In the area of anti-money laundering, in January of this year, the EU Commission concluded that The Bahamas has addressed strategic initiatives to correct the previously-encountered deficiencies in its AML and combating terrorist financing regime and has decided to exclude The Bahamas from the European Union’s blacklist.

The European Union had warned several countries of their possible inclusion on the blacklist in May 2020, including The Bahamas.

The Bahamas was blacklisted by the EU in May 2020 in the midst of the COVID-19 pandemic.

“The Bahamas has taken steps towards improving its anti-money laundering/ counter terror financing regime and, in February 2020, the FATF made the initial determination that The Bahamas has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of The Bahamas’ reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future,” the European Commission said at the time.

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