Bahamas issued guidance related to financial crimes prevention

The Bahamas has announced two newly drafted guidance documents for financial services companies regarding prevention of financial crimes.

The first of them – “Guidance Note on Financial Crime Risk Management” – is proposed at licensees in the banking and non-banking financial sectors and is aimed to deliver instruction on financial crime-related risk management at the business and client levels.

The aforesaid document also helps in implementing of anti-money laundering measures and countering the financing of terrorism (AML/CFT) standards of the Financial Action Task Force (FATF), the global AML/CFT standard implementation. This contains instructions on implementing a risk-based approach and helping licensees in their efforts to identify and decrease the probability that they will be involved in economic crimes.

The second one – “Guidance Note on Proliferation Financing” – is proposed at supervised financial institutions and was drafted to raise level of understanding of the risks and vulnerabilities in regards to terrorism and financial crimes spreading.

In accordance with the above-mentioned guidelines financial crimes – is a regulatory, reputational or monetary act or attempt against financial services institutions, corporations, governments, or individuals by internal or external agents to steal, defraud, manipulate or circumvent established rules.

The second document also describes the governing framework in the Bahamas, combined with international standards and responsibilities that are relevant to combatting proliferation financing risks.

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