Bahamas

New Documents

Bahamas Securities Commission Assumes Control of FTX Assets

The Securities Commission of the Bahamas announced that it exercised its regulatory powers on Nov. 12, 2022, to direct the transfer of all digital assets of FTX Digital Markets Ltd. to a wallet that it controls for safekeeping.

November 18, 2022

Registrar General of the Bahamas Notifies Regulated Entities of UNSC South Sudan Sanctions

The Bahamas’ Registrar General issued a notice to regulated entities concerning the latest sanctions resolution adopted by the United Nations Security Council.   

August 2, 2022

Bahamas AG Highlights UNSC Sanction Updates

August 2, 2022

Registrar General of Bahamas Updates North Korea Sanctions Entry

August 2, 2022

Bahamas Registrar Notifies Regulated Entities of Renewed Congo Sanctions

August 2, 2022

News

Midweek Roundup: Research Group Linked to Kyiv Missile Attack Used ‘Visa Payment System,’ FinCEN Targets Elder Financial Exploitation, and More

U.K judge dismisses JP Morgan Chase lawsuit, Star Entertainment Group triggers second AML investigation, and more, in the midweek roundup.

June 15, 2022

Weekly Roundup: US Officials Mull AML Rules for Investment Advisers, Cryptocurrency Remains Top US Enforcement Priority, and More

Puerto Rican bank settles OFAC violations, FDIC tags North Carolina-based savings bank, and more, in the weekly roundup.

May 27, 2022

Weekly Roundup: FinCEN Targets GTO Breaches, Democrats Want AML Rules for Investment Advisers, and More

April 1, 2022

Legal Brief: Catching up with Caribbean Beneficial Ownership Initiatives

March 30, 2022

Weekly Roundup: Wirecard Files for Bankruptcy, Switzerland Investigates Banks’ Latin American Operations, and More

June 26, 2020

Enforcement Actions

0 Items Found

Key Documents

Bahamas Issues AML Legislation

March 12, 1996

Bahamas Updates Proceeds of Crime Act

January 2, 2007

Bahamas Amends Anti-Terrorism Act

July 16, 2008

Bahamas Publishes Updated Financial Transactions Reporting Act

December 24, 2008

Bahamas Revises Its AML/CFT Guidelines

March 7, 2011

Bahamas Issues Guidelines on Fitness, Propriety of MLRO

November 1, 2010

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. Despite major legal and regulatory progress to date, in 2020, the number of money laundering prosecutions and convictions dropped by 12 percent, on top of a 67 percent drop in 2019.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013

Technical Effectiveness
Compliant : 18 High : 0
Largely Compliant : 20 Substantial : 0
Partially Compliant : 2 Moderate : 5
Non-Compliant : 0 Low : 6

The Bahamas' technical compliance was re-rated in a Dec. 22, 2021 follow-up report.

BASEL i

Rank : 91/110
Score : 6.46/10

TRANSPARENCY INTERNATIONAL i

Rank : 30/180
Score : 63/100

Tax Justice Network i

Rank : 22/133
Score : 75/100