The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

ATTORNEY General Allyson Maynard-Gibson announced in the Senate yesterday that the Christie administration “conclusively met” all of the Financial Action Task Force’s recommendations regarding the Gaming Bill and its accompanying regulations.

The attorney general also said the Bahamas will undergo three separate assessments from international organisations - one of which began yesterday - with a view to determining whether the country is at risk of money laundering.

While she did not detail what the FATF recommended, Mrs Maynard-Gibson said it was “disingenuous” for the Free National Movement (FNM) to request the government table a report from the meetings in Parliament.

She insisted that it was not customary for an informal meeting to produce a formal report.

“When we formulate the gaming policy today,” Mrs Maynard Gibson said, “we are not just thinking about domestic gaming or patronising as in the past. We are looking at the international arena and how we are looked at internationally because we have to comply with FATF and CFATF (Caribbean Financial Action Task Force) requirements.

“Madam president this is one of the reasons that earlier this year I was engaged in informal consultation with representatives of the FATF aimed at ensuring that the proposed legislation would meet the justifiably high standards required for it to pass at an international level.

“These informal consultations do not result in a formal report.

“In these circumstances, the request by those opposite for a formal report, especially from some of them whom I know have engaged in informal consultations for the government of the Bahamas before, is, dare I say, disingenuous.

“Be that as it may, it cannot fail to be apparent from a study of the FATF recommendations and the perusal of the proposed legislation that the over arching resolve of the government to comply with the FATF obligations has been conclusively met.”

Assessment

Mrs Maynard Gibson told senators that following the January 28, 2013 gaming referendum talks began to have the Bahamas and its financial operations assessed. She said given the magnitude of the “numbers” industry in the Bahamas, the reviews are needed.

Investigators from the Organisation of American States (OAS) began an investigation yesterday to determine the Bahamas’ compliance with anti-corruption measures.

Evaluations from the FATF and CFATF are expected to take place soon.

“In November of this year the World Bank is going to assist us in analysing our country’s risk for money laundering and it is called a country risk assessment,” Mrs Maynard Gibson said. “We know from consultations that I have had, not only internationally, but with stakeholders nationally that an unregulated or an underground gaming sector will present a very serious risk for money laundering and the possibility of the financing of terrorism through our jurisdiction – so for us to sit here and ignore that would be not governing.

“Faced with these realities and the responsibility of putting in place measures to protect and enable growth and development of the Bahamian people and economy, the government has done what any responsible government would do. It has brought forward this legislation. It has done so after wide consultation,” Mrs Maynard Gibson said.

Mrs Maynard Gibson returned from consulting with the FATF in Paris, France nearly two months ago. Until the Senate’s meeting yesterday she remained tight-lipped on the feedback that was received. The task force made 40 recommendations, according to Senator Keith Bell who also contributed to the Gaming Bill debate yesterday.

The FNM made several calls for the government to make public the FATF’s Gaming Bill recommendations for the sake of transparency. However, Tourism Minister Obie Wilchcombe said that tabling the document not only called into question the integrity of the government, but also that it was not necessary.