The Bahamas is no longer subject to the FATF’s increased monitoring process. The Bahamas will continue to work with CFATF to improve further its AML/CFT regime.
FATF updated the May 2020 Covid-19 related Money Laundering and Terrorist Financing Risks and Policy Responses.
This report aims to help public and private sector with the challenges of detecting trade-based money laundering and explains the ways in which criminals exploit trade transactions to move money, rather than goods.
The FATF concluded the four-day annual Joint Experts’ Meeting, attended by approximately 400 experts from both public and private sector around the world. Participants exchanged views about challenges and good practices in the fight against money laundering and terrorist financing.
The COVID-19 pandemic has led to unprecedented global challenges, human suffering and economic disruption. Criminals have been quick to seek ways to exploit this crisis. Despite the exceptional circumstances, the FATF has continued advancing its important work. It has highlighted COVID-19 related threats and vulnerabilities as well as policy responses to address them.
FATF has issued global, binding standards to prevent the misuse of virtual assets for money laundering and terrorist financing. The standards ensure that virtual assets are treated fairly, applying the same safeguards as the financial sector.
The FATF has identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation: high-risk jurisdictions subject to a call for action and jurisdictions under increased monitoring.
Combatting terrorist financing is top priority for the FATF, and a key part of the FATF’s objectives in strengthening financial sector integrity and contributing to safety and security. FATF's focus on terrorist financing
The FATF Recommendations, the international anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT) standards, and the FATF Methodology to assess the effectiveness of AML/CFT systems.
