The Tribune

By LEANDRA ROLLE

Tribune Staff Reporter

lrolle@tribunemedia.net

THE Bahamas has been delisted from the European Union’s anti-money laundering blacklist more than a year after it was placed there, according to Attorney General Ryan Pinder.

Mr Pinder made the announcement at a ceremony to mark the opening of the 2022 legal year, where he said the move came after heavy consultation and meetings with EU officials.

He said: “The Bahamas engaged in diplomatic and technical meetings and consultations on an ongoing basis to address the blacklisting by the EU. During the period August 2020 to October 2021, there were two draft assessments submitted for The Bahamas’ review with requests for supplemental information, and the last submission was made to the director general of FISMA on the first of October of 2021.

“The Office of the Attorney General followed up with the director general on October 11 and December 15th of 2021 and on Friday January 7, 2022, just last week, the European Commission adopted a new regulation to update the EU AML Blacklist which included delisting The Bahamas. It has now been shared with the European Parliament and Council for formal consultation.

“After such consultation, the regulation will be published in the Official Journal of the European Union and entering into force 20 days after its publication. I am pleased to announce that The Bahamas has been delisted from the EU AML Blacklist of countries, another achievement that we should collectively be very proud of,” Mr Pinder added.

The Bahamas was placed on the EU’s blacklist in May 2020 amid the COVID-19 pandemic.

Explaining its rationale for placing the country on its “high risk” listing, EU officials said COVID- 19 enforced delay to the Financial Action Task Force’s (FATF) “site visit” to the nation meant it “cannot confirm” whether the country has resolved the deficiencies in its anti-financial crime regime.

“The Bahamas has taken steps towards improving its anti-money laundering/ counter terror financing regime and, in February 2020, the FATF made the initial determination that The Bahamas has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of The Bahamas’ reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future,” the European Commission said at the time.

“The FATF has yet to carry out such assessment to confirm its initial determination. Therefore, the Commission does not have in its possession information which would enable it to confirm at this stage that the strategic deficiencies have been effectively addressed.”