YES / NO / DRAFT / IN FORCE / PROPOSED
CREATION OF A CRIMINAL OFFENCE (A.1-C.1) / / Proceeds of Crime Act, 2000, Art. 40 provides for the criminalization of money laundering.
FORFEITURE A.2.b (I) / / Proceeds of Crime Act, 2000, Art. 9 provides for the confiscation of goods originating from the drug trafficking. Likewise, article 47 allows for the seizure of proceeds that have been laundered.
FINANCIAL INFORMATION (sharing of information by competent authorities (A.3.a (I)) / / The Financial Intelligence Unit Act 2000 creates a Financial Intelligence Unit. Article 4 provides that some of the FIU’s responsibilities are to receive mandatory information from financial institutions and maintains records of the information received.
FINANCIAL INFORMATION (provision of information by financial institutions to authorities on their clients) (C.2a (i )) / / The Financial Transaction Reporting Act, under article 44, requires financial institutions to provide information to the Commission that is responsible for ensuring compliance of the law.
FINANCIAL INFORMATION (exchange of information between courts/authorities pursuant to international agreements) (A.3.b (i)- C. 2. b (I)) / / Mutual legal assistance treaties are in effect with the United States, Canada and the United Kingdom
FINANCIAL INFORMATION (direct information exchange by
way of International agreements (C.11)) / / The Financial Intelligence Unit Act, article 4(c) provides that the FIU may freeze the funds of a bank account for up to five days, at the request of another FIU, following the process found under article 2. Order 28 of 2001 provided for the FIU’s in other jurisdictions that this form of cooperation would be applicable.
LEGAL ASSISTANCE, (government authorized to respond to requests for legal assistance from other governments (C.6)) / / The Criminal Justice International Co-operation Act provides for the form of cooperation to be undertaken by the Attorney General when another Government makes a request for cooperation. Likewise, the Evidence (Proceedings in other Jurisdictions) Act,
2000 provides for assistance to other States in obtaining evidence in the Bahamas.
Mutual Legal Assistance Treaties: The Bahamas/United States of America, 1987; The Bahamas/Canada, 1988; The Bahamas/United Kingdom, 1988
LEGAL ASSISTANCE (government authorized to exchange evidence and information in money laundering investigations/prosecutions and for asset forfeiture (C.12)) / / The Criminal Justice International Cooperation Act 2000 authorizes the exchange of evidence and information (Arts. 3 and 4).
The mutual legal assistance treaties which The Bahamas has entered into with the U.S., Canada and the U.K respectively, concern the investigation and prosecution of all criminal matters which may occur in each party’s territory
SHARING OF FORFEITED ASSETS (C.7) / / Proceeds of Crime Act, 2000, Art. 52(3) provides that the Minister of Finance may authorize payments from confiscated funds.
INVESTIGATIVE TECHNIQUES (C.8) / / Listening Devices Act, 1972. The Commissioner of Police may authorize the use of a listening device by a police officer where he believes an offence has been committed, is about to be, or is reasonably likely to be committed. (A listening device is defined as an instrument, apparatus, equipment or device capable of being used to hear, listen to or record a private conversation while it is taking place)
FINANCIAL TRANSACTION RECORDS (requirement to keep and maintain clear and complete records) (C.10) / / Pursuant to the Financial Transactions Reporting Act 2000, article 23 provides that financial institutions shall keep such records as are reasonable necessary to enable that transaction to be readily reconstructed by the Financial Intelligence Unit.
EVALUATION AND RECORD-KEEPING (basis or forum for evaluating funds transfer systems and on the basis of the evaluation, record keeping measures for f.i.’s and wire transmitters) (D.6) / / Pursuant to the Financial Transactions Reporting Act 2000, article 42 establishes that the Commission is responsible to ensure compliance with the provisions of this Act.
Likewise, article 17 of the Financial Intelligence Unit Act 2000 states that the FIU may provide suspicious transaction guidelines.
EXTRADITION (C.13) / [1]
SUSPICIOUS/UNUSUAL TRANSACTION REPORTING ( D.2) / / The Financial Transactions Reporting Act 2000, article 14 provides that any person that conducts financial transactions and financial institutions are required to report suspicious transactions.
RECORDING/REPORTING OF LARGE TRANSACTIONS (D.3) / / The Financial Transactions Reporting Regulations 2000, article 2 provides that large transactions $10,000 and over are to be reported.
REGULATORY/OVERSIGHT AGENCIES (authority to supervise and impose administrative sanctions) (D.4) / / Articles 43 and 44 of the Financial Transactions Reporting Act, 2000 provides the functions and powers of the Commission to ensure compliance with the provisions of the Act by financial institutions, such as the reporting of suspicious transactions. It may also, when deemed necessary, examine the records of the financial institutions on an annual basis. The Financial Intelligence Unit Act 2000 establishes that the FIU receive required information from the financial institutions and provides for the maintenance of records.
ANALYSIS AND EVALUATION OF ANTI-MONEY LAUNDERING LAWS AND OF MONEY LAUNDERING METHODS (D.5) / / Article 46 of the Financial Transactions Reporting Act, 2000 establishes that the Commission issue codes of practice as the Commission thinks necessary.
NATIONAL FORFEITURE FUND (E.2) / / Proceeds of Crime Act, 2000, provides for a fund of this kind.
CENTER FOR THE COLLECTION, ANALYSIS AND SHARING OF INFORMATION (related to money laundering) (E.3) / [2]
TRAINING (E.5) / / / To date, law enforcement, prosecutors, judicial officials and regulators have been dependent on regional and international training. Seminars have been held for the banking sector / Proposed
[1] Specific extradition treaties are not specified.
[2] Notwithstanding the absence of a center, there are annual round table discussions between the government and the banking community and quarterly meetings with the Central Bank and commercial banks to discuss matters of common interest.