The Tribune

Three Bahamian executives represented this nation at the Financial Action Task Force's (FATF) annual Private Sector Consultative Forum (PSCF) that deals with fighting financial crime.

The Forum, held from 23-24 April, 2018, was hosted by the United Nations Office on Drugs and Crime (UNODC). The Bahamas was represented by BFSB Board members Cecil Ferguson, chairman, Society of Trust and Estate Practitioners (STEP), Bahamas branch; Fareda Sands, president, Bahamas Association of Compliance Officers (BACO); and Emmanuel Komolafe, chairman, Bahamas Insurance Association (BIA).

The meeting was chaired by the FATF's vice-president, Jennifer Fowler of the US. More than 250 representatives from the financial industry and other businesses subject to AML/CFT (anti-money laundering/counter terror financing) obligations; civil society; and FATF members and observers participated in this year's Forum.

The Forum allows the FATF and its members to engage directly with the private sector on anti-money laundering and counter-terrorist financing issues. It provides a regular platform for the FATF to learn more about the private sector's views and concerns on the subject.

Over the two days of the Forum, participants held discussions over the following issues:

1. Combating De-risking

2. Fintech & Regtech: Digital Identification and Crypto Assets

3. Risk-based approach for Securities sector

4. Risk-based approach for the Life insurance sector

5. Engagement with Financial Institutions (FI), Designated Non-Financial Businesses and Professions (DNFBP) and Non-Profit Organisations

As part of the Forum, Mr Ferguson, who is also a bank examiner at the Central Bank of the Bahamas, was invited to report to attendees on the progress of the Bahamas' National Risk Assessment (NRA).