Bahamas official criticises international rule-making

Although intentions are good, rules are often painful and unhelpful, Littrell says


Rules set by the eurozone, US and bodies such as the Financial Action Task Force are “unfair, colonialist and inconsiderate” to small countries, “but we must comply or starve”, said the Central Bank of Bahamas’ Charles Littrell in a speech on December 7.

Littrell, who is inspector of banks and trust companies, said the FATF measures on anti-money laundering and counter-terrorist financing standards are not effective.

“Countries with a great deal of money laundering activity, such as the US and

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