In response to concerns by the international financial community that bank secrecy laws of offshore jurisdictions are being abused by international criminal elements, the Bahamas Government has announced that it is not likely to “shed its bank secrecy laws” — but will not tolerate abuse of its financial services system. Bank secrecy laws will not be used to shield and protect criminals.
According to Prime Minister Hubert Ingraham “..The Bahamas is not willing or interested to import the proceeds of crime and does not and will not permit its strict bank secrecy laws to assist criminals in escaping the reach of the law in their own countries. The well-established commitment to confidentiality in banking matters is grounded in legal tradition which is part of the heritage of all common law jurisdictions.”
The Government has stated that The Bahamas will continue to respect bank confidentiality where the banks’ customers are legitimate.