Financial Crime World

Financial Crimes Soar to Five-Year High in Bahamas, RBPF Reports

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The Royal Bahamas Police Force (RBPF) has released alarming statistics showing a 54% increase in financial crimes in 2023, with a staggering total of 830 incidents reported. This marks the highest number of financial crimes in five years, surpassing the previous record of 800 incidents set in 2019.

  • The near-doubling of forgery cases, with 30 incidents reported in 2023 compared to just 15 and 18 instances of forgery and forged document possession respectively in 2022.
  • No reason has been provided by the RBPF for this shocking increase.

Fraud by False Pretenses Emerges as Most Common Crime

The most common type of financial crime reported was fraud by false pretenses, accounting for nearly half of all financial crimes (401 incidents) - a staggering 97% increase from the previous year. Other notable increases include:

  • Stealing by reason of employment, which rose by 55%.
  • Stealing by way of service, which saw a 34% increase.

Cybercrimes Decline

In contrast to the surge in financial crimes, cybercrimes experienced a 7% decrease in 2023, with 98 identified cases reported. This category includes offenses such as:

  • Libel
  • Hacking
  • Extortion
  • Computer misuse
  • Threats

Shopbreakings Decrease Slightly

The number of shopbreakings decreased by 28% compared to the previous year, with 375 incidents reported. Most of these incidents occurred on Saturdays.

Regional Breakdown Reveals Patterns

A closer look at the statistics reveals that:

  • The majority of shopbreakings (56) occurred in the North-Eastern Division of New Providence.
  • Grand Bahama, Abaco, and Bimini saw 62 cases.
  • The Family Islands reported 74 incidents, with most occurring on Eleuthera, Exuma, and Andros.

Conclusion

The RBPF has yet to provide a reason for the surge in financial crimes, leaving many to wonder what is driving this disturbing trend. As authorities work to combat these issues, it’s clear that the Bahamas is facing a significant challenge in protecting its citizens from financial fraud.