Financial Crimes Soar to Five-Year High in Bahamas

A recent surge in financial crimes has been reported in the Bahamas, with a total of 830 incidents recorded by the Royal Bahamas Police Force (RBPF) in 2023, representing a significant 54% increase over the previous year. This marks a five-year high for financial-related crimes, eclipsing the previous peak of 800 in 2019.

Key Statistics

• Total financial crime incidents: 830
• Year-over-year increase: 54%
• Previous peak: 800 (2019)

Notable Increases

Forgery and Possession of Forged Documents

• Reports of forgery jumped by 100% to 30 cases from just 15 in 2022.
• Possession of forged documents rose by a whopping 144% to 44 cases.

Exceptions to the Trend

• Possession of forged banknotes: year-over-year decline
• Proceeds from crime: year-over-year decline

Most Frequently Reported Offenses

Fraud by False Pretences

• Staggering 97% increase to 401 cases, accounting for nearly half of all financial crime incidents.

Stealing

• Stealing by reason of employment: 55% increase to 87 complaints.
• Stealing by way of service: 34% increase to 174 reported incidents.

Concerns and Response

The significant rise in financial crimes has raised concerns among authorities and citizens alike, underscoring the need for heightened vigilance and cooperation to combat this growing problem.