Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the government has enacted a significant number of new pieces of legislation, or amended existing legislation, to ensure The Bahamas remains globally competitive in the financial sector.

“In some instances, these have totally transformed the way business is transacted in this country,” DPM Turnquest noted during the Financial Intelligence Unit’s (FIU) Public-Public Partners Forum held in the training room of Poinciana House, Wednesday, August 28, 2019.

“As you are no doubt aware, the Financial Action Task Force (FATF) has been one of the major drivers of change towards the adoption of more stringent rules and compliance standards.”

He further explained, “In 1989 they became one of the primary international bodies exercising oversight of the global financial sector, with a primary objective to lead anti‑money laundering efforts, along with countering the financing of terrorism, and countering the financing of the proliferation of weapons of mass destruction.”

The DPM said The Bahamas’ financial sector is not only being assessed by the FATF, but the FATF’s standards are being used by other agencies, such as the European Union, the International Monetary Fund (IMF), the World Bank, the United Nations, and others, who all assess the country’s performance as a key player in the global financial system.

He said the FATF Mutual Evaluation of The Bahamas was conducted in late November and early December 2015 and the report itself, the Mutual Evaluation Report (M.E.R.), was released in July 2017.

DPM Turnquest explained that the M.E.R. involved a comprehensive review of financial industry. “We were assessed based on our compliance with the 40 FATF recommendations, and our effectiveness with implementing these recommendations as mandated by the six immediate outcomes.”

He added, “Since the release of the M.E.R, and our being placed in the ICRG process, The Bahamas has successfully had our compliance rating upgraded for a number of the recommendations and immediate outcomes. But there is still more work to be done.

“We are optimistic that in the short order we will meet the requirements of those few remaining areas where we did not achieve the requisite standards. Our aim is to, at the earliest opportunity, be released from the ICRG process.”

The DPM noted that The Bahamas has made significant strides in improving its legislation and systems, particularly in the last three years, but it appears that as soon as the country gets closer to meeting the standards, the requirements change.

He said the perception is that the goal posts are often moving. “However, The Bahamas is staying engaged at a high level with our international partners to keep pace with the changes and to shape the future direction that we collectively move towards.”

DPM Turnquest explained that overall, the Bahamas Government supports the adherence to global standards that are applicable to all financial sectors around the world.

He said the entire global system is better protected and safeguarded when everyone maintains a firm commitment to high Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.

“Our local stakeholders can feel confident that the Government will remain relentless in our commitment to protect the interests of the local financial services sector and the broader Bahamian economy.

The DPM added, “A critical part of our work, therefore, is to meet and exceed the expectations of FATF and other international organisations, and become a pace‑setter in how the industry is monitored, regulated and policed.”

He explained to the participants that their forum is aimed at bringing greater awareness of the need for mutual cooperation between the industry regulators, law enforcement agencies and other government agencies which play a critical role in the overall AML/CFT fight.

“It is imperative that we all, as heads of the various agencies, work collaboratively to achieve the country’s objectives.”

DPM Turnquest stated, “We must remember that while each of us has a statutory role to play, and the information that we gather is to achieve that objective, this information can also protect the integrity of the financial system and ultimately the people of The Bahamas.”

Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brought remarks at the Financial Intelligence Unit’s (FIU) Public-Public Partners Forum held in the training room of Poinciana House, Wednesday, August 28, 2019.

(BIS Photos/Derek Smith)

Prime Minister the Most Hon. Dr. Hubert Minnis and members of his Cabinet today met with members of the National Disaster Consultative Committee, which makes up the National Emergency Management Agency, NEMA, to map out plans to steer the country through Hurricane Dorian.

Also present at Cabinet Office were Secretary to the Cabinet Camille Johnson, Minister of Foreign Affairs the Hon. Darren Henfield, Minister of Social Services and Urban Development the Hon. Frankie Campbell, Director of NEMA Captain Stephen Russell, technical officers from the Ministry of Works, the Public Hospitals Authority, representatives of Bahamasair, and private airlines, other representatives from relevant agencies.

The Minister of State for Grand Bahama, Senator the Hon. Kwasi Thompson along with members of the Grand Bahama Disaster Preparedness Committee, (NEMA) participated in the meeting via videoconference, as East Grand Bahama is expected to be impacted during the passage of the storm.

On the projected path, Hurricane Dorian, which is expected to reach Category 4 with winds ranging from131 to 155 mph come September 1 -- North and Central Abaco, and East Grand Bahama are expected to receive the greatest impact. Acting Director of Meteorology Jeffrey Simmons gave an update on the projected path of the storm.

During a NEMA Press Conference on Friday, August 30 at 12 noon, the Prime Minister will address the nation in an appeal for residents to take all necessary precautions to protect themselves and properties.

Mr. Kahlil Parker, president (centre right), and members of the Bahamas Bar Association paid a courtesy call on Minister of Financial Services, Trade & Industry and Immigration the Hon. Elsworth Johnson at the Ministry's offices, August 28, 2019.  

The Ministry's Permanent Secretary, David Davis is at left, Hon. Elsworth Johnson (centre) 

(BIS Photo/Raymond A. Bethel, Sr.)

Issued at 1500 UTC FRI AUG 30 2019

ZCZC MIATCMAT5 ALL
TTAA00 KNHC DDHHMM

HURRICANE DORIAN FORECAST/ADVISORY NUMBER 25
NWS NATIONAL HURRICANE CENTER MIAMI FL

AL052019
1500 UTC FRI AUG 30 2019

CHANGES IN WATCHES AND WARNINGS WITH THIS ADVISORY...

NONE.

SUMMARY OF WATCHES AND WARNINGS IN EFFECT...

A HURRICANE WATCH IS IN EFFECT FOR...
* NORTHWESTERN BAHAMAS

A HURRICANE WATCH MEANS THAT HURRICANE CONDITIONS ARE POSSIBLE
WITHIN THE WATCH AREA. A WATCH IS TYPICALLY ISSUED 48 HOURS BEFORE
THE ANTICIPATED FIRST OCCURRENCE OF TROPICAL-STORM-FORCE
WINDS...CONDITIONS THAT MAKE OUTSIDE PREPARATIONS DIFFICULT OR
DANGEROUS.

INTERESTS IN SOUTHERN AND CENTRAL FLORIDA SHOULD MONITOR THE
PROGRESS OF DORIAN.

HURRICANE CENTER LOCATED NEAR 24.5N 69.8W AT 30/1500Z
POSITION ACCURATE WITHIN 20 NM

PRESENT MOVEMENT TOWARD THE NORTHWEST OR 310 DEGREES AT

9 KT

ESTIMATED MINIMUM CENTRAL PRESSURE 972 MB
MAX SUSTAINED WINDS 95 KT WITH GUSTS TO 115 KT.
64 KT....... 20NE 15SE 10SW 15NW.
50 KT....... 40NE 30SE 20SW 20NW.
34 KT....... 90NE 70SE 40SW 70NW.
12 FT SEAS..105NE 90SE 60SW 105NW.
WINDS AND SEAS VARY GREATLY IN EACH QUADRANT. RADII IN NAUTICAL
MILES ARE THE LARGEST RADII EXPECTED ANYWHERE IN THAT QUADRANT.

REPEAT...CENTER LOCATED NEAR 24.5N 69.8W AT 30/1500Z
AT 30/1200Z CENTER WAS LOCATED NEAR 24.2N 69.4W

FORECAST VALID 31/0000Z 25.3N 71.0W
MAX WIND 105 KT...GUSTS 130 KT.
64 KT... 20NE 15SE 10SW 15NW.
50 KT... 40NE 30SE 20SW 20NW.
34 KT... 90NE 70SE 60SW 70NW.

FORECAST VALID 31/1200Z 25.9N 72.7W
MAX WIND 110 KT...GUSTS 135 KT.
64 KT... 20NE 20SE 10SW 15NW.
50 KT... 40NE 30SE 20SW 30NW.
34 KT... 90NE 70SE 60SW 70NW.

FORECAST VALID 01/0000Z 26.3N 74.5W
MAX WIND 115 KT...GUSTS 140 KT.
64 KT... 25NE 20SE 10SW 20NW.
50 KT... 40NE 30SE 20SW 30NW.
34 KT... 90NE 70SE 60SW 70NW.

FORECAST VALID 01/1200Z 26.6N 76.1W
MAX WIND 115 KT...GUSTS 140 KT.
64 KT... 30NE 20SE 20SW 30NW.
50 KT... 50NE 50SE 40SW 40NW.
34 KT...100NE 80SE 70SW 90NW.

FORECAST VALID 02/1200Z 26.8N 78.6W
MAX WIND 120 KT...GUSTS 145 KT.
50 KT... 50NE 50SE 40SW 40NW.
34 KT...100NE 90SE 70SW 90NW.

EXTENDED OUTLOOK. NOTE...ERRORS FOR TRACK HAVE AVERAGED NEAR 150 NM
ON DAY 4 AND 175 NM ON DAY 5...AND FOR INTENSITY NEAR 15 KT EACH DAY

OUTLOOK VALID 03/1200Z 27.0N 80.4W...INLAND
MAX WIND 110 KT...GUSTS 135 KT.

OUTLOOK VALID 04/1200Z 29.0N 81.5W...INLAND
MAX WIND 65 KT...GUSTS 80 KT.

REQUEST FOR 3 HOURLY SHIP REPORTS WITHIN 300 MILES OF 24.5N 69.8W

INTERMEDIATE PUBLIC ADVISORY...WTNT35 KNHC/MIATCPAT5...AT 30/1800Z

NEXT ADVISORY AT 30/2100Z

$$
FORECASTER AVILA

NNNN