Bahamas

New Documents

Bahamian Government Enacts Laws to Promote Public Accountability, Transparency

The Bahamian Ministry of Finance announced the enactment of a series of bills intended to modernize the jurisdiction’s public finance and procurement operations.

September 8, 2021

Bahamian Regulator Summarizes AML/CTF Initiatives Undertaken in 2020

The Central Bank of The Bahamas released its 2020 Annual Report, containing a summary of the regulator’s operations over the year as well as regulatory developments affecting the financial sector.

July 15, 2021

Bahamian Agency Hosts First National Cybersecurity Assessment Meeting

May 10, 2021

Bahamian Ministry Highlights Dates of Entries for New Financial Laws

May 7, 2021

Bahamian Ministry Highlights Removal from List of Blacklisted Countries for Tax Matters

April 13, 2021

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. 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

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 : 30/180
Score : 63/100

Tax Justice Network i

Rank : 22/133
Score : 75/100