Friday, April 16, 2004

Bhms: Bahamas signs money laundering MOU with the Aussies

The Bahamas and Australia have signed a Memorandum of Understanding under which the two countries will exchange financial intelligence to combat money laundering and terrorism financing, it was announced Thursday.

Acting Director of the Bahamas FIU Edward Smith says the agreement was necessary to allow AUSTRAC to comply fully with its responsibilities as a member of The Egmont Group, in relation to its cooperation with The Bahamas.

(The Egmont Group is comprised of 84 Financial Intelligence Units, from various countries around the world, responsible for receiving, analysing and disseminating financial information reported pursuant to their respective anti-money laundering and anti-terrorist financing regimes.)

At the time of signing, the Australian Minister of Justice and Customs, Senator Chris Ellison, said this would "further boost global cooperation in the ongoing battle against money laundering and the financing of terrorism." Minister Ellison also recognised The Bahamas as an important strategic partner for AUSTRAC, being its first link to the Caribbean region.

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