#Nassau, February 13, 2019 – Bahamas – Today the European Union College of
Commissioners published a List of High Risk Third Countries for Anti-Money
Laundering and Counter Terrorism Financing (AML/CFT) deficiencies. The Listing
of The Bahamas is linked to the FATF Action Plan and to the adverse Caribbean
Financial Action Task Force (CFATF) Mutual Evaluation Report of the Nation’s
AML/CFT framework, in May of 2017. It is allegedly based upon a perception that
the listed countries pose a “threat” to the EU Financial system.
The Bahamas observes that this Listing by
the EU Commissioners is apparently based on the FATF’s listing of The Bahamas and
its placement of The Bahamas into an Action Plan.
In the circumstances where The Bahamas has,
since the implementation of the FATF Action Plan in October, 2018, been
re-evaluated as being Compliant or Largely Compliant with 30 of the FATF’s 40
Recommendations (up from Compliance in only 18, in 2017) it is the view of The
Bahamas that the listing by the College of Commissioners of the European Union
is not a proportionate response.
The principle of proportionality is a
fundamental tenet of EU Law and the common law. It simply imports that the
punishment should fit the offence.
To list a country, such as The Bahamas,
that has made outstanding progress, in just over one year, in addressing the
AML/CFT deficiencies identified in May 2017, together with wholly
non-compliant, war-torn or even rogue States is disproportionate, and inflicts
harm and punishment on a People with no regard for their important reforms and
improvements in their AML/CFT framework. Such a “one size fits all” approach is
unworthy of established Democracies, and is an affront to their own legal
principles.
The Bahamas ought not to have been listed
and regrets this action by the EU College of Commissioners. We will seek all
ways to ameliorate and, if possible, encourage the EU Commissioners to reverse
their decision.
The Hon. Carl W. Bethel, QC
Attorney General and Minister of Legal
Affairs
Office of the Attorney General and Ministry
of Legal Affairs
Nassau, The Bahamas