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Financial Crimes Surge in The Bahamas: Forgery Cases Triple

· 2 min read
Javier Morales
Fraud Risk Analyst

The Royal Bahamas Police Force (RBPF) reported a significant surge in financial crimes in 2023, marking a new five-year high. Let's take a closer look at the data and the most notable increases.

Key Findings​

  • Total financial crime incidents rose by 54% YoY, from 546 in 2022 to 830 last year.
  • Forgery and possession of forged documents experienced the most substantial increases.
  • The possession of forged banknotes and proceeds from crime were the only financial crime categories to witness a decrease.

A Dramatic Increase in Forgery Cases​

The most surprising jump was seen in forgery and possession of forged documents.

  • Reports of forgery increased by 100% YoY, with 15 incidents in 2022 compared to 30 in 2023.
  • Forged document possession rose by 144%, from 18 incidents to 44 reported cases in the same period.

(Source: The Tribune)

The RBPF did not offer any explanations for the dramatic increase in forgery cases.

Common Financial Crimes on the Rise​

  • Fraud by false pretenses: A notable 97% increase YoY, with 401 reported cases in 2023 – up from 204 cases in 2022.
  • Stealing by reason of employment: A 55% year-over-year rise, with 87 reported cases in 2023, up from 56 in the prior year.
  • Stealing by way of service: A 34% increase from 130 reported incidents to 174 in 2023.

While forgery cases showed the most significant spikes, other common financial crimes also saw substantial increases.

Keep checking back for updates on the investigation into these financial crimes and what actions are being taken to address the situation.