The Bahamas’ first anti-money laundering and counter financing of terrorism conference (AML/CFT) conference opened in Nassau today bringing industry, government and regulators together to discuss how the country can deal with the complexities of current AML/CFT environment.

Addressing the event this morning, Minister of Finance Peter Turnquest highlighted the difficulties of the current financial landscape, saying: “We operate in an environment of constant change. To stand among the best in the financial services industry there is no room for complacency. Complacency makes you obsolete and can threaten your access to markets. As a jurisdiction, we must be highly engaged, we must be robust and we must be effective in our enforcement of standards.”

Turnquest said strategic engagement was a priority for government as it seeks to have a say in international discussions. “We must take a seat at the table when it comes to shaping international standards. There is a need for proactive engagement.”

In addition to meeting its legislative demands, the government is also working to stay ahead of financial trends such as the increasing use of technology.

“Technology has long been a feature in financial services,” said Minister of Financial Services, Trade and Industry, and Immigration Brent Symonette. “Fintech is transforming the way financial services are produced, distributed and consumed. That is a risk for regulators.”

Symonette emphasised the need to monitor developments in this evolving niche–in particular the areas of artificial intelligence and cryptocurrency. “These are new risks and challenges for regulators. We need to watch these closely. Although still in its infancy, cryptocurrency is on the rise. It is not going away so we will have to observe developments in this space.”

“The times are changing very quickly. The job of the regulators is never done.”

The Bahamas AML/CFT Risk Management Conference takes place Monday and Tuesday at the Baha Mar Conference Centre. Speakers on the agenda include Governor of The Central Bank of The Bahamas John Rolle and Attorney General Carl Bethel.