Financial Crime World

COUNCIL INTRODUCES NEW LEGISLATION TO COMBAT MONEY LAUNDERING AND TERRORISM FINANCING

The Bahamian government has introduced a new suite of legislation aimed at strengthening the country’s financial sector and combating money laundering and terrorism financing. The legislation includes several bills and regulations that are designed to ensure compliance with international standards and protocols.

Key Legislation:

  • International Obligations (Economic & Ancillary Measures) Iraq Order, 2018: Requires financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) to report suspected clients designated by the United Nations Security Council as terrorist entities. The order also mandates the freezing of such clients’ funds and reporting same to the Financial Intelligence Unit (FIU).
  • Non-Profit Bill, 2018: Aims to regulate non-profit organizations and ensure transparency in their financial dealings.
  • Register of Beneficial Ownership Bill, 2018: Requires companies to maintain a register of beneficial owners, making it easier to identify who ultimately controls the company.
  • Financial and Corporate Service Providers Bill, 2018: Regulates the activities of financial and corporate service providers, such as banks, insurance companies, and trust companies.
  • Commercial Entities (Substance Requirements) Bill, 2018: Aims to ensure that commercial entities operating in the Bahamas have a genuine economic presence in the country.

Gaming Sector Regulations:

The Gaming Act, No. 40 of 2014 requires gaming operators to implement robust anti-money laundering and counter-terrorism financing measures. The legislation also mandates that gaming operators maintain accurate records of all transactions and submit regular reports to the authorities.

Key Requirements for Gaming Operators:

  • Customer Due Diligence: Conduct thorough customer due diligence to identify and verify the identity of customers.
  • Transaction Monitoring: Monitor transactions for suspicious activity and report any unusual or large transactions to the Financial Intelligence Unit (FIU).
  • Internal Controls: Implement robust internal controls and risk management procedures to prevent money laundering and terrorism financing.

Financial Intelligence Unit:

The FIU is responsible for analyzing and disseminating financial intelligence to law enforcement agencies and other stakeholders. The unit works closely with international organizations, such as the Financial Action Task Force (FATF) and the International Monetary Fund (IMF).

Contact Information: For more information, please contact [Name], Public Relations Officer, at [Email] or [Phone].