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While banks and trust companies have been regulated by
the Central Bank of the Bahamas since 1974, and the country
was the first international financial centre to criminalize
money laundering, the process of upgrading the legislative
environment only began in December 2000 when nine pieces
of new or amended legislation were enacted.
Many of these changes were congruent with existing domestic
plans to upgrade local infrastructure. Together they brought
the laws, regulation, and supervision of the financial services
industry into full compliance with the new and evolving
standards established by the Basel Committee on Banking
and IOSCO standards on securities. In addition, steps were
taken to enhance the jurisdiction’s regulatory and
supervisory infrastructure and to ensure that financial
and corporate service providers are properly regulated.
Press
World Markets Analysis
New Government
to Reconsider Offshore Banking Legislation
Stephen Temple
May 7, 2002
The new government of the Bahamas
is to reconsider newly enacted legislation that is meant
to tighten the regulation of offshore banks. The legislation
was enacted because of the recognized need for the Bahamas
to meet international standards and get off of the OECD’s
international blacklist of money laundering and tax havens.
The offshore banking industry has complained that complying
with the new standards is too costly and cumbersome.
The Miami Herald
Having reformed its
banking, Bahamas searches for growth
Gregg Fields
October 25, 2002
Legislation
Laws:
The Banks and Trust Companies Regulation Act, 2000
http://www.bahamascentralbank.com/legal_framework.lasso
And see, http://www.bahamascentralbank.com/legal_notes.lasso
Licensed
entities
Contact
Regulatory contact
Central Bank of the Bahamas
P.O. Box N-4868
Nassau, N.P.
The Bahamas
Tel 1 242 3 222 193
Fax 1 242 3 224 321
Web www.bahamascentralbank.com
E-mail centralbankbah@batelnet.bs
“The Central Bank of the Bahamas is responsible for
monitoring the stability and soundness of the financial
system and of individual financial institutions. The bank
is responsible for making recommendations to the Ministry
of Finance concerning the issuance, revocation and adjustment
of licenses for banks and trust companies operating in the
Bahamas.”
Highlights
The Central Bank of the Bahamas responded to comments
on Citigroup - Banamex, “enclos[ing] an extract from
the Banks and Trust Companies Regulation Act, 2000 specifying
the criteria for licensing of banks and trust companies
including criteria for approval of beneficial ownership
thereof.” Also: “We regret our inability to
provided copies of related applications due to statutory
constraints.”
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Bahamas