Financial Crime World

Title: Bahamas Sees 54% Surge in Financial Crimes in 2023: RBPF Report

Anne Baker, Tribune Business Reporter

Financial Crimes Reach a Five-Year High

The Royal Bahamas Police Force (RBPF) reported a 54% increase in financial crimes in 2023, with a total of 830 incidents. This figure surpasses the previous five-year high of 800 incidents in 2019.

Shocking Increase in Forgery Cases

The RBPF data revealed that crimes related to forgery and forged documents nearly doubled from the prior year. In 2022, there were 15 reported cases of forgery and 18 instances of forged document possession. However, in 2023, these figures marked a significant increase, with a total of 30 forgery incidents and 44 forged document possessions.

No explanation for the spike in financial crimes was provided in the police press release.

Types of Financial Crimes

Most Common: Fraud by False Pretenses

The most frequent financial crime reported was fraud by false pretenses, which accounted for almost half of all financial crimes (401 incidents, a 97% increase from 2022).

The number of reported stealing by reason of employment rose by 55%, from 56 to 87 cases, while stealing by way of service experienced a 34% increase from 130 to 174 cases.

Cybercrimes

In the digital realm, the RBPF reported a 7% decrease in cybercrimes, with 98 identified cases in 2023 compared to 105 cases in 2022. These crimes include offenses such as libel, hacking, extortion, computer misuse, and threats.

Shopbreakings Decrease

The overall number of shopbreakings in 2023 decreased by 28% compared to the prior year, with 375 reported incidents. The majority of these incidents occurred on New Providence and involved the North-Eastern Division, accounting for 15% of all shopbreakings.

In Grand Bahama, Abaco, and Bimini, 62 or 17% of the shopbreakings occurred, primarily in the Central and Abaco divisions. The Family Islands reported 74 or 20% of the cases, with most incidents occurring in Eleuthera, Exuma, and Andros.

Surprisingly, more shopbreakings occurred on Saturdays than on any other day.

Forgery in 2022

  • 15 reported cases
  • 18 instances

Forged Document Possession in 2022

  • 18 cases

Forgery in 2023

  • 30 incidents

Forged Document Possession in 2023

  • 44 cases

Fraud by False Pretenses

  • 401 incidents, a 97% increase

Workplace Theft

Cybercrimes

  • 98 identified cases in 2023

Libel

  • Included in the 98 identified cybercrimes

Hacking

  • Included in the 98 identified cybercrimes

Extortion

  • Included in the 98 identified cybercrimes

Computer Misuse

  • Included in the 98 identified cybercrimes

Threats

  • Included in the 98 identified cybercrimes

Shopbreakings

  • 375 incidents (28% decrease)

North-Eastern Division (New Providence)

  • 56 shopbreakings (15% of all reported shopbreakings)

Grand Bahama, Abaco, and Bimini

  • 62 cases (59 shopbreakings) (17% of all reported shopbreakings)

Family Islands

  • 74 cases (20% of all reported shopbreakings)

By Day (Most shopbreakings occurred on)

  • Saturdays