Box 1 provides the priority recommendations.
Governance of the FSC
The FSC should adopt a governance structure in line with best international practice. This would help it to continue to maintain its independence.
The FSC should be granted the authority to set its own fees.
Legislation should be amended to require the FSC to indemnify staff for costs that arise in defending themselves against legal action.
Legislation relating to the “Approved Persons Regime” should be introduced without delay.
Attention should continue to be given to increasing the number of supervisors and to training of supervisors to achieve a higher rate of on-site inspections in a growing sector.
Criminal laws should be consolidated, and powers presently available only in drug– related money-laundering cases should be extended to money laundering cases involving the proceeds of other crimes.
Proposed legislation on mutual legal assistance should be enacted.
Prosecutors and police should pursue cases as they arise to create a deterrent against misfeasance by professional service providers.
The FSC should update its AML Guidance Notes to reflect risks associated with terrorist financing.
Bureaux de change and money transmitters should be supervised for compliance.
The government should conduct risk assessments of designated non-financial businesses and professions not presently supervised and, as appropriate, extend authority for monitoring for compliance with AML/CFT requirements to them, as well.