Definitions List

• Author: Derence A. Rolle Davis
• Pages: 9-9

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

Bahamas.

(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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