International Initiatives result in Strengthened Anti-Money Laundering in the Caribbean

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Wednesday, May 1, 2002
Bruce Zagaris
In the many of the Caribbean jurisdictions international initiatives have resulted in strengthening of domestic anti-money laundering and financial supervisory mechanisms. In the Bahamas a Compliance Commission has been established as the anti-money laundering supervisory body for the non-traditional group of financial institutions. They include persons who “provide financial services that are susceptible to abuse by criminal elements seeking to launder proceeds of criminal conduct.” The use of non-traditional financial services to launder criminal proceeds has increased in recent years as countries have required traditional financial institutions, such as banks and trust companies, tightened anti-money laundering laws. Caribbean countries are making significant amendments to their anti-money laundering regimes. For instance, the Bahamas Compliance Commission on Non-Traditional Financial Persons is a mechanism most OECD and FATF countries lack.. International organizations, such as the GPML, have helped in some cases. The GPML contributes significantly in number of areas globally and especially in the Caribbean in providing legal, institutional and training support on anti-money laundering.