The Central Bank of The Bahamas has recently undertaken a focused review of the practices and procedures with respect to its administration of exchange control applications.
In its ongoing efforts at enhancing the effectiveness of operations and ensuring continued responsiveness to the needs and concerns of the public, the Exchange Control Department (“ECD”) of the Central Bank has prepared a number of application checklists to assist the public in making applications for ECD approvals in relation to capital and current transactions.
Each application checklist provides a listing of the information and supporting documents required to be submitted to the ECD in order to receive such approval.
We hope that the application checklists will provide clarity to the public on the ECD’s application requirements, thereby reducing the number of correspondence and thus the timelines associated with the processing of applications. Note that the Central Bank may request additional information from time to time, based on the particular details of an application and/or developments in the Exchange Control regime and broader policy review.
PLEASE NOTE: Applicants are REQUIRED to submit ALL information and supporting documents indicated in the checklists when making application to the Central Bank. Submitting incomplete applications and providing information on a piecemeal basis is an inefficient use of ECD’s personnel resources as much time is spent going back and forth to obtain required information. Please note that applications that do not contain all required information and documents will be rejected and applicants notified of same.