The Bahamas: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision

October 6, 2004

Preview Citation

Format: Chicago

The Bahamas: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision, (USA: International Monetary Fund, 2004) accessed December 21, 2024

Summary

This paper reviews Financial Sector Regulation and Supervision in The Bahamas. The assessment reveals that the overall regulatory structure in The Bahamas is complex, involves an excessive number of agencies, and places a considerable pressure on limited technical and financial resources. Although the respective agencies have worked hard to develop agreements to rationalize the processes as far as possible, there is a need to introduce some specificity into the statutory authority that authorizes the cooperation. It is important that the review of the overall regulatory structure, proposed by the government, be pursued with some urgency.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Central bank bills, Central banks, Crime, Financial institutions, Financial services, Legal support in revenue administration, Mutual funds, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Beneficial owner, Cash transaction, Central bank bills, CR, Due diligence, Gradated customer acceptance policy, ISCR, Legal support in revenue administration, Mutual funds, North America, Regulatory authority, Requesting authority

Publication Details

Pages:

52
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2004/318
Stock No:

1BHSEA0012004
ISBN:

9781451804676
ISSN:

1934-7685

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