Title: Bahamian Financial Compliance Regulators: Protecting International Reputation and Preventing Illegal Activities
The Bahamas: A Robust Financial Services Sector and a Responsible International Player
The Bahamas, a popular tourist destination, is also known for its robust financial services sector. Committed to international standards and reputation, The Bahamas has taken significant steps to comply with global regulations and prevent financial crimes.
- A reputable financial center that follows international business conduct standards
- Preventing its banking system from being used for criminal activities
- Stabilizing its domestic economy
- Implementing effective countermeasures against money laundering, terrorism financing, and related activities
The Bahamas’ Role in Combating Money Laundering and Terrorism Financing
The Bahamas is a significant player in combating money laundering and terrorism financing. Its anti-money laundering (AML) and counter-terrorist financing (CTF) legislation meets global best practices and standards.
- Membership in the Caribbean Financial Action Task Force (CFATF)
- Cooperating with foreign jurisdictions through Tax Information Exchange Agreements (TIEAs)
Primary Regulatory Agencies in The Bahamas
- The Central Bank of The Bahamas
- Regulating banks and trust companies since 1965
- Maintaining a sound banking sector
- Full autonomy in issuing legal tender and regulating the banking sector
- Member of various international and regional organizations
- The Securities Commission of The Bahamas
- Established in 1995
- Regulating the securities and capital markets
- Member of the International Organization of Securities Commissions (IOSCO) and the Council of Securities Regulators (COSRA)
- The Insurance Commission of The Bahamas
- Responsible for the prudential regulation of all insurance activity
- Ensuring reputable companies and safeguarding policyholders’ interests
- Member of the International Association of Insurance Supervisors, the Group of Offshore Insurance Supervisors, and the Caribbean Association of Insurance Supervisors
The Central Bank of The Bahamas
- Regulating banks and trust companies since 1965
- Maintaining a sound banking sector
- Issue legal tender and regulate banking services
- Full autonomy in supervising the banking sector
- Member of the Offshore Group of Banking Supervisors (OGBS), the Basel Committee, and the Financial Action Task Force
The Securities Commission of The Bahamas
- Established in 1995
- Regulating the securities and capital markets
- Securities industry focus: broker-dealing, securities investment advisory services, investment fund management, and administration
- Member of the International Organization of Securities Commissions (IOSCO) and the Council of Securities Regulators (COSRA)
The Insurance Commission of The Bahamas
- Responsible for the prudential regulation of all insurance activity
- Ensuring reputable companies and safeguarding policyholders’ interests
- Member of the International Association of Insurance Supervisors, the Group of Offshore Insurance Supervisors, and the Caribbean Association of Insurance Supervisors