The Bahamas Minister of Financial Services, Hon. Ryan L. Pinder, announced January 20, 2014, that the Ministry of Financial Services has “joined forces” with the Bahamas Association of Compliance Officers (BACO), to “promote the Bahamas’ continued role as a leading center for educational excellence through the further education of financial services professionals…” in financial crime.
Minister Pinder said the Ministry’s precedent-setting partnership with BACO, “in collaboration with the Association of Certified Financial Crime Specialists” (ACFCS), would expand financial crime training to financial institution compliance officers in the Bahamas, the world’s fourth largest offshore financial center.
Minister Pinder added, “This is only one of what will be a continued effort of the Ministry to attract organizations such as ACFCS to provide these types of curricula as we solidify our position as not only a premier financial services centre, but also as a financial services centre of educational excellence,”.
ACFCS, a global member organization based in Miami, has granted 15 scholarships to BACO members so they may earn and review the Certified Financial Crime Specialist designation and examination. Certification candidates must meet specified qualifications and pass a rigorous four-hour examination offered at 725 testing centers worldwide, including two in Nassau.
Certification candidates must pass rigorous exam
The exam covers the full financial crime spectrum, including anti-money laundering, tax evasion-FATCA, corruption, compliance, investigation, data security, ethics and international standards. Released in May 2013, the CFCS certification is held by diverse professionals in 64 countries.
Minister Pinder said these actions of the Ministry and BACO demonstrate a commitment to adhere to international regulatory requirements and achieve excellence in the financial services field.
Minister Pinder will speak at ACFCS Conference in New York on February 5-7
Minister Pinder will be a featured speaker at the ACFCS Annual Conference at the Marriott Marquis in New York on February 5-7, 2014. Several BACO officers will attend, including President Marsha Ferguson and Educational Chair LaTonia Symonette-Tinker who will also be a conference speaker, Secretary Rochelle Lunn-Cleare and Administration Chair Fareda Sands.
The full text of the January 20, 2014, press release of the Bahamas Ministry of Financial Services follows:
Ministry of Financial Services in Association with Bahamas Association of Compliance Officers (BACO) and Association of Certified Financial Crime Specialists Launch Certified Financial Crime Specialist Programme (ACFCS)
January 20, 2014
The Ministry of Financial Services has once again joined forces with the Bahamas Association of Compliance Officers (BACO) in collaboration with the Association of Certified Financial Crime Specialists represented by its President, Charles Intriago to become the first Caribbean jurisdiction grant 15 scholarships leading to the certification of 13 members of the Bahamas Association of Compliance Officers and two from the Ministry of Financial Services as Certified Financial Crime Specialists (CFCS).
The Bahamas Government is committed to working closely with the international agency in this effort to shape a sensible approach for ensuring tax compliance and addressing the ever increasing financial crimes. The government of The Bahamas is dedicated to doubling the investment in education and equipping the financial services industry with trained professionals through our commitment to human capital development.
This program is re-enforcing The Bahamas as the lead financial services center within the jurisdiction ensuring our industry leaders and professionals are exposed to international training opportunities and resources. As a responsible financial centre, we are committed to not only adhering and meeting international regulatory requirements, but also participating in their design.
The aim of this innovative program collaboration is to promote the Bahamas’ continued role as a leading centre for educational excellence through the further education of financial services professionals, particularly compliance professionals in the Bahamas with potential of achieving global reach as leaders in professional services.
These 15 certification scholarships will entitle each person that participates to the following:
- The 340-page CFCS Certification Examination Study Manual,
- Access to the online, on-demand CFCS Certification Study Course,
- A two-day lecture series administered by ACFCS program administrators
- Admission to the CFCS Certification Exam, which is administered at 700 testing centers worldwide, including two in Nassau,
- Membership in ACFCS for one year.
The CFCS certification exam covers anti-money laundering, tax evasion-FATCA, corruption, compliance, investigation, data security, ethics, and international standards. These subjects and the job tasks performed by financial crime specialists were identified by a group of top experts and probed by an ACFCS worldwide survey. The examination is international in scope and not dependent on the laws, regulations or practices of any one country.
ACFCS will also be hosting its annual conference in New York on February 5-7, 2014 which will be attended by Minister Pinder who will be a featured speaker and several members of BACO, including its President Marsha Ferguson, Educational Chair LaTonia Symonette-Tinker who is also a speaker on the FATCA panel for offshore jurisdictions, Secretary Rochelle Lunn-Cleare and Administration Chair Fareda Sands.
“These are the types of collaboration efforts the Ministry of Financial Services promotes as we continue to enhance the resources the Bahamas has to offer for the financial services sector as we maintain our position as a premier financial services jurisdiction. This is only one of what will be a continued effort of the Ministry to attract organizations such as ACFCS to provide these types of curriculums as we solidify our position as not only a premier financial services centre, but also as a financial services centre of educational excellence. ”
Minister Ryan L. Pinder, Minister
“BACO is committed to helping its compliance professionals receive and attain as the most knowledge and up-to-date information so that we are able to provide the best advice to the industry as we continue to ensure that the Bahamas remains protected by complying with the laws and regulations we must adhere to. We have partnered with ACFCS because we believe that the CFCS certification provides essential knowledge about financial crime that will assist us in combatting potential abusers of the financial services industry”
Marsha Ferguson, BACO President
“ACFCS launched the CFCS certification less than a year ago, already we are in more than 64 countries worldwide and growing. The reason the CFCS certification is so important is because it focuses on an important element in financial crime, that is “Crime”….
The scholarship recipients are scheduled to complete the program by April of this year.
For more information about the ACFCS organization and the ACFCS programme go to Web page at: https://www.acfcs.org