The Bahamas -once known as much as a haven for money launderers and drug dealers as a tourist destination- falls short of global anti-money laundering standards because, among other things, it doesn't require financial institutions to review the AML programs of correspondents and other third parties, a regional watchdog said. In a report issued Friday, the Caribbean Financial Action Task Force rated the money laundering and terrorist financing laws of the Bahamas, an archipelago of nearly 700 islands, reefs and cays off the coasts of Florida, as "robust and comprehensive." However the task force, modeled after the global watchdog Financial...
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