can demonstrate world - class surveillance of legal persons ; and the mtb sector needs to improve its controls, and this work is in progress. current supervisory focus in the central bank ’ s supervisory arrangements, the word “ requirement ” has special meaning, referring to a deficiency which the central bank is prepared to deploy statutory force if needed to correct. the ebb and flow of requirements, and particularly the quick and comprehensive clearance of outstanding requirements, is an essential element in effective supervision. the bank has formally measured progress on requirements since the end of 2017. table 4 : supervisory aml requirements by sector december 2017 march 2018 sept 2018 march 2019 domestic banks domestic other international home international host source : central bank of the bahamas unsurprisingly, the volume of new requirements over this period has increased, as the central bank has intensified its aml supervision. gratifyingly, the industry has, in general, lifted its focus on these issues, and is clearing requirements, more or less, as fast as we are identifying them. this pattern, plus other information, suggests that central bank regulated entities are in reasonable shape for aml / cft risks, but with material areas where they could get better, and they are in fact getting better. on the other hand, in the domestic sector, there is a disproportionate concentration of requirements among the nonbank sector, comprising credit unions and mtbs. over the past 18 months, the central bank has concentrated heavily on lifting the aml performance of banks and trusts companies, which account for over 99 per cent of the relevant industry assets. from late 2019, we will deploy more supervisory attention on the smaller domestic licensees. in the international sector, the central bank has identified relatively more requirements among home - supervised rather than host - supervised institutions. this is, to some extent, an artefact of our 2018 and 2019 onsite examination schedule, which has focused more on bahamian - owned vs. foreign - owned banks and trust companies. in summary, the central bank is working with generally cooperative and competent sfis to rapidly improve the quality of bahamian aml / cft risk management from acceptable to good. the national aml / cft risk management reality from the central bank ’ s perspective, the reality of bahamian aml / cft risk management is as follows : - we have, as a nation, made tremendous progress on world class legislation and regulation, but much of this needs bedding down through experience ;

$ 111. 0 million in abaco ). this is a debt management strategy collectively agreed between the central bank and the ministry of finance, in order to offset any balance of payment strain from import financing around rebuilding activities. the ability to see some return to activity in grand bahama in 2020, favors the onset of the recovery of tourism earnings. having the abaco tourism plant substantially back in production by 2021 would help to normalize return to the still positive mediumterm outlook for reserves. until then, the tourism marketing strategy has to succeed in attracting some of the displaced business from the northern islands to undamaged facilities elsewhere in the bahamas. resilience post - natural disasters at this point, i would like to delve deeper into the topic of resilience. drawing on the work of the imf, the world bank and others, a framework for building resilience would consider three major elements : the physical or structural infrastructure, financial factors and the social, post - disaster resilience. i will keep the focus today on financial resilience. 6 that said, both social and infrastructural vulnerabilities still reduce to financial costs that ought to be addressed in policies that build buffers and provide ample insurance for both public sector interests and private households. financial resilience for the public sector, the world bank and imf inspired multi - layered approach to managing the fiscal and macroeconomic risks of natural disasters focus on four areas. they include : 1. fiscal buffers ( as a means of self - insurance ) 2. securing direct insurance ( through risk - pooling mechanisms ) 3. pre - arranging emergency access to credit ( for rapid response ) 4. securing access to international financial and humanitarian assistance physical resilience encompasses structural measures aimed at mitigating the impacts of natural disasters. it includes investment in infrastructure including new structures, upgrades to existing ones ; and developing and fine tuning policies related to zoning, building codes, land use, early warning systems and “ risk maps ”. the social resilience element comes into play post - disaster. it involves the response of the government, wider community and relevant organizations to the various humanitarian needs that exist following the occurrence of a natural disaster. the relevant authorities must be able to ensure minimal interruption in national security, emergency medical care services and essential utilities. additionally, the established frameworks must ensure that aid to the adversely affected population is efficiently distributed without undue delays and abuses. the bahamas has made