Bahamas Tightens Grip on Beneficial Ownership Registries

A Step Towards Greater Transparency

In a bid to curb financial crimes and boost transparency, the Bahamian government has implemented a raft of laws aimed at strengthening beneficial ownership regulations. The Register of Beneficial Ownership Act 2018 requires all legal entities registered in The Bahamas to file information on their beneficial owners with the Registrar General’s office.

What Entities Are Affected?

• Companies
• Partnerships
• Limited liability partnerships
• Other entities incorporated or established under Bahamian law

Key Requirements

• Identify and verify beneficial owners within 15 days of becoming aware of their existence
• Provide proof of identity, residential address, country of ordinary residence or domicile, date of birth, nationality information, and other personal details
• Notify the Registrar General and provide this information if there is no registered agent

Consequences of Non-Compliance

• Fines ranging from $40,000 to $250,000
• Imprisonment terms of up to five years

How to Comply

• Download beneficial ownership information forms from the Office of the Attorney-General’s website
• Submit completed forms to a dedicated email address

A Significant Shift in Combating Financial Crime

The implementation of these regulations marks a significant shift in The Bahamas’ efforts to combat financial crime and promote transparency in the financial sector. According to E. Sallyann Lockhart-Pratt, Registrar General, “Beneficial ownership information is critical in preventing money laundering and terrorist financing.”