Just as the government and the financial services sector make strides in becoming compliant with the standards of the Financial Action Task Force (FATF), those standards change, Deputy Prime Minister and Minister of Finance Peter Turnquest lamented yesterday at the Financial Intelligence Unit’s (FIU) Public-Private Partnerships forum.

Turnquest explained to the forum attendees that The Bahamas has had its compliance rating upgraded, but it has fallen down in a few areas where the country did not “achieve the requisite standards”.

But those standards, he complained, have continually been changed as the country comes into compliance.

“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 we get closer to meeting the standards, the requirements change,” Turnquest said.

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