As the government prepares for an evaluation from the Caribbean Financial Action Task Force (CFATF) next year, the public sector is working closely with the private sector to strengthen The Bahamas’ anti-money laundering (AML) regime–identifying and resolving any vulnerabilities.

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The importance of compliance cannot be overstated as the global financial services industry moves into an era of increased regulation and heightened security tensions. This was the message from the Bahamas Association of Compliance Officers (BACO) as it held its annual Money Laundering Reporting Officers Day (MLRO) at the British Colonial Hilton, Nassau yesterday.

Left: Stephen Thompson. (Photo Harry Cutting/©Dupuch)

Speakers at the event included national anti-money laundering (AML) & risk coordinator Stephen Thompson, who is guiding the government’s strategy on AML and spearheading the efforts towards drawing up a National Risk Assessment.

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Next week will see the 12 heads of diplomatic missions overseas coming to Nassau for Diplomat Week as Parliament debates a new Foreign Affairs Act to establish a formal foreign service. Watch a ZNS Network news report here.
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Bahamas governor general Dame Marguerite Pindling paid a courtesy call on Queen Elizabeth II at Buckingham Palace yesterday. The meeting was part of a state visit by the Governor General to London to attend an investiture.

Pictured: Bahamas governor general Dame Marguerite Pindling (left) meets Queen Elizabeth II at Buckingham Palace October 14, 2014 (Photo courtesy BIS)

The Sandals Emerald Bay resort in Exuma is expanding the number of its local employees on expectations of a busy winter season.
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Pictured: Grand Bahama Minister, Dr Michael Darville (left) and Minister of State for Investments, Khaalis Rolle at the Geneva WIF conference October 14. (Photo courtesy BIS)

Members of the Bahamas Investment Authority (BIA), Ministry of Grand Bahama and Ministry of Investment are in Geneva, Switzerland, this week attending the World Investment Forum (WIF).

Under the theme Investing in Sustainable Development, the forum runs October 13-16, 2014 at the Palais des Nations.

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Evaluators from the Mechanism for the Implementation of the Inter-American Convention Against Corruption (MESICIC) met at the British Colonial Hilton in Nassau, September 22.

Pictured: The chair of the Securities Commission of The Bahamas, Tonya Bastian Galanis (right), signs the Memorandum of Understanding October 1, 2014. Gérard Rameix (left), chair of the AMF, signed on behalf of the French regulator. The signing took place during the International Organization of Securities Commissions (IOSCO) Annual Conference in Rio de Janeiro, Brazil. (Photo courtesy SCB)

The Securities Commission of The Bahamas recently signed a Memorandum of Understanding (MoU) under the Alternative Investment Fund Managers Directive (AIFMD) with French securities regulator the Autorité des Marchés Financiers (AMF).

The latest AIFMD MoU was signed by the commission’s chair, Tonya Bastian Galanis, and the chair of the AMF, Gérard Rameix, October 1, 2014, during the 39th Annual Conference of the International Organization of Securities Commissions (IOSCO) in Rio de Janeiro, Brazil.

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A team from The Bahamas is set to speak at the Private Wealth Latin America & The Caribbean Forum October 23-24 at the InterContinental Hotel in Miami, Florida.

The team from The Bahamas will present early on the opening day as part of BFSB’s sponsorship of the event.

Bahamas Financial Services Board chief executive officer Aliya Allen, Minister of Financial Services Ryan Pinder, and Michelle Neville-Clarke of Lennox Paton will provide an update on the wealth and asset management services and products in The Bahamas, including the new Investment Condominium launched in August.

Allen says: “BFSB has chosen to partner with Latin Markets in Miami, as well as in the region, because its platform provides a comprehensive and fascinating perspective of the opportunities in this diverse and booming region.”

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The third Pure Silk Bahamas LPGA Classic women’s golf tournament is scheduled to be held February 2-8, 2015, on Paradise Island.
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