FAQs

Supervisor and Regulator of the Financial System

What legislative and regulatory changes facilitated the removal of The Bahamas from the 'blacklist' of non-cooperative countries and territories issued by the FATF?

In the wake of supra-national initiatives launched by the Financial Stability Forum (FSF) and the Financial Action Task Force (FATF), as well the US Treasury led Qualified Jurisdiction (QJ) initiative, the Government embarked on an ambitious overhaul of financial sector legislation-enacting 9 new laws on the 29th December, 2000. These provide for more comprehensive and enhanced supervision of financial institutions, corporate service providers and international business companies, and establish a more coordinated system of deterrence against money laundering and other criminal abuses within the financial sector through a framework that encompasses more international cooperation in the oversight of the financial system. The new laws include:

    - The Banks and Trust Companies Regulation Act, 2000

    - The Central Bank of The Bahamas Act, 2000

    - The Financial Intelligence Unit Act, 2000

    - The Proceeds of Crime Act, 2000

    - The Financial and Corporate Service Providers Act, 2000

    - The Financial Transactions Reporting Act, 2000

    - The International Business Companies Act, 2000

    - The Evidence (Proceedings in other Jurisdictions) Act, 2000

    - Criminal Justice (International Cooperation) Act, 2000

The Bahamas was granted Qualified Jurisdiction Status on the 9th January, 2001. Further, The Bahamas was removed from the FATF 'blacklist' on the 22nd June 2001.


  1. What is a trust company?
  2. What is an Authorised Dealer?
  3. What is an Authorised Agent ?
  4. How many banks and trust companies are there licensed to do business in The Bahamas?
  5. What is offshore banking business?
  6. Can I file a complaint with the Central Bank regarding a bank or other financial institution?
  7. I'm interested in establishing a bank/trust company in The Bahamas, how should I proceed?
  8. How many banks or trust companies have had their licences revoked since the implementation of new financial legislation and regulation on December 29, 2000?
  9. What legislative and regulatory changes facilitated the removal of The Bahamas from the 'blacklist' of non-cooperative countries and territories issued by the FATF?
  10. If I hold a client account with a bank or trust company whose license has been revoked, how do I get my money from that bank or retrieve my assets from the trust company?


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