What’s the point?: AG questions purpose and fairness of blacklists as EU countries get free passes

Nassau, Bahamas – Yesterday, Attorney General Ryan Pinder questioned the purpose of the European Union’s “blacklist”, saying it lacked objectivity and impartiality and had devastated the economies of the region’s smaller developing nations. suggested something.

Pinder commented at the Central Bank’s 4th AML Research Conference. Margaritaville Resort.

“What is the true cost-benefit analysis for a country like mine against an arbitrary, one-sided blacklist?” he said.

“What does it achieve? What is the usefulness of the blacklist given the tremendous economic damage it has caused.

Pinder continued: Of the 65 jurisdictions greylisted or blacklisted by the FATF between 2010 and 2020, none are included in the G7 developed countries, and only Argentina and Turkey are included in the G20. he is only two.

“The majority are from the global South, with 28 ranking in the bottom half of economic output as measured by GDP. , has devastated the economies of the smaller developing countries of the hemisphere and must prove through objective research that its global interests are in doubt.”

According to Pinder, the EU code of conduct group blacklisted 17 countries after the Paradise paper was published in 2017.

“There was not a single European country listed. They all got a free pass. Not a single country is listed.In 2022, the EU has identified jurisdictions with strategic flaws in their AML/CFT regimes that pose a significant threat to the financial system.A single EU Member State or its Why aren’t the most influential trading partners listed?

“Again, I propose a research study on these arbitrary actions and a cost-effectiveness analysis. We need to assess the damage done to our nations and the global benefits achieved.

Pinder also reaffirmed to the Financial Action Task Force (FATF) its status as the sole global money laundering and terrorist financing watchdog, and that its standards will replace “rogue organizations.” requested not to be allowed to be

“For AML/CFT/CFP purposes, the FATF is an internationally recognized body that sets standards that all countries must adhere to. , the obligations of each country are important and we hope that other countries will do what is necessary to comply at the highest possible level,” he said.

“Challenges arise when other bodies, organizations or multilateral bodies attempt to represent themselves as international standard-setting bodies by specifying standards that differ from those of accreditation bodies. We urge institutions to reassure themselves that they are the sole standard-setters and not allow potentially rogue organizations to supersede your standards,” said Pinder. .

The Attorney General said over the past seven years, the Bahamas has made significant efforts to address strategic AML/CFT/CFP deficiencies. He noted that progress has been made each year with the introduction of strengthened laws and accompanying regulations.

“These efforts and supporting evidence were evaluated by the CFATF and the FATF International Cooperation Review Group, and on December 18, 2020, the Bahamas were removed from the FATF gray list,” he said.

“This was followed by the publication of the Bahamas CFATF follow-up report on December 22, 2022, an important achievement, announcing that 40 of the 40 FATF recommendations were rated compliant or nearly compliant. The Bahamas becomes the second jurisdiction in the Caribbean and the Americas to achieve such status, and only the sixth in the FATF’s global network of 206 jurisdictions,” said Pinder. increase.

Pinder pointed out that only one European country has achieved this perfect rating under FATF standards, despite misconceptions stemming from some countries in the world, such as the Bahamas.

“Despite its notable achievements, the Bahamas attended and worked on the FATF/CFATF issue while liaising with the Executive Director of the European Union’s Financial Stability, Financial Services and Capital Markets Alliance regarding the country’s AML blacklisting. We have been working on the issue with urgency and our efforts have paid off as the country will be removed from the EU’s AML blacklist on 7 January 2022,” Pinder added. What’s the point?: AG questions purpose and fairness of blacklists as EU countries get free passes

Show More
Back to top button