BAHAMAS URGED: ADDRESS FINANCIAL LAW WEAKNESSES

Sun, Mar 11th 2012, 11:00 PM

By NEIL HARTNELL

Tribune Business Editor

THE US government has again urged the Bahamas to strengthen its anti-terror financing laws and make membership of organised criminal gangs a criminal offence, according to a recently-released US State Department report.

The annual 2012 International Narcotics Control Strategy Report (INCSR), which details efforts by world governments to fight the illegal drug trade and associated money laundering, largely repeated prior US criticisms of the Bahamas' financial regulatory system, such as the resources provided to supervisors and the absence of a public registry detailing all beneficial owners of Bahamian-domiciled entities.

Indeed, many of the wea ...

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