Bahamas

New Documents

The Bahamian Finance Minister introduced the Financial and Corporate Service Providers Bill, 2020, which modernizes and repeals the Financial and Corporate Service Providers Act, 2000, and defines certain financial schemes as illegal.

The Bahamas’ Ministry of Finance announced its plans to enforce a standardized revenue collection framework with respect to foreign entities that provide digital services and are consumed in the jurisdiction.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department identifies the Commonwealth of the Bahamas as a major money laundering jurisdiction. The country is an important regional and offshore financial center, and serves as a transit point for illegal drugs bound for the United States and other international markets. Money may be laundered through purchase of real estate and precious metals and stones. In addition, laundering is commonly conducted through financial services companies, real estate, casino gambling, and online gaming. Proceeds from facilitating drug transit, particularly bulk cash payments to local individuals and criminal gangs, are a top money laundering concern. International and domestic banks and trust companies in the Bahamas face high exposure to money laundering risks in light of their high volume of transactions and handling of significant wealth. They are also vulnerable given their use of wire transfers and because they provide banking services through channels that vary in anonymity and complexity.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 10 Substantial : 0
Partially Compliant : 21 Moderate : 5
Non-Compliant : 1 Low : 6

A "graylisted" country as of Oct. 19, 2018.

BASEL i

Rank : 25/141
Score : 6.43/10

TRANSPARENCY INTERNATIONAL i

Rank : 29/180
Score : 64/100

Tax Justice Network i

Rank : 22/133
Score : 75/100