The Tribune

FREEPORT – Minister of National Security Dr Bernard Nottage was on hand Monday to welcome CTATF delegates, including attorneys general from 29 countries.

Dr Nottage was filling in for Tourism Minister Obie Wilchcombe who is currently out of the country.

He was addressing a welcome reception for delegates attending the Caribbean Financial Action Task Force’s 38th Plenary Meeting at the Grand Lucayan Resort.

Dr Nottage told delegates the Bahamas is pleased to be hosting them.

“As you are probably aware, our business is hosting visitors and we want to be sure that everybody is being properly taken care of and having an enjoyable time,” he said.

He told them the second pillar of the Bahamian economy is financial services and that the country has had tremendous challenges over the years from the FATF and other regulatory organisations with respect to how business is conducted here.

“We used to be known as a tax free country or a tax haven and now that is a dirty word, or those are dirty words.

“Nevertheless, what we tried to do is be compliant with the regulators to build a strong financial services sector and one that is properly managed and has attractive enough products and conditions to invite all of you to invest in the financial services in our country, even those of you who are our competitors,” he said.

Dr Nottage told the guests that there are a number of Bills currently before the House of Assembly that will allow the country to become more compliant and deal with transnational crimes associated with the international transfer of money.

“We have an amendment to the Penal Code, the Evidence Act, the Justice Protection Act, the Extradition Act, in order that we may comply and be an example that others would wish to emulate, because we have come to find out that unless we do it properly, it puts our economy at risk,” he said.

He thanked the group for allowing Bahamian Attorney General Allyson Maynard-Gibson to become the next chairperson of the CFATF.

The official opening ceremony for the CFATF Plenary Meeting will take place this morning at the Grand Lucayan Resort.

Governor General Sir Arthur Foulkes is expected in Grand Bahama for the opening and Deputy Prime Minister Philip Davis will deliver the keynote address.