The Bahamas must undergo changes to its legal and regulatory framework, and implement additional accounting and reporting obligations in order to be removed from the European Union's (EU) list of uncooperative countries.
Those comments came from Minister of Financial Services Brent Symonette on Monday in an address to that country's parliament.
Mr Symonette added that the legislation to make those things happen will be debated by Parliament soon.
Minister Symonette reminded the House members that the government had begun working on these measures to counter any kind of blacklisting by the EU.
However, the government had not responded correctly to the EU's request for commitment to enact those changes by the end of the year and The Bahamas was thus blacklisted.