John A Rolle: The evolving landscape of AML/CFT in The Bahamas

Remarks by Mr John A Rolle, Governor of the Central Bank of The Bahamas, at the 2019 AML/CFT Risk Management Seminar of The Bahamas Group of Financial Services Regulators, Nassau, 26 June 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Good morning Ladies and Gentlemen.

Once more, on behalf of the Group of Financial Services Regulators, it is a pleasure to welcome you to today's anti-money laundering and countering the financing of terrorism risk management seminar. We are grateful to have the support of the Honourable Attorney General, and both the Minister of Finance and the Minister of Financial Services for this important event.

We are setting the standard for continuous engagement with financial sector stakeholders, with the expectation that, as practitioners, we will collectively strengthen and maintain national defenses against the use of Bahamian financial services for illicit purposes.

If we have learnt anything in getting to this point, it has been that we have to do a thorough job in quantifying, rather than just speculating, about the risk posed by illicit activities; and that we have to make measurable progress in managing both our actual and perceived risks.