Jamaica, Barbados, Antigua and Barbuda) in the Fourth Round CFATF Mutual Evaluations, to request re-rating of its legal provisions to address FATF Recommendations. Note is also made that all countries having undergone the Fourth Round CFATF Mutual Evaluations are confronting new standards on ‘Effectiveness Ratings’ and substantial challenges in ensuring that ‘sufficient progress’ is being made to comply with these newly introduced international standards. The Bahamas is committed as a member of the international financial community, to implement and maintain an appropriate, effective NIRF which incorporates its AML/CFT/PF regime.

Release: Office of the Attorney General and Ministry of Legal Affairs

Bahamas News

Diamond Stubbs, 17 • Betrica Brown, 19 • Stania Webb, 19 • Fourth victim yet to be identified

Published

7 days ago

June 29, 2026

Deandrea Hamilton

Deandrea Hamilton | Editor

Six road deaths in two days leave a nation searching for answers

NASSAU, The Bahamas – A nation that only days ago celebrated graduations, scholarships and bright futures is now united in grief as six lives were lost on Bahamian roads in just two days, including four young women whose deaths have shaken the country to its core.

The names Diamond Stubbs, 17; Betrica Brown, 19; and Stania Webb, 19 have become the heartbreaking symbol of one of the country’s deadliest road tragedies in recent memory. A fourth young woman, believed to be 18 years old, had not been publicly identified by authorities up to publication time, as families continued to mourn and await official confirmation.

The four were among eight occupants travelling in a gray Mazda when it crashed into a tree on Shirley Street shortly after 1 a.m. Sunday. Police said the 19-year-old driver reportedly struck a pothole, looked back toward his passengers and lost control before the vehicle slammed into the tree. Three young women died at the scene, while a fourth later succumbed to her injuries in hospital. Four others, including the driver, remain hospitalized as investigations continue.

The tragedy’s impact reached the House of Assembly on Monday, where Members observed a moment of silence – led by Prime Minister Philip Davis – in honour of the young women whose lives were cut tragically short.

What has resonated most across the country is not simply how they died, but who they were.

Diamond Stubbs had just graduated from Old Bight High School in Cat Island as valedictorian and head girl. She was preparing to attend Langston University in Oklahoma on scholarship and was remembered by her father as an exceptional student who earned virtually every academic award presented at graduation while inspiring other young people to pursue their dreams.

Betrica Brown, who called both Cat Island and Abaco her homes, had recently travelled to Nassau to secure her student visa. Youth and Sports Minister Mario Bowleg said she was preparing to begin college on a volleyball scholarship.

Stania Webb had already distinguished herself at Langston University, where she earned both President’s List and Honour Roll recognition after graduating from Old Bight High School at just 16 years old. Family members remembered her as a quiet, ambitious young woman deeply committed to her Christian faith and education.

Speaking in Parliament, Prime Minister Philip Davis described the loss as heartbreaking, extending condolences to the families, classmates and loved ones whose lives have been forever changed. He urged Bahamians to keep those still hospitalized and the grieving families in their prayers. Similar expressions of sympathy came from across the political divide, churches, schools and communities throughout the country.

Some residents were also chided for sharing gruesome and graphic photos and video in the hours following the shocking car crash. Relatives said it made a difficult, heartbreaking time more unbearable.

Condolences poured in from government and Christian ministers; The Bahamas Union of Teachers; The Bahamas Christian council and other leaders from across the islands.

The national tragedy extended beyond New Providence. Also on Sunday, 26-year-old Nica Julien lost her life in a separate traffic collision in Grand Bahama. Then, on Monday, a road traffic accident claimed the life of a 30-year-old man on the highway of Abaco.

Together, the six deaths have transformed what should have been a season of celebration with graduations and independence festivities in play, into one of national mourning, leaving families, communities and an entire country searching for answers—and praying that no more names are added to the list.

Bahamas News

Twist of Timing Shifts Focus in Jonathan Gardiner Case

Published

1 week ago

June 26, 2026

Deandrea Hamilton

The Bahamas, June 26, 2026 – Imagine boarding a plane for another Bahamian island, only for it to crash in U.S. waters during what now appears to have been a remarkable twist of timing.

Jonathan Gardiner’s Election Day flight has dominated headlines for weeks, but Thursday’s decision by a New York federal judge suggests the story may be far bigger than the crash itself.

Gardiner was denied bail after U.S. District Judge Gregory Woods described him as a danger to the community, a significant flight risk and concluded that the government’s evidence is “very strong.”

For many Bahamians, however, the public narrative has remained fixed on the approximately $30,000 recovered after the crash, including an envelope reportedly containing $5,000 intended for an unnamed politician.

Gardiner’s attorneys have argued the cash was legitimate, saying roughly $20,000 had been withdrawn from his business account the day before the flight. They also maintain the prosecution’s case is circumstantial and have argued that his speedy trial rights are being violated.

But prosecutors say the charges stem from a three-year federal investigation into an alleged conspiracy to import cocaine into the United States—not an investigation that began because a plane crashed in Bahamian waters.

That distinction may prove critical.

The crash brought the case into public view, but it may not be what ultimately determines its outcome.

The judge’s ruling raises a question that now deserves greater attention: What evidence from that three-year investigation persuaded a federal judge that the government’s case is “very strong”?

The answer may not lie in the cash recovered after the crash, but in investigative material that has yet to be fully presented in open court.

As the case moves toward trial, Magnetic Media will continue looking beyond the headlines and following the evidence that underpins one of the most closely watched criminal prosecutions involving a Bahamian in recent years.

Bahamas News

He’s Not Dusting Off Yesterday’s Plan… He’s Trying to Rebuild Government

Published

1 week ago

June 26, 2026

Deandrea Hamilton

By Deandrea Hamilton | Magnetic Media

The Bahamas, June 26, 2026 – Just in case you thought Sebastian Bastian, The Bahamas’ first Minister of Innovation and National Development, was about to dust off Vision 2040 and carry on where others left off… think again.

In his maiden Budget Communication on Monday, June 15, Bastian unveiled what amounts to a blueprint to rebuild how the government works.

Not with another glossy vision document.

But with an execution machine.

The clearest indication came when the Minister acknowledged that while Vision 2040 was an important national achievement, it also exposed a weakness.

“So we are changing what we are building. The National Development Plan will no longer be a document we complete and set aside. It will be a living instrument — continuously reviewed, always current, resourced by full-time professionals, and grounded in real data — that shapes how this government, and every government after it, chooses its priorities. A plan is a document. What we are building is an institution.”

It is a remarkable shift in philosophy.

Instead of governments producing national plans every decade, Bastian wants professionals monitoring implementation in real time, measuring progress and ensuring administrations stay focused on delivering what they promised.

To Bastian, national development goes far beyond the roads, airports and buildings Bahamians can see. It also means creating the invisible infrastructure of government — smarter systems, better planning, reliable data, accountability and institutions that survive changes in political administrations.

His speech repeatedly returned to one central idea: government itself has become an obstacle to opportunity.

He described a Family Island entrepreneur waiting weeks or even months for approvals because government systems do not communicate with one another. He spoke of public servants trapped by outdated manual processes instead of serving people. And he highlighted an 18-year-old entering a workforce being reshaped by artificial intelligence before graduation.

As he explained:

“…our job is a practical one: to make government work better, to make The Bahamas easier to do business in, and to make sure our country and our people are ready for what comes next.”

For ordinary Bahamians, he said the objective is simple.

“…a government that is simpler, faster, and far easier to deal with… dealing with your government will get easier, year after year, by design.”

His ministry’s four pillars are ambitious: modernizing government, preparing the nation for artificial intelligence, developing Bahamian talent and driving long-term national development.

Among the initiatives announced were a National Artificial Intelligence Authority, the country’s first AI legislation, a National Digital ID, SmartGov productivity tools for public officers, connected government systems, a National AI Literacy Initiative, an independent National Planning and Development Institute and a Delivery Division dedicated to turning plans into action.

The speech stopped short in one important area.

While Minister Bastian thoroughly explained how government intends to transform itself, he did not establish the measurable targets by which Bahamians can judge whether that transformation is succeeding.

However, he did reveal the next milestone.

Beginning in August, the National Development Plan Secretariat will begin assessing the planning capacity of every ministry and department while establishing a national tracking system before the renewed development plan moves into execution.

With 23 ministries and offices in the Davis administration, Bahamians now have a timeline.

It would not be unreasonable for the public to expect Minister Bastian to return once that assessment is complete with the findings, benchmarks and measurable goals that define success.

After all, the Minister’s own philosophy leaves little room for anything less.

“Delivery does not happen by good intentions — it happens when you build the institutions to carry it: capacity for research and policy thinking; teams dedicated to implementation; structures that demand accountability; systems that measure progress; and continuity that outlives any election cycle.”

If this speech is any indication, Minister Sebastian Bastian is not asking Bahamians to judge him by promises.He is asking to be judged by performance.