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.