Last month The Bahamas hosted the first [Caribbean Financial Action Task Force](https://www.cfatf-gafic.org/) Regional AML/CFT Conference, with Prime Minister Perry G. Christie asserting that the outcome would have significant bearing on the sustainability of the international financial services sector as an important contributor to the revenue base of Caribbean Basin economies and the long term peace, security and economic prosperity of the Caribbean Basin Region as a whole. Special focus of the regional event was the 4th Round of FATF Mutual Evaluations, and The Bahamas endorsed the call by the Chair of the CFATF for every member to emerge at least 75% compliant from the pending Round. The CFATF issued a [Nassau Re-Affirmation on Anti-Money Laundering, Combating the Financing of Terrorism and Proliferation Financing](https://www.cfatf-gafic.org/index.php?option=com_content&view=article&id=1657%3Acfatf-prepares-for-the-foruth-round-of-asessments&Itemid=664&lang=en).
Senator the Hon. Allyson Maynard-Gibson, Bahamas Attorney General and Minister of Legal Affairs, is the current chair of CFAFT, and under her leadership the organization has embarked on an [11-point plan](https://www.cfatf-gafic.org/index.php?option=com_content&view=article&id=1637%3Achairmans-work-programme-2013-2014&catid=81%3Acfatf-news&Itemid=664&lang=en) which aims to establish a strong culture of compliance with FATF AML/CFT standards to ensure financial strength and stability in the region and the world.
Also speaking at the AML/CFT Conference was FATF President Vladimir Nechaev. In a frank [discussion](http://www.fatf-gafi.org/topics/fatfgeneral/documents/speech-nechaev-cfatf-april2014.html), President Nechaev said the introduction of a risk based approach is probably the most important change to the revised FATF Recommendations. Effectively, each country must understand the risks that it is facing and each is required to implement the FATF Recommendations on the basis of its understanding of the risks, and to apply national resources accordingly. He also pointed out that while the FATF is shifting its focus to include an assessment of effectiveness, technical compliance will still be assessed and rated.
In 2013, the Government appointed a National Anti-Money Laundering Coordinator to address specific requirements of FATF Recommendation 1 which requires The Bahamas to identify, assess and understand the money laundering and terrorist financing risks in the country and to develop mechanisms to effectively mitigate such risks. The role of the AML Coordinator also addresses Recommendation 2 which stipulates that the jurisdiction’s AML/CFT policies and programmes should be properly coordinated and regularly reviewed.
Previous mutual evaluations (over 170 countries) between 2004 and 2010 have been conducted by the FATF, CFATF, other FATF-Style Regional Bodies (FSRBs), IMF or the World Bank, all using the same Methodology for assessing the compliance with the FATF Recommendations. The Bahamas’ next Evaluation is scheduled for November, 2015.