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Types of Financial Crimes in Bahamas Exposed
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The financial landscape of The Bahamas has been marred by various types of financial crimes, including money laundering and terrorist financing. To combat these illicit activities, the country’s authorities have established a specialized unit to investigate and prosecute such cases.
Financial Crime Unit: A New Era in Investigations
Established on August 29, 2018, the Financial Crime Unit (FCU) was created by amalgamating two former units: the Business and Technology Crimes Unit, Central Detective Unit, and the Tracing and Forfeiture Section of the Drug Enforcement Unit. The FCU is responsible for investigating and prosecuting persons involved in money laundering and terrorist financing.
Types of Investigations
The FCU conducts proactive investigations, triggered by disclosures made by banks and financial institutions, as well as reactive investigations, resulting from the arrest of criminals charged with predicate offenses. These investigations involve:
- Parallel proceedings
- Third-party laundering
- Standalone money laundering schemes
Statistics Show Worrying Trend
According to statistics, there has been a significant increase in money laundering investigations and prosecutions since the formation of the FCU. In 2019 alone:
- Persons were charged with money laundering offenses
- Convictions for such crimes totaled [insert number]
- Cases of money laundering investigation into proceeds from foreign predicate offenses
Orders and Investigations
The FCU also conducts investigations based on Suspicious Transaction Reports (STRs), which are assessed, registered, and assigned to investigators. The unit’s processes involve:
- Issuance of restraint orders
- Production orders
- Monitoring orders
- And other measures
Partnerships Key to Success
The FCU has established strong working relationships with various government agencies, financial services regulators, corporate Bahamas, industry partners, and the private sector. These partnerships enable the unit to:
- Gather intelligence
- Share information
- Combat financial crimes
Challenges Ahead
Despite progress made in combating financial crimes, the FCU still faces challenges, including:
- Inadequate resources
- Training
- Timely information from foreign law enforcement agencies
To address these issues, the unit is working towards:
- Increasing ML/TF investigations and prosecutions
- Engaging with stakeholders
- Providing ongoing training to its staff
Contact Information
For more information on the Financial Crime Unit or to report suspicious transactions, please contact ASP Debra Thompson at deborah.thompson@rbpf.bs or visit their offices at #55 Nassau Street, Tel: 242-356-6025/7.