The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Central Bank’s governor yesterday said international standards, data-driven strategies and cross-border co-operation are critical to The Bahamas’ fight against financial crime.

John Rolle, speaking at the annual Bahamas Research Conference on Financial Crime, said this nation is taking proactive steps to strengthen its regulatory frameworks, enhance access to critical data and ensure that smaller jurisdictions can effectively demonstrate compliance and resilience ahead of its upcoming Financial Action Task Force (FATF) mutual evaluation. 

Mr Rolle said these measures are not merely about compliance, but about safeguarding the stability of the financial services sector, maintaining trust with international correspondent banks, and promoting economic and financial inclusion across the country.

“Beyond our international commitment, it is about safeguarding the stability of our financial sector, enhancing resilience of the sector,and ensuring that legitimate commerce continues to thrive on a cross-border basis. These outcomes rest collectively on the confidence and trust that our international correspondent banks maintain in us,” said Mr Rolle.

“Moreover, our success also allows us to confidently adopt, and continuously refine, risk-based systems that promote greater economic and financial inclusion from which social cohesion and the stability of our country is strengthened. 

“Having this perspective also explains why we are steadfastly committed to achieving robust and compliant outcomes for effectiveness against the FATF’s standards in the upcoming fifth round in the CFATF (Caribbean Financial Action Task Force) mutual evaluations.”

Mr Rolle also called for smarter, more flexible international standards that strengthen the global financial crime prevention while recognising the unique capacities of each country.

He said these standards should be applied proportionally to the actual risk and tailored to each jurisdiction’s capacity, enabling smaller countries to demonstrate effectiveness without being unfairly burdened by rules designed for larger economies.

“It is my hope that this research conference continues to stimulate policy discussions that drive improvements in the formulation and implementation of international standards, particularly where the risk-based ideals are concerned, and where proportionality and tailoring become more prominent in how smaller jurisdictions are able to demonstrate effectiveness,” said Mr Rolle. 

The two-day conference serves as a platform for collaboration and knowledge-sharing, bringing together academics, compliance professionals, regulators and international organisations, including representatives from FATF and CFATF.

Mr Rolle said the annual event stimulates research-driven discussions, fosters innovation in financial crime prevention and strengthen cross-border co-operation, ensuring that both global standards and local practices evolve in step with emerging risks.