NASSAU, The Bahamas - The Government of The Bahamas, in response to requests from the financial service providers and in recognition of their commitment and efforts to date to be in full compliance with the Know Your Customer Regulations, promulgated pursuant to the Financial Transactions Reporting Act has agreed an extension to December 31, 2002 the period for identifying all accounts established prior to January 1, 2001. The government had extended the initial deadline of December 31, 2001 to June 30, 2002.
"International and domestic financial services firms have committed tremendous effort and resources to this exercise. They indicated to government that whilst they were able to substantially complete the exercise, they are unable to meet the 30 June deadline", stated Wendy Warren of BFSB. " All involved in this very important sector of our economy want to ensure that every opportunity is given for financial service providers to be in full compliance with the Regulations. It is expected that by December 31, 2002 industry should be able to complete the review of all facilities established prior to January 1, 2001".
The Bahamas introduced legislation in late 2000 that required all accounts, including accounts established prior to the introduction of the legislation, to be in full compliance with the countries modernized Know Your Customer regulations.
The Bahamas legislative and regulatory framework designed to prevent, and if necessary, detect money laundering has been recognized as being in full compliance with international standards.
"The financial service providers are pleased with Government’s decision to extend the deadline" stated Ms. Wendy Warren "They are committed to growing a blue chip financial center and look forward to continued collaboration with the Government in this regard. They support Government’s commitment to position The Bahamas as a blue chip, well regulated and cooperative international financial centre".