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Anti-Money Laundering and Countering Financial Crimes in The Bahamas: An Update

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The legislative framework for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) in The Bahamas has undergone significant enhancements since 2018. This article provides an overview of the key enactments, regulatory developments, and ongoing initiatives aimed at strengthening the country’s AML/CFT/CPF regime.

Legislative Framework

Several enactments have been passed post-2018 to enhance the AML/CFT/CPF legislative framework in The Bahamas:

Key Enactments

  • Securities Industry (Anti-Money Laundering and Countering of Terrorism) Rules, 2019: Introduced new regulations for securities industry participants.
  • Financial Corporate Services Providers (Anti-Money Laundering and Countering of Terrorism) Rules, 2019: Provided guidelines for financial corporate services providers.
  • Non-Profit Organizations Act, 2019: Established a framework for non-profit organizations to report suspicious transactions.
  • Companies (Amendment) Act, 2019: Introduced changes to the Companies Act to enhance AML/CFT provisions.

International Obligations

International Obligations (Economic & Ancillary Measures) Orders were passed to domesticate sanctions in accordance with United Nations Security Council Resolutions.

Enactments - 2020

The Bahamas enacted several laws in 2020-2021 to enhance the AML/CFT/CPF legislative framework:

Notable Enactments

  • Digital Assets and Registered Exchanges Act 2020: Regulated digital assets and registered exchanges.
  • Financial and Corporate Service Providers Act, 2020: Introduced regulations for financial and corporate service providers.
  • Insurance (Amendment) Act 2021: Enhanced AML/CFT provisions in the Insurance Act.
  • Investment Funds (Prescribed Jurisdictions) Rules 2020: Provided guidelines for investment funds.
  • Register of Beneficial Ownership (Amendment) Act 2020: Introduced changes to the Register of Beneficial Ownership.

Regulatory Framework

The Central Bank of The Bahamas and other regulatory bodies issued revised AML/CFT/CPF guidelines to licensees and registrants:

Risk Assessments

Risk assessments were conducted to ensure regulatory programs captured emerging and current risks.

Supervisory Programs

Risk-based supervisory programs were developed and implemented by the Securities Commission, Compliance Commission, Gaming Board, and Central Bank.

Ongoing Developments

Several Bills are being considered for enactment:

Notable Bills

  • Anti-Terrorism (Amendment) Bill 2021: Introduced changes to the Anti-Terrorism Act.
  • Banks and Trust Companies Regulations (Amendment) Bill 2021: Enhanced AML/CFT provisions in the Banks and Trust Companies Regulations.
  • Executive Entities (Amendment) Bill 2021: Introduced changes to the Executive Entities Act.

Please note that this article is a summary of publicly available information, and it’s always recommended to consult with relevant authorities or professionals for the most up-to-date and accurate information.