NASSAU, Bahamas, CMC – The Governor of the Central Bank of the Bahamas (CBB), John Role, says that over the past 50 years, the country has materially strengthened its approach to anti-money laundering (AML) and other financial crimes.
Addressing the Sixth Annual Bahamas Research Conference on Financial Crime, which ends here on Friday and is cosponsored by the Washington-based Inter-American Development Bank (IDB), Rolle told delegates that the country has been cooperating internationally in dealing with these issues.
He said that level of commitment has also extended to collaboration in matters of international tax transparency.
“However, this continues to be a very costly process in terms of maintaining a balance between the effectiveness of our risk management practices and the unintended effects of regulations, as implemented, on financial inclusion, the ease of doing business, and the effects intended or unintended on the viability of otherwise legitimate business models.”
Rolle said he hopes that the research conference continues to be motivated by such concerns. In particular, it should first objectively understand how the global system, given its risk-based approach, can achieve measured levels of effectiveness in ways that are less costly when scaled to economies and financial centers of varying sizes.
“Second, ensuring that measures of bias in applying international standards are objectively quantifiable. In these regards, it is hoped that our scholarly research will encourage policy discussions that improve how we formulate and implement international standards. These efforts will encourage the release of more data that help expand the range of inquiry into such topics.”
He said the conference is also occurring at a critical juncture as the country prepares for the next round of assessment under the Financial Action Task Force‘s (FATF) mutual evaluation process.
Rolle said that last year, led by the Attorney General’s Office, the Central Bank, and other Bahamian regulators and law enforcement agencies updated the Bahamas’ National Risk Assessment on money laundering and financial crimes.
“It underscored a renewed engagement with the financial services industry on the frontline of The Bahamas’ contribution to the global fight against money laundering, terrorist financing, and proliferation financing.
“This risk assessment document sets the stage for more introspection, additional reforms where necessary, and national awareness building ahead of our next peer evaluation,” Rolle said, adding, “This conference complements our efforts by strengthening our international outreach on anti-money laundering and financial crimes and it helps to build local capacity.”
He said the Central Bank is already planning for the 2026 conference, which it expects will build upon the momentum gained this year.
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