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BAHAMAS: Response to European Commission “High Risk Third Countries” List

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#Nassau, February 18, 2019 – Bahamas – Over the past year, Prime Minister the Most Hon. Dr. Hubert Minnis and his administration have been actively engaged in discussions with various international organizations concerning the country’s involvement in international financial markets.

These organizations include the European Union (EU), the Organization for Economic Co-operation and Development (OECD), and the Financial Action Task Force (FATF). The FATF was founded by the Group of Seven (G7) countries to develop policies aimed at combating money laundering and terrorism financing.

Government officials have been involved in a variety of meetings over the last several months to better understand the concerns of the EU, OECD and FATF and to present the position of The Bahamas as it relates to each organization’s requirements.

In 2018, Deputy Prime Minister and Minister of Finance Hon. K. Peter Turnquest, and Minister of Financial Services, Trade and Industry and Immigration Hon. Brent Symonette met with EU, OECD and FATF officials in France and Brussels, Belgium.

As a result of these meetings, and a close working relationship between The Bahamas and the EU, OECD and FATF, the Government passed a package of legislation in December 2018 to satisfy various requirements and commitments, including:

  • The Removal of Preferential Exemptions Act abolishes preferential tax regimes for certain categories of companies.
  • The Register of Beneficial Ownership Act establishes a secure and searchable database of the ownership details for all legal entities registered in The Bahamas.
  • The Commercial Entities (Substance Requirement) Act requires certain categories of companies to demonstrate a substantial economic presence in The Bahamas.

Earlier this year, Prime Minister Minnis and Attorney General Hon. Carl Bethel also met with various members of the EU in Brussels.

Positive results

The work by the Minnis Administration over the last several months has produced very positive results, especially as it relates to the 40 listed requirements by the FATF.

The Bahamas was placed on the FATF watch list in October 2018 when it only satisfied 17 of the required 40 FATF criteria. By year-end, The Bahamas was essentially compliant with 30 of the 40 requirements, a record similar to the United States.

As a result of this significant progress, if the FATF list of high-risk countries were compiled today, The Bahamas would not be included under the current criteria.

A variety of working groups within the EU impact The Bahamas. The two most relevant at this time are the Taxation and Customs Union, and the Justice and Consumers Unit Financial Crime.

The Taxation and Customs Union works on a list of “non-cooperative tax jurisdictions for tax purposes.” The Justice and Consumers Unit Financial Crime works on the list of “high-risk third countries presenting strategic deficiencies in their national anti-money laundering/counter-terrorism financing AML/CTF) regimes.”

In early January 2019, Prime Minister Minnis and Attorney General Bethel met with the head of the Taxation and Customs Union.

The Taxation and Customs Union concentrates on issues related to “Base Erosion and Profit Shifting (BEPS),” which generally relates to the way in which a broad range of financial services are provided in and from The Bahamas as an international financial services centre.

BEPS specifically relates to tax-avoidance strategies where businesses “shift” their “profits” from higher-tax jurisdictions (like some in Europe) to lower tax jurisdictions, thereby “eroding” the “tax-base” of the higher-tax jurisdictions.

Failure to meet requirements by the Taxation and Customs Union within the EU may lead this body to recommend to the EU of Finance Ministers that The Bahamas be placed on a “Blacklist” of countries that are “non-cooperative for tax purposes.”

A “Blacklist” is expected to be produced over the next few months, however The Bahamas believes it has met requirements expressed by the Taxation and Customs Union and has provided requested clarification over the last several weeks as a result of a healthy dialogue and exchange.

The Government has been very cooperative, and Prime Minister Minnis is fully committed to meeting international obligations while maintaining the integrity of the domestic financial services sector.

A ‘flawed’ process

On Wednesday, February 13, 2019, the Justice and Consumers Unit published a draft AML list of countries it deems a threat to their financial system due to what it considers strategic deficiencies in the ability to prevent terrorism financing and money laundering.

This is not a “blacklist,” but if agreed to by EU members at a subsequent meeting, it would require financial institutions to engage in “enhanced customer due diligence” for financial transactions to and from The Bahamas.

This draft AML list represents an advisory, issued by the EU, which is similar to the advisories issued by the US and UK in October 2018, when The Bahamas was placed on the FATF Action Plan.

The draft AML list is unrelated to the BEPS issues discussed by Prime Minister Minnis and Attorney General Bethel in Brussels on January 15, 2019. It is also unrelated to recent amendments to the Commercial Entities (Substance Requirement) Act.

The Bahamas became aware of the possibility of being included on the Justice and Consumers Unit draft AML list in a January 21, 2019 memo from the EU’s diplomatic representative to the Caribbean, based in Jamaica.

The Minnis Administration regrets this decision and wishes to point out several deficiencies in the approach to listing The Bahamas:

  • The Justice and Consumers Unit failed to consider the progress made by The Bahamas since May of 2017, based on the FATF criteria. As stated by the Unit, work prepared by the FATF is used to consider additions to this list, and old criteria for The Bahamas was considered.
  • The Bahamas was informed that the Unit was advised that The Bahamas does not have any law that criminalizes money laundering or terrorism financing. This is not accurate.
  • The Justice and Consumers Unit notes failures to prosecute all types of money laundering, but does not consider the increase in money laundering prosecutions and convictions in The Bahamas.
  • The Bahamas does not believe the process used by the Justice and Consumers Unit included a sufficiently in-depth review necessary to conduct an assessment relative to the consequences of such a list.
  • The Bahamas does not believe it was given sufficient notice of inclusion, which would allow for constructive dialogue with this Unit in the EU, allowing The Bahamas to challenge or address issues raised.
  • The Bahamas also questions the Unit’s approach in simply announcing an intention to list The Bahamas. This appears contrary to the EU’s own written methodology set forth in a “working paper.” This EU methodology sets out a specific process whereby the actual risk, if any, posed by each individual country is intended to be assessed on a sliding scale from “low’ to “moderate” to “severe.” Listing The Bahamas together with wholly non-compliant war-torn States is disproportionate and inflicts harm and punishment on The Bahamas without consideration for reforms and improvements in the AML/CFT framework.

The Justice and Consumers Unit’s draft AML list has already been criticized by Member EU States and the United States Department of The Treasury. In a statement the US Treasury noted that it “has significant concerns about the substance of the list and the flawed process by which it was developed.”

The Treasury stated that “the European Commission’s process for developing its list contrast starkly with the FATF’s thorough methodology.” The Treasury Department also stated that it “does not expect US financial institutions to take the EU list into account in their policies and procedure.”
 
The Bahamas poses no threat to the EU financial system and regrets this action by the EU, especially in light of it being based on out-of-date information. The Bahamas stands ready to meet its international obligations and has shown a willingness and ability to work constructively in this regard.

Press Release: Office of The Prime Minister

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Inspired Abroad, Proudly Bahamian

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DEAR EDITOR,

Sometimes the best ideas come from experiences far away from home.

It was while I was living in Europe that I saw how excited people were about England’s iconic double-decker buses. It was a symbol of culture – and visitors looked forward to the ride as an experience in itself rather than just a method of transportation.

That sparked a thought: What if we brought that same excitement to The Bahamas, but made it uniquely Bahamian?

In November 2024, that thought became 2 Storeys Tours. I wanted visitors to see Nassau in a way they had not been able to before. That meant they could come straight off a cruise ship and onto a double-decker to see what makes our country what it is – to see our beautiful waters and to discover what makes us Bahamian.

We wanted to create something memorable, something visitors would associate with their Bahamian vacation, just as people associate double-decker buses with England.

The bus may catch your attention, but The Bahamas is what makes the experience unforgettable.

We also believe tourism should create opportunities for Bahamians.

We started less than five years ago with one very used double decker bus.

Now thanks to cruise ship business, we have quadrupled the size of our little fleet. We now have four shiny new red and blue buses, so we can say Welcome Ashore in style.

Depending on the season, between 70 and 80 percent of our business is cruise-passenger driven. Even during the slower season for hotels, the cruise ships arrive filled with people looking to explore historic Nassau and we are giving them the closest to a bird’s eye view as they can get. And they love it.

Turning an idea into a functioning business has been an exciting journey, but certainly not without challenges. From planning and preparation to finally seeing our buses on the road, the experience has taught us patience, perseverance, and the importance of believing in a vision.

We are proud of how far we’ve come, and even more excited about what lies ahead.

Building partnerships helped us to get to where we are today – building them further will take us to where we can reach tomorrow.

Our ambition is to make 2 Storeys Tours a recognised and trusted name in Bahamian tourism. We want to continue improving our tours, developing new experiences, embracing environmentally responsible tourism, and building meaningful relationships – and eventually take the 2 Storeys Tours experience beyond Nassau to other islands.

Above all, we want to build something that lasts.

Looking back, it’s incredible to think that an observation while living in Europe could lead to a business right here at home.

What began as an idea became a business with a purpose, and we’re only getting started.

Our inspiration came from abroad. Our passion comes from home. And our future is proudly Bahamian.

 

By: KEEVON MAYNARD

President, 2 Storeys Tours

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Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

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NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

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Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

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Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

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