NASSAU, Bahamas, CMC – The Governor of the Central Bank of The Bahamas (CBB), John Rolle, says the annual research conference on financial crime is about safeguarding the stability of the country’s financial sector, enhancing the resilience of the industry, and ensuring that legitimate commerce continues to thrive on a cross-border basis.
Addressing the seventh edition of the conference that has brought together regional and international delegates, including the Financial Action Task Force (FATF), Financial Action Task Force of Latin America (GAFILA), and the Inter-American Development Bank (IDB), Rolle said he is also impressed by the “remarkable selection of papers which will be presented at this year’s conference”.
“The Central Bank of The Bahamas continues to find tremendous value in this annual research event. Namely, it encourages data-driven enquiries into how, at the international level, the fight against financial crime can become more effective; it places a focus on how the cost and resourcing of our efforts can be more effectively tailored across all jurisdictions regardless of size”.
Rolle said that, in addition, it continues to emphasise the importance of data access across the regulatory and enforcement landscapes and reinforces the value of cross-border cooperation in strengthening data access.
He said, for the cross-section of Bahamian public and private sector representatives participating in or exposed to these conference proceedings, “we are also boosting our jurisdictional capacity to counter money laundering and other illicit financial transactions”.
He said beyond the international commitment, the annual conference “is about safeguarding the stability of our financial sector, enhancing resilience of the industry, and ensuring that legitimate commerce continues to thrive on a cross-border basis.
“These outcomes rest collectively on the confidence and trust that our international correspondent banks maintain in us. Moreover, our success also allows us to confidently adopt and continuously refine risk-based systems that promote greater economic and financial inclusion, thereby strengthening social cohesion and the stability of our country.
“Having this perspective also explains why we are steadfastly committed to achieving robust and compliant outcomes for effectiveness against the FATF’s standards in the upcoming fifth round of the CFATF (Caribbean Financial Action Task Force), mutual evaluations.”
Rolle said he hopes the research conference, which is co-sponsored by the IDB, continues to stimulate policy discussions that drive improvements in the formulation and implementation of international standards, particularly where risk-based ideals are concerned and where proportionality and tailoring become more prominent in how smaller jurisdictions can demonstrate effectiveness.
He said he is hoping that delegates to the conference, which ends later on Friday, “will seize the opportunity to engage, network, and forge meaningful connections with academics, compliance professionals, regulators, and industry experts.
“ It is also my hope that the relationships formed during this conference continue to inspire collaboration and innovation in our fight against financial crime.”
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