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PM outlines facts on Bahamas blacklisting
Real estate news By Caribbean Net News
Friday, February 1, 2008
Responding to Opposition claims in parliament about the blacklisting of The Bahamas in 2000 and what led to the eventual removal of The Bahamas from the Financial Action Task Force’s (FATF) monitoring list, Prime Minister and Minister of Finance Hubert Ingraham outlined the facts of the period which he said “speak for themselves.”
During debate on the government’s Bills to amend the Central Bank of The Bahamas and the Banks and Trust Companies Acts, the Opposition’s MP for Fort Charlotte said The Bahamas had been blacklisted and de-listed under the FNM, claiming that immediately following the de-listing, The Bahamas was placed on a monitoring list and was removed from the list only through the efforts of the former PLP administration.
In June 2000, The Bahamas and 14 other countries were placed on the FATF Non-Cooperative Countries and Territories (NCCT) List. In February 2001, The Bahamas, the Cayman Islands, the Cook Islands, Israel, Liechtenstein, the Marshall Islands and Panama were asked for an Implementation plan by the FATF.
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