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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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Next U.S. Ambassador?  Walker Pledges Business-Driven Approach as U.S. Looks to Counter China in The Bahamas

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Deandrea Hamilton | Editor

 

The Bahamas, September 16, 2025 – For the first time since 2011, the United States is on the cusp of sending an ambassador to The Bahamas — and the nominee, former football star turned entrepreneur Herschel Walker, is promising to bring his business instincts to the diplomatic table.

Speaking before the Senate Foreign Relations Committee last week, Walker underscored that his background in food-service companies and small business leadership has prepared him to think practically about investment. “I know how to run a business, how to create jobs, how to make payroll. Those lessons translate into building relationships and building trust,” Walker said.

Walker, who was nominated by President Trump in December 2024, faced the Senate Foreign Relations Committee on September 11. As of now, he has not yet been confirmed; his nomination remains under review, pending a committee vote before it can move to the full Senate. If approved, he would become the first U.S. ambassador to The Bahamas since 2011.

For years, U.S. officials have stressed security and counternarcotics cooperation with The Bahamas, including through “Operation Bahamas, Turks and Caicos.” But in areas like infrastructure, medical care, and long-term investment, Washington has often been absent.

Hospitals and clinics remain under-resourced, and hurricane recovery has been slow in many islands. Chinese state-backed firms, by contrast, have shown up with financing packages and construction deals — a presence that has raised alarms on Capitol Hill.

“Only 50 miles off our shore, The Bahamas is too important for us to ignore,” warned Senate Foreign Relations Committee leaders during Walker’s hearing. They called China’s inroads “strategic, not charitable,” suggesting Beijing’s long game is about ports, proximity, and political leverage.

Walker positioned himself as a nontraditional but pragmatic envoy. He argued that his business career, rooted in private sector success, equips him to champion American investment in The Bahamas.

He pledged to:

  • Promote U.S. companies interested in medical and infrastructure projects.
  • Support an environment that encourages American investors to see The Bahamas as more than just a beach destination.
  • Highlight opportunities for partnerships that improve public services, healthcare, and resilience against hurricanes.

“I’ve built businesses. I know what it takes to attract investors and create opportunity. That is exactly what I intend to bring to our relationship with The Bahamas,” Walker said.

The Bahamas is not just a tourist paradise. It’s a frontline state in migration, drug interdiction, and hurricane response. More than six million U.S. visitors travel there annually, making stability and safety a U.S. domestic concern as much as a foreign policy one.

And yet, with the ambassador post vacant for 14 years, the U.S. has often looked detached — opening space for China’s ambitious Belt and Road agenda. The fear is that infrastructure deals signed today could give Beijing leverage in the region tomorrow.                                                                                                                                                                                                                Walker’s confirmation would symbolize a course correction, signaling Washington’s intent to re-engage not only in security but in the economic future of The Bahamas.                                                                                                                                                                                                                    Not everyone is convinced Herschel Walker is the right man for the job. His nomination revived controversies from his 2022 Senate run, including past allegations, public gaffes, and doubts about whether he has the diplomatic polish the post demands. Some senators and analysts questioned whether celebrity and business experience were enough for a role requiring nuance in foreign policy and geopolitics.

Critics argued that The Bahamas, sitting just 50 miles from Florida and facing intense Chinese interest, deserves a seasoned diplomat rather than a political ally.

Walker confronted those doubts head-on. “People have underestimated me all my life — in academics, athletics, and business,” he told the Senate Foreign Relations Committee. “And I have always proven them wrong, through discipline, determination, and by outworking everyone.”

He admitted he had never served as an ambassador but countered that his career prepared him in other ways: building businesses, managing payrolls, and connecting with people from all walks of life. He framed his business background as a strength, promising to use it to encourage U.S. investment in healthcare, infrastructure, and hurricane resilience projects in The Bahamas.

Rather than sparring with critics, Walker leaned on confidence and persistence: “I know how to build trust and find common ground. That’s what this relationship needs.”

If confirmed, Walker would have to balance his role as diplomat with expectations of being a commercial cheerleader for U.S. firms. His emphasis on entrepreneurship suggests a willingness to push U.S. businesses toward opportunities in healthcare, ports, and post-storm reconstruction — areas where Bahamians say they need the most support.

For Bahamian officials, the question will be whether Washington is prepared to back words with financing. U.S. private sector dollars, paired with aid and development partnerships, could help shift the tide against Chinese influence.

For Walker, the test will be whether his business acumen can translate into diplomatic wins — giving Bahamians alternatives to Beijing, while deepening the U.S. role in the Caribbean.

Analysis: If Walker delivers, this appointment could mark a turning point: a U.S. strategy that recognizes that in the Caribbean, investment is diplomacy.

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Conflicting Reports as Grand Bahama Awaits Its New Airport: What to Believe?

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Deandrea Hamilton | Editor

 

September 16, 2025 – Grand Bahama’s wait for a modern international airport has taken another dramatic turn. Just days after reports surfaced that the $200 million redevelopment had collapsed because partners failed to secure financing, the government is now insisting the project is alive and well — with funding in the “final stages” and construction on the horizon.

Earlier This Week: Airport Deal in Dire Straits

The week began with grim headlines. Deputy Prime Minister and Aviation Minister Chester Cooper confirmed that private partners in the much-heralded consortium had not produced financing. “Regrettably, the funding had not happened,” he admitted, sparking widespread fears the deal had crumbled.

Those admissions triggered a storm of skepticism in Freeport. Back in February, the government had declared the airport deal “finalized,” naming Aerodrome Ltd., Manchester Airport Group, and BHM UK as partners. They promised demolition within 30 days, designs in 45 days, and a new terminal by year’s end. But now, more than four months later, not a single milestone has been delivered.

For residents and business leaders, the collapse narrative confirmed their worst fears: that Grand Bahama was once again being strung along with empty promises. Long-stay tourism — the kind that sustains hotels, restaurants, taxis, and shops — depends on a functioning airport. Without it, the island’s economy remains hobbled.

Today: Government Pushes Back

But late Thursday, the government issued a forceful rebuttal. “The redevelopment of Grand Bahama’s International Airport remains a central priority for this administration and is key to the island’s economic renewal,” the statement read. Officials stressed that they are “in the final stages of securing funding and concluding agreements on airport management.”

The statement went further, clarifying the role of Manchester Airport Group, the UK’s largest airport manager. MAG, it said, was never meant to provide financing but remains a core partner in shaping the airport’s development and management. Bahamian contractors, the government insisted, are part of the team tasked with delivering the facility. “Our focus is on results,” the release concluded. “Grand Bahama will have the airport it needs to grow, attract investment, and strengthen its role as a gateway to The Bahamas.”

Who Should Grand Bahama Believe?

The conflicting narratives — one of a deal in “dire straits,” the other of a project in “final stages” — have left Grand Bahama residents struggling to know what to believe. Is the airport project truly on life support, or is the government simply playing its hand close until funding details are nailed down?

Skeptics point out that this is hardly the first time the airport has been declared a priority only to see little follow-through. Promises in 2023, in February 2025, and again in summer 2025 all failed to produce visible progress. Each missed deadline has chipped away at public trust.

Supporters of the government counter that large infrastructure projects are inherently complex, with legal negotiations and financing arrangements often dragging longer than planned. They argue that the continued involvement of Manchester Airport Group is evidence the project is still credible.

The Bigger Picture

Grand Bahama’s airport troubles are intertwined with the stalled $120 million Grand Lucayan hotel sale, which also remains without visible progress 129 days after it was announced. Business leaders insist both projects must move together if the island is to see real recovery. A luxury resort without a modern airport is as unviable as an airport without hotel rooms to fill.

For now, the people of Grand Bahama are left in limbo. This week they were told the airport deal had failed. Today, they’re being told it’s moving forward. The only certainty is that, nearly a year after the latest round of promises, not a single crane has touched the sky.

As one resident put it: “We don’t need more statements. We need to see bulldozers.”

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U.S. Coast Guard Trains Bahamian Partners in Water Survival Skills

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The Bahamas, September 10, 2025 – Rescue swimmers from the United States Coast Guard (USCG) Aviation Training Center in Mobile, Alabama visited Nassau to train Royal Bahamas Defense Force (RBDF) and Royal Bahamas Police Force (RBPF) members in water survival skills as part of Operation Bahamas Turks and Caicos (OPBAT) earlier this week.

“Training alongside our USCG partners ensures our personnel are best prepared for the unique challenges of joint operations” said Superintendent Wendy Pearson, Commander Drug Enforcement Unit.

The multi-day exercise, centered on the USCG’s Shallow Water Egress Training (SWET), enhanced the safety and preparedness of Bahamian partners who routinely operate aboard USCG helicopters during OPBAT missions. The exercise provided hands-on instruction for 31 participants and strengthened interoperability between U.S. and Bahamian agencies engaged in counter-drug, search and rescue, and maritime security operations throughout the region.

“We were excited and proud to have the opportunity to share our expertise with our Bahamian partners. Not only did RBDF and RBPF perform exceptionally well, they exceeded the standards we set for the event,” said Petty Officer Second Class Cole Johnson, USCG.

OPBAT is a cooperative multi-agency international operation supporting The Bahamas and Turks & Caicos Islands to stop illicit drug smuggling through the region. U.S. Embassy Nassau Chargé d’affaires Kimberly Furnish stated, “Since 1982, OPBAT has worked to stop the flow of illicit narcotics through the Caribbean, destined for the United States or other jurisdictions.  This is international cooperation at its best.”

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