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BAHAMAS: Regulators have Issued Anti-Money Laundering/Combating the Financing of Terrorism Guidelines

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#Nassau, September 19, 2018 – Bahamas – Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said regulators have issued Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) guidelines, codes of practice and rules to industry stakeholders outlining best practices for verifying the identity of their customer and developing AML/CFT procedures and measures.

“Along with The Central Bank of The Bahamas, other regulators, such as, The Bahamas Securities Commission, Insurance Commission and Compliance Commission, are actively engaged with monitoring their constituents with regards to AML/CFT compliance,” DPM Turnquest said at the two-day AML/CFT Anti-Money Laundering: Countering the Financing of Terrorism 2018 Risk Management Conference at Baha Mar, September 17, 2018.

He said, “Accordingly, all regulators under the banner of the Group of Financial Service Regulators (GSFR) recently issued two guidance notes on the sound management of risk relating to Financial Crime and Proliferation Financing.

“All regulators have issued AML/CFT guidelines containing the revisions required by the new financial sector legislation (Proceeds of Crime Act, Financial Transactions Reporting Act and the Anti-Terrorism Act).”

The DPM said regulators have also developed independent inspections and regulatory examinations programs and have been conducting onsite reviews of financial service providers including corporate service providers.  He noted that there are other areas in which regulators are demonstrating great leadership and success.

“In fact, I want to commend the Central Bank for its leadership in the area of financial inclusion, particularly when it comes to technology driven access to financial services for Family Island communities. Your work is preliminary, but you have a clear vision to maximize financial inclusion domestically.”

DPM Turnquest said as the country builds out its legislative and regulatory framework, it must have balance with its other domestic interests.  He announced that the government has asked the Central Bank to coordinate with, in the first instance, other Bahamian regulators, and then with a broad stakeholder group, to review opportunities to rapidly and materially increase Bahamian participation in the financial sector.

The DPM said that he has asked the Governor of the Central Bank, John Rolle and his colleagues in the GSFR to provide him with a report by June 30, 2019.  This report will:

–       Describe the current state of financial inclusion in The Bahamas;

–       Identify areas where financial inclusion can be improved; and

–       Recommend specific steps to be taken by the Government, public sector agencies, and the private sector to improve financial inclusion.

He has further asked Governor Rolle and his colleagues to concentrate their recommendations on practical ideas that can be achieved in the reasonably short term, without the need for major legislative reforms or government spending, and without imposing large capital or operating costs upon the industry.

“Our expectation is that this work will focus on cataloguing and assessing already identified potential reforms, or at least partially identified reforms.  In addition, I have also asked for a list of longer term ideas that will probably require deeper consideration. Nothing in this request is meant to slow the public sector reform efforts already underway.”

DPM Turnquest said for the strength of the industry, a strong, modern, responsive regulatory environment is critical, and the nation’s regulators are certainly up to the task. “They are industry leaders and have much to share by way of best practices.”

 

By Llonella Gilbert

Release: BIS

 

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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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