Securities Commission of The Bahamas

The Bahamas has an excellent record, dating back to 1987, for robust Anti-Money Laundering arrangements. The Bahamas first criminalized the proceeds of drug trafficking in 1987 with the enactment of the Tracing and Forfeiture of Proceeds of Drug Trafficking Act. On January 30, 1989, the Commonwealth of The Bahamas became the first country to ratify the 1988 UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances. This was followed by the comprehensive Money Laundering Act in 1996 which increased the offenses to encompass proceeds of other crimes besides drugs.

Since this time, The Bahamas has passed a compendium of legislation which enhanced the regulatory oversight and supervision of the financial services sector and its counter money laundering regime.