Bahamas

New Documents

Bahamian Deputy Prime Minister Supports Amendments to Register of Beneficial Ownership Act

The Bahamas’ Deputy Prime Minister and Minister of Finance Peter Turnquest spoke during the debate on the Amendment to the Register of Beneficial Ownership Act in the House Assembly on Sep. 23, 2020.

October 15, 2020

Bahamas Attorney General Outlines AML/CTF Reforms

The Bahamas’ Office of the Attorney General and Ministry of Legal Affairs released an update on the jurisdiction’s nationally identified risk framework and efforts to combat financial crime.

October 15, 2020

Bahamas Central Bank Hosts Global AML Research Conference

September 17, 2020

Bahamas Central Bank Publishes Research Brief on Ties Between Illicit Finance, Shell Companies

September 17, 2020

Bahamas FIU Amends DRC Sanctions List

September 17, 2020

News

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

Hong Kong bans broker-dealer’s compliance executive, promoters of ‘AML’ cryptocurrency hit with federal charges, and more, in the weekly roundup.

June 26, 2020

Weekly Roundup: Belgium Probes KBC For AML Lapses, Swiss Freeze Nirav Modi Accounts, and More

Israel asks UBP, Julius Baer to verify clients’ tax compliance, Malta plans anti-financial crime bureau, and more, in this week’s roundup.

June 28, 2019

Caribbean Banks Found Workarounds After Losing Correspondent Accounts

August 7, 2018

Weekly Roundup: US Prosecutors Defend Settlement, Australian Bank Accused of New Breaches, and More

December 15, 2017

Weekly Roundup: France Investigates Danske Bank, Hackers Arrested in Taiwan Bank Heist, and More

October 13, 2017

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. 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