COVID-19 Will Test The Bahamas'​ Risk Based Approach

In Financial Action Task Force (‘FATF’) President’s statement issued on April 1, 2020, President Xiangmin Liu admonished worldwide supervisors, financial intelligence units and law enforcement agencies to continue sharing information with the private sector to prioritize and address key money laundering (‘ML’) risk relating to fraud and terrorist financing (‘TF’) risk linked to COVID-19. This statement is aligned with FATF’s leadership in the AML and financial crimes space as the article further added that FATF stands ready to provide further AML/CFT guidance to support the current global efforts to tackle the COVID‑19 crisis and its effects.