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Preventing Money Laundering and Countering Financing of Terrorism in The Bahamas

The Central Bank of The Bahamas has issued guidelines for financial institutions (SFI) to prevent money laundering, counter the financing of terrorism, and proliferation financing. These guidelines outline key obligations for SFIs to comply with.

Key Obligations for Financial Institutions (SFIs)

• Suspicious Transaction Reporting: SFIs must report suspicious transactions to the Financial Intelligence Unit (FIU), including those related to:
  • Terrorism
  • Terrorist acts
  • Terrorist organizations

Designated Entities and Proliferation Financing

• Designated Entities: SFIs must freeze funds held in the name of designated entities by the United Nations Security Council and inform the Attorney-General and FIU within a specified timeframe.
• Proliferation Financing: The Act criminalizes proliferation financing, which occurs when any person provides or makes available funds for the manufacturing, development, production, distribution, or supply of:
  • Nuclear weapons
  • Chemical weapons
  • Biological weapons

Implementation of UNSCRs and Listed Entities

• Implementation of UNSCRs: SFIs must follow procedures outlined in Part IV of the Anti-Terrorism Act (ATA) to implement United Nations Security Council Resolutions (UNSCRs).
• Listed Entities: The Attorney-General may apply for an order declaring an individual or entity a “listed entity,” which triggers obligations such as:
  • Freezing property
  • Restricting access to funds

Purpose of the Guidelines

These guidelines aim to prevent the financing of terrorism, proliferation of weapons of mass destruction, and money laundering in The Bahamas. By outlining key obligations for SFIs, these guidelines provide a framework for preventing illicit financial activities and promoting a safe and secure financial environment.