By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

THE Bahamas’ anti-money laundering and counter financial terrorism regimes were discussed during high-level talks with the US, Prime Minister Philip Davis said yesterday.

He said the topics were part of talks with US Secretary of the Treasury Scott Bessent in Washington DC.

Speaking to reporters, Mr Davis said he addressed the allegations made in the latest international narcotics control strategy (INCSR) report and reiterated the strength of the country’s compliance regime.

He said a challenge to implementing a robust intelligence regime is limited resources and US officials have agreed to partner on intelligence sharing.

“I think what is disturbing about the report is the suggestion that we don’t have the political will to process or to be more engaged in the enforcement of the anti money laundering and terrorism financing regime. But we do,” said Mr Davis.

“Part of our challenges is our limited resource to have what I call the robust intelligence regime, and we expect that we should have a shared position on intelligence sharing, which they agreed to, and I think that will help them to appreciate where we are with what they call the our engagement in the anti money laundering, and the anti terrorism financing issues.”

The report alleged that The Bahamas “lacks... political will” to combat money laundering, fraud and other forms of financial crime and also asserted, without supplying evidence or examples, that country is viewed by fraudsters and corrupt persons as a “low risk” safe haven.

Mr Davis said that he did not discuss the ten percent tariff the US imposed on the Bahamas at the meeting as it is a policy decision and they are waiting to see the impact of the imposed tariff.

He noted that as the Bahamas imports most items from the US “if there’s a trade imbalance, it’s on our side”.

“The question of the tariffs we did not discuss because that is a policy decision on the part of the of the Americans, and we are not to engage. We didn’t deem it appropriate for us to engage in that at this time, because as presently advised, we are still seeking to see what the impact of that will be,” said Mr Davis.

“Recognising that we export very little to the United States. And if there’s a trade imbalance, it’s on our side, because everything we have or consume or import is from the United States.”

He also said AUTEC, the naval installation in Andros, was discussed with US officials and he affirmed the need for the Bahamians to economically benefit from its operations.

“While we value the strategic defence relationship between our two nations, we must also ensure that Bahamians benefit meaningfully from the economic activity associated with that base,” said Mr Davis.

“Our American counterparts were open to further discussion on how to create more pathways for Bahamian contractors and workers to participate, and I will continue leading that conversation personally.”