Financial Crime World

Bahamas Introduces Tougher Anti-Terrorism Laws

Combating Terrorism and its Financing in the Bahamas

Nassau, Bahamas - The Central Bank of the Bahamas has introduced new regulations aimed at combating terrorism and its financing. Effective April 6th, the revised guidelines expand the country’s legislative regime to tackle terrorist activities, weapons proliferation, and money laundering.

Definition of Terrorism

According to the new laws, terrorism is defined as any act intended to intimidate or coerce a government, international organization, or public, resulting in:

  • Death
  • Serious bodily harm
  • Damage to property
  • Disruption of essential services

The definition also includes acts that pose a risk to national security or public safety.

Financing of Terrorist Activities

The guidelines criminalize the financing of terrorist activities, including:

  • The provision of funds or financial services to individuals or entities involved in terrorism
  • The concealment, transfer, or conversion of funds for such purposes

SFIs (Special Financial Institutions) are now required to report any suspicious transactions linked to terrorism, proliferation, or money laundering.

Sanctions and Reporting Obligations

Under the new regulations, SFIs must:

  • Freeze all funds held by designated terrorist entities
  • Notify the Attorney-General and FIU (Financial Intelligence Unit)
  • Designated entities can seek court orders to release frozen funds within 14 days of notification

The guidelines also impose mandatory reporting obligations on SFIs and enhance international cooperation to combat these crimes.

Commitment to Combating Terrorism and its Financing

In a statement, the Central Bank said: “The Bahamas is committed to combating terrorism and its financing, and we will continue to work closely with international partners to ensure our financial system remains robust and secure.”

Compliance with International Standards

The revised guidelines are part of the country’s efforts to comply with international standards and obligations, including United Nations Security Council Resolutions.