The Bahamas remains determined in its stance against money laundering and according to Prime Minister H.A. Ingraham plans to introduce and adopt additional legislative amendments relevant to the regulation and … Read More
International Issues
FinCen Advisory
The following is a press release issued by the Cabinet Office on July 13, in respect of latest developments and actions currently being taken in response to the “blacklisting” of … Read More
FATF Report – Response from The Bahamas
Statement by The Rt. Hon. Hubert A. Ingraham Prime Minister Commonwealth of The Bahamas on the Release of the FATF Report on Money Laundering Listing Non-Cooperating Countries 26 June, 2000 … Read More
World Wealth Report 2000
According to a report by Merrill Lynch and Gemini Consulting, ultra-high net worth individuals now number 50% more than they did three years ago. During 1999 alone, the “million dollar … Read More
Regional Response to International Initiatives
Extract: PRESENTATION BY H.E. ARTHUR A. FOULKES BAHAMIAN AMBASSADOR TO THE PEOPLE’S REPUBLIC OF CHINA OFFSHORE FINANCIAL SERVICES SEMINAR JUNE 16, 2000 – NASSAU, BAHAMAS “The financial services industry in … Read More
Tracking Money Laundering Activities
Miami-based Americas Software Corporation recently unveiled a new software package to the financial services community in The Bahamas– ASSIST//customerknowledge. The programme is intended to facilitate procedures by which banks can … Read More
Anti-Money Laundering Legislation
The Government has introduced an Amendment to the Money Laundering (Proceeds of Crime) Act of 1996. Attorney General and Minister of Foreign Affairs Janet Bostwick cited this as yet another … Read More
INCB Commends Bahamas
The recently-released Annual Report of the International Narcotics Control Board (INCB) took note of the efforts of Governments in the Caribbean to work together to reduce money-laundering and tax avoidance … Read More
OECD Report on Harmful Tax Competition
The Bahamas has challenged this Report, telling OECD Officials that the Report lacks balance and discriminates against countries whose tax regimes are unilaterally declared by the OECD to be harmful. … Read More
Caribbean Financial Action Task Force
As a direct result of recent initiatives by the OECD on harmful tax competition, the Caribbean Financial Action Task Force has appointed a Working Group to address relevant issues. In … Read More