Financial Crime World

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Money Laundering in The Bahamas: A Comprehensive Overview

The Bahamas has taken significant steps to combat money laundering and other financial crimes through various legislation and regulations.

Financial Transactions Reporting Act 2018

Under the Financial Transactions Reporting Act (FTRA) 2018, financial institutions are required to:

  • Verify customer identities
  • Maintain transaction records
  • Report suspicious transactions Additionally, the act prohibits conducting business with shell banks and establishes regulations for correspondent relationships.

The FTRA also sets thresholds for reporting transactions in various industries, including:

  • Gaming houses
  • Casinos
  • Jewelers
  • Precious stone dealers

Financial Intelligence (Transaction Reporting) Regulations 2001

Financial institutions are required to:

  • Establish employee training procedures
  • Identification procedures
  • Record-keeping procedures
  • Internal reporting procedures Appoint a Money Laundering Reporting Officer and maintain records of all transactions.

Anti-Terrorism Act 2018

The Anti-Terrorism Act 2018 criminalizes terrorism and expands the legislative regime related to:

  • Terrorist financing
  • Training
  • Support for terrorist groups Imposes mandatory reporting obligations on supervised financial institutions and enhances international cooperation to combat terrorism and weapons proliferation.

Proceeds of Crime Act 2018

The Proceeds of Crime Act 2018 aims to:

  • Prevent and facilitate the investigation of money laundering, terrorism financing, corruption, and other criminal activities
  • Grant courts powers to compel the forfeiture of proceeds of crime
  • Impose proportionate penalties for violations

Financial Intelligence Unit Act 2000

The Financial Intelligence Unit (FIU) Act 2000 establishes the agency responsible for receiving, analyzing, and disseminating information on suspicious transactions related to criminal activity. Financial institutions are required to report suspicious transactions to the FIU.

International Cooperation

The Bahamas has legislation in place to facilitate international cooperation in criminal proceedings, including:

  • Evidence Proceedings in Other Jurisdictions Act 2000
  • Criminal Justice International Cooperation Act 2000

Financial and Corporate Service Providers Act 2000

The Financial and Corporate Service Providers Act 2000 provides a broad regime of regulation and accountability for financial and corporate service providers. The Inspector of Financial and Corporate Services maintains a general review of services and conducts annual examinations to ensure compliance with regulations.

Conclusion

In summary, the Bahamas has implemented a comprehensive framework to combat money laundering and other financial crimes. Financial institutions operating in the country must comply with strict reporting requirements, risk assessment procedures, and internal controls to prevent criminal activity.