Bahamas Bahamas

New Documents

The Central Bank of the Bahamas published revised Fit and Proper Guidelines that describe the criteria that are assessed when an applicant is seeking approval to perform a regulated function, including serving as a compliance officer or a money laundering reporting officer.

The government of the Bahamas amended on entry in its sanctions list related to North Korea and issued an alert to legal entities and non-profit organizations about the update.

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. 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 : 16 High : 0
Largely Compliant : 24 Substantial : 0
Partially Compliant : 0 Moderate : 5
Non-Compliant : 0 Low : 6

The Bahamas' technical compliance was re-rated in a Dec. 22, 2022 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