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

International Monetary Fund

No 2004/318, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; beneficial owner; cash transaction; regulatory authority; due diligence; gradated customer acceptance policy; requesting authority; Central bank bills; Anti-money laundering and combating the financing of terrorism (AML/CFT); Mutual funds; Legal support in revenue administration; North America (search for similar items in EconPapers)
Pages: 52
Date: 2004-10-06
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