Definitions List

AuthorDerence A. Rolle Davis
The Law: The Social and Economic Effect on The Bahamas 2000 - 2020
4. Definitions List
(OECD) The Organisation for Economic Co-operation and Development.
According to them “International organization that works to build better policies
for better lives. Our goal is to shape policies that foster prosperity, equality,
opportunity and well-being for all. We draw on almost 60 years of experience
and insights to better prepare the world of tomorrow.”
(FATF) The Financial Action Task Force, also known by its French name, Groupe
d'action financière, is an intergovernmental organization founded in 1989 on the
initiative of the G7 to develop policies to combat money laundering. It consists of
39 member countries. In 2001 its mandate expanded to include terrorism
financing. (Wikipedia)
(EU) European Union - is a political and economic union of 28 member states
that are located primarily in Europe headquarters in Belgium. The union's
purpose is to promote peace, establish a unified economic and monetary system,
promote inclusion and combat discrimination, break down barriers to trade and
borders, encourage technological and scientific developments, and champion
environmental protection.
G7 Nations - G7 stan ds for “Group of Seven” ind ustrial ized natio ns. It used
to be known as the G8 (Group of Eight) until 201 4 when Russia was
excluded because of it s annexation of Crimea from Ukraine. The G7 wa s
created mor e than four decad es ago as an annual gatheri ng of poli tical
leaders to discuss an d excha nge ideas on a broad range of issues, in cluding
global econ omy , security and energy.
(PLP) Progressive Liberal Party - Founded in 1953, is the oldest political party in
The Bahamas.
(FNM) The Free National Movement - Founded in 1971, is a political party in the
(PM) Prime Minister – Leader of the Government in the Commonwealth of The
Bahamas. This term is usually associated with executive leader under
Westminster model.

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