The Bahamas; Assessment of the Supervision and Regulation of the Financial Sectorâ€”Review of Financial Sector Regulation and Supervision

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.

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Year of publication:	2004-10-06
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Bank supervision \| Financial sector \| regulations \| regulation \| standards \| money laundering \| regulatory authorities \| customer identification \| securities regulation \| international cooperation \| law enforcement \| beneficial owners \| judicial authorities \| financial intelligence unit \| cash transaction \| suspicious transactions \| competent authorities \| financial sector regulation \| internal controls \| foreign banks \| banking supervision \| risk management \| due diligence \| legal assistance \| collective investment schemes \| dual criminality \| regulatory authority \| wire transfer \| supervisory arrangements \| kyc standards \| customer acceptance \| securities industry \| prudentially regulated sectors \| standards and codes \| criminal law enforcement \| criminal justice \| foreign jurisdiction \| administrative investigations \| prudential supervision \| money laundering issues \| legal impediments \| criminal law \| international standards \| material change \| suspicious transaction \| enforcement powers \| market integrity \| terrorist acts \| anonymous accounts \| share information \| drug trafficking \| combat money laundering \| international conventions \| integrity standards \| supervisory authorities \| criminal liability \| terrorist organizations \| foreign branches \| good faith \| suspicious transaction report \| customer acceptance policies \| terrorist financing \| domestic legislation \| foreign regulators \| criminal justice measures \| banking supervision framework \| exchange information \| terrorism financing \| beneficial ownership \| compliance officer \| assessing compliance \| market intermediary \| supervisory responsibilities \| counter money laundering \| business relations \| alternative remittance \| shell ? banks \| financial soundness \| market intermediaries \| supervisory regimes \| criminal sanctions \| market manipulation \| criminal proceeds \| internal control systems \| licensing process \| offshore banks \| combating money laundering \| regulatory environment \| suspicious transaction reports \| supervisory agencies \| account opening \| risk customers \| criminal offence \| combating money \| domestic counterparts \| transaction reports \| criminal matters \| supervisory standards \| banking supervisors \| activity monitoring \| factual circumstances \| terrorist assets \| foreign regulatory \| customer identification requirements \| organized crime \| international standard \| civil liability \| internationally agreed standards \| terrorism standards \| criminal laws \| financial standards \| internationally accepted standards \| account number \| payment chain

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 04/318 5 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005591301