The Bahamas removed from the EU’s AML blacklist

• At the December 22, 2021, meeting of the European Commission College of Commissioners, the Commission concluded that “The Bahamas had addressed the strategic deficiencies previously identified in its AML/CFT regime”. The country has made significant steps to tackle uncertainties surrounding money laundering and terrorism financing. Accordingly, the Commission decided to remove the sovereign from the EU’s AML Blacklist. 
• This favorable outcome after many months of engagement is a welcomed one, and comes almost 12 months after the Financial Action Task Force (FATF) delisted The Bahamas on the 18th of December 2020 from its List of Jurisdictions Under Increased Monitoring (FATF’s Grey List). 
• This action by the FATF will cause banks and other financial and tax firms to scrutinize less closely their clients who have dealings or investments, with or in The Bahamas as the country now poses less threats to the financial system of the European Union. This new development should also allow the country to attract new foreign direct investment. 
• The Bahamas will continue to work with the European Union and all international partners as it seeks to maintain its AML/CFT/CFP regime on par with international agreed measures, which safeguard the global financial system.

(Sources: Eye Witness News & NCBCM Research)