Miscellaneous
NOTE: Several of the Acts outlined in this site are available for download in PDF format from the Bahamas Compliance Commission. To visit their website click here. The link will be open a new browser window. To return to the BFSB site, simply close the new window.
AN ACT PROVIDING FOR THE HOLDING OF A BUSINESS LICENCE
The Business License Act - Commencement - 15th September, 1989
Section 1 Short Title
Section 2 Interpretation
Section 3 Requirement for Annual Business Licence
Section 4 Fee
Section 5 Separate and Distinct Kinds of Business on Same Premises
Section 6 New Business
Section 7 Exemption
Section 8 Application of Act to Banks, Trust, Insurance and Non-
Resident Companies
Section 9 Furnishing of Particulars and Affording Inspection to
the Secretary
Section 10 Assessment by Secretary
Section 11 Appeal Against Secretary's Assessment
Section 12 Record and Validity of Licences
Section 13 Issue of Licences and Replacement of Copies
Section 14 Display and Inspection of Licence
Section 15 Offences
Section 16 Payment and Recovery of Fees
Section 17 Proof of Issue of Licence
Section 18 Fees Paid for Business Licence in Family Islands
Section 19 Permitting Use of Licence by Another
Section 20 Regulations
Section 21 Derogation
Section 22 Expenses Under Act
Section 23 Secrecy
AN ACT TO AMEND THE BUSINESS LICENCE ACT
The Business Licence (Amendment) Act - Date of Assent: 30th June,
1999
Section 1 Short Title
Section 2 Amendment of Section 7 of the Principal Act
AN ACT TO PROVIDE FOR THE REGISTRATION OF FIRMS, INDIVIDUALS
AND CORPORATIONS CARRYING ON BUSINESS UNDER BUSINESS NAMES AND FOR
PURPOSES CONNECTED THEREWITH
The Registration of Business Names Act - Date of Assent: 29th December,
1989
Section 01 Short Title & Commencement
Section 02 Interpretation
Section 03 Firms, Individuals and Corporations To Be Registered
Section 04 Registration by Nominee, etc. (Schedule)
Section 05 Manner & Particulars of Registration
Section 06 Statement Required for the Purpose of Registration
Section 07 Time for Registration
Section 08 Registration of Changes
Section 09 Penalty for Default in Registration
Section 10 Penalty for False Statements
Section 11 Duty to Furnish Particulars to Registrar
Section 12 Registration and Certificate of Registration
Section 13 Index to be Kept
Section 14 Removal of Names from Register
Section 15 Misleading Business Names
Section 16 Registrar
Section 17 Inspection of Statements Registered
Section 18 Minister may make Rules
Section 19 Listing of Firm, Individual and Corporation Names
Section 20 Offences by Corporation
Section 21 Repeal of Ch. 303 (Business Names -Use of Royal Titles-
Act)
Schedule I
Description of Firm, etc. (Section 4)
AN ACT TO ENABLE THE BAHAMAS TO COOPERATE WITH OTHER COUNTRIES
IN CRIMINAL PROCEEDINGS AND INVESTIGATIONS; TO ENABLE THE BAHAMAS
TO JOIN WITH OTHER COUNTRIES IN IMPLEMENTING THE VIENNA CONVENTION
AGAINST ILLICIT TRAFFIC IN NARCOTIC DRUGS AND PSYCHOTROPIC SUBSTANCES;
AND FOR CONNECTED PURPOSES
The Criminal Justice (International Co-operation) Act, 2000 - 29
December, 2000
Part I - Preliminary
Section 1 Short Title and Commencement
Section 2 Interpretation
Part II - Criminal Proceedings and Investigations
(Mutual Service of Process)
Section 3 Service of Overseas Process in The Bahamas
Section 4 Service or Bahamian Process Overseas
(Mutual Provision of Evidence)
Section 5 Overseas Evidence for Use in The Bahamas
Section 6 Bahamian Evidence for Use Overseas
(Additional Co-operation Powers)
Section 7 Transfer of Bahamian Prisoners to Give Evidence Overseas
Section 8 Transfer of Overseas Prisoners to Give Evidence in
The Bahamas
Section 9 Enforcement of Overseas Forfeiture Orders
(Supplementary)
Section 10 Rules of Court
Section 11 Application to Proceedings Involving Defence
Personnel
Part III - the Vienna Convention
(Interpretation)
Section 12 Interpretation of Part III
(Offences at Sea)
Section 13 Offences on Bahamian Registered Ships
Section 14 Ships Used for Illicit Traffic
Section 15 Enforcement Powers
Section 16 Enforcement Powers of Convention State in
Territorial Waters
Section 17 Jurisdiction and Prosecutions
Part IV - General
Section 18 Expenses and Receipts
Section 19 Consequential Amendments
First Schedule
Bahamian Evidence for Use Overseas: Proceedings of Nominated Court
Second Schedule
Enforcement Powers in Respect of Ships
The Criminal Justice (International Co-operation) Regulations, 2000
Section 1 Citation
Section 2 Drugs
Schedule
Part 1 - Class A Drugs
Part II - Class B Drugs
Part III - Class C Drugs
AN ACT TO PROVIDE FOR THE CONTROL AND REGULATION OF
GOLD, CURRENCY, SECURITIES AND FOREIGN EXCHANGE
The Exchange Control Regulations Act - Date of Assent: 11th August,
1952
Section 1 Short Title
Section 2 Interpretation
Section 3 Minister May Make Exchange Control Regulations
Section4 Controller of Exchange
Section 5 Penalties
THE EXCHANGE CONTROL REGULATIONS
Commencement: 5th May, 1956
Part I - Gold and Foreign Currency
Section 1 Dealings in Gold and Foreign Currency
Section 2 Surrender of Gold and Foreign Currency
Section 3 Bailees of Gold and Foreign Currency
Section 4 Travellers' Cheques, etc.
Part II - Payments
Section 5 Payments in The Bahamas
Section 6 Payments Outside The Bahamas
Section 7 Compensation Deals
Part III - Securities
Section 8 Issue of Securities
Section 9 Transfer of Securities and Coupons
Section 10 Issue of Bearer Certificates and Coupons
Section 11 Substitution of Securities and Certificates Outside
The Bahamas
Section 12 Payment of Capital Monies Outside The Bahamas
Section 13 Duties of Persons Keeping Registers
Section 14 Additional Provisions as to Nominee Holdings
Section 17 Special Provisions as to Dealings in Certain Securities
Section 18 Validation of Certain Transfers
Section 19 Application of Part III to Secondary Securities
Section 20 Interpretation of Part III
Part IV - Import and Export
Section 21 Restrictions on Import
Section 22 General Restrictions on Export
Section 23 Payments for Exports
Part V - Miscellaneous
Section 24 Duty to Collect Certain Debts
Section 25 Duty Not to Delay Sale or Importation of Goods
Section 26 Property Obtained by Infringement of Regulations
Section 27 Provisions Supplemental to Preceding Provision of Part
V
Section 28 Transfer of Annuities, Policies, etc.
Section 29 Settlements
Section 30 Companies
Part VI - Supplemental
Section 31 Exemptions
Section 32 Blocked Accounts
Section 33 Contracts, Legal Proceedings, etc.
Section 34 Enforcement and Administration
Section 35 Application to Crown
Section 36 Transitional Provisions
Section 37 Other Powers
Section 38 Financial Provisions
Section 39 Branches
Section 40 Persons Leaving the Scheduled Territories
Section 41 Determination of Residence
Part VII - Special Provisions
Section 42 Restriction on Sale of Real Property
Section 43 Power of Controller to Prohibit Action on Certain
Orders as to Gold, etc.
Part VIII - Short Title and Interpretation
Section 44 General Provisions as to Interpretation
Section 45 Power of Controller to make orders, etc.
Section 46 Short Title and Commencement
SCHEDULES
First Schedule The Scheduled Territories
Second Schedule Foreign Companies
Third Schedule Blocked Accounts
Fourth Schedule Enforcement
Part I - General Provisions as to Evidence and Information
Part II - General Provisions as to Offences
Part III - Import and Export
AN ACT TO MAKE PROVISION FOR THE TRACING OF THE PROCEEDS OF DRUG
TRAFFICKING, THE CONFISCATION OF THOSE PROCEEDS AND ANCILLARY AMENDMENTS
TO THE DANGEROUS DRUGS ACT
The Tracing and Forfeiture of Proceeds of Drug Trafficking Act -
Commencement: 6th January, 1987
Part I - Preliminary
Section 1 Short Title
Section 2 Interpretation
Section 3 Definition of Various Terms Used
Part II - Confiscation of Proceeds of Drugs Trafficking
Section 4 Confiscation Orders
Section 5 Assessing the Proceeds of Drug Trafficking
Section 6 Statements Relating to Drug Trafficking
Section 7 Amount to be Recovered Under Confiscation Order
Part III - Enforcement of Confiscation Orders
Section 8 Application of Procedure for Enforcing Fines
Section 9 Cases in which Restraint Orders and Charging Orders
may be Made
Section 10 Restraint Orders
Section 11 Charging Orders in Respect of Land and Securities
Section 12 Charging Orders: Supplementary Provisions
Section 13 Realisation of Property
Section 14 Application of Proceeds of Realisation and Other Sums
Section 15 Exercise of Powers by the Court or Receiver
Section 16 Variation of Confiscation Orders
Section 17 Bankruptcy of Defendant
Section 18 Receivers: Supplementary Provisions
Section 19 Compensation
Part IV - Ancillary Offences Relating to Drug Trafficking
Section 20 Assisting Another to Retain or Living Off of the
Benefits of Drug Trafficking
Section 21 Enforcement of External Orders
Part V - Investigations Into Drug Trafficking
Section 22 Order to Make Material Available
Section 23 Authority to Search
Section 24 Retention of Seized Material
Section 25 Disclosure of Information Held by Government
Departments
Section 26 Offence of Prejudicing Investigation
Section 27 Power to Inspect Records of Registrar General's
Department
Section 28 Special Powers of Investigation
Part VI - Supplemental
Section 29 Winding up of Company Holding Realisable Property
Section 30 Application of Act
Section 31 The Crown
Section 32 Amendment of Section 47 of the Bankruptcy Act
AN ACT TO PROVIDE FOR THE LICENSING AND REGULATION OF FINANCIAL
AND CORPORATE SERVICE PROVICERS AND FOR CONNECTED PURPOSES
The Financial and Corporate Service Providers Act, 2000 - 29 December,
2000
Part I - Preliminary Provisions
Section 1 Short Title and Commencement
Section 2 Interpretation
Part II - Licences
Section 3 Requirement for Licence
Section 4 Application for Licence
Section 5 Fees
Section 6 Duration of Licence
Section 7 Notification of Changes
Section 8 Display of Licence
Section 9 Register of Management Companies
Section 10 Certificate of Registration
Part III - Transferability of Shares and Changes in Directors
Section 11 Issue and Transfer of Shares
Part IV - Administration
Section 12 Inspector of Financial and Corporate Services
Part V - Compliance Measures for Licensees
Section 13 Duty to Maintain Professional Conduct
Section 14 Obligation of Licensee to Clients
Section 15 Keeping Record of Clients
Section 16 Suspension of Licence
Section 17 Revocation of Licence
Section 18 Offences
Section 19 Appeals
Section 20 Act Not Applicable to Banks & Trust Companies Regulation
Act
Section 21 Regulations
Section 22 Minister May Give Directions
Section 23 Directions
Section 24 Transitional
Schedule
Application for A Financial and Corporate Services Licence
The Financial and Corporate Service Providers (General) Regulations 2001 -
30 March, 2001
Section 1 Citation
Section 2 Licence Fees
Section 3 Certificate of Registration Fees
Section 4 Certified Copies
First Schedule - Annual Fees
Second Schedule - Certificate of Registration
AN ACT TO AMEND THE FINANCIAL AND CORPORATE SERVICE PROVIDERS ACT 2000
The Financial and Corporate Service Providers (Amendment) Act, 2001 - 31
August, 2001
Section 1 Short Title
Section 2 Repeal of Section 10 of the Principal Act
Section 3 Amendment of the Principal Act (Insertion of 12A)
Section 4 Amendment of Section 14 of the Principal Act
Section 5 Amendment of the Schedule to the Principal Act
AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A BODY TO BE KNOWN
AS THE FINANCIAL INTELLIGENCE UNIT, THE FUNCTIONS AND POWERS OF
THAT BODY; AND FOR CONNECTED PURPOSES
The Financial Intelligence Unit Act, 2000 - 29 December, 2000
Section 1 Short Title and Commencement
Section 2 Interpretation
Section 3 Establishment of FIU
Section 4 Functions of the FIU
Section 5 Directions of the Minister
Section 6 No Criminal or Civil Liability for Information
Section 7 No Order
Section 8 No Liability
Section 9 Confidentiality
Section 10 Annual Report
Section 11 Funds and Resources
Section 12 Annual Budget
Section 13 Accounts and Audit
Section 14 Regulations
Section 15 FIU to Issue Guidelines
Section 16 Consultation on Proposed Guidelines
Section 17 FIU to Make Guidelines Available
Section 18 Review of Guidelines
First Schedule
The Director of the FIU
Second Schedule
Offences
AN ACT TO AMEND THE FINANCIAL INTELLIGENCE UNIT ACT 2000
The Financial Intelligence Unit (Amendment) Act 2001 - 7 September, 2001
Section 1 Short Title
Section 2 Amendment of Section 2 of the Principal Act
AN ACT TO IMPOSE CERTAIN OBLIGATIONS ON FINANCIAL INSTITUTIONS
IN RELATION TO THE CONDUCT OF FINANCIAL TRANSACTIONS; AND FOR CONNECTED
PURPOSES
The Financial Transactions Reporting Act, 2000
Part I - Preliminary Provisions
Section 1 Short Title and Commencement
Section 2 Interpretation
Section 3 Definition of Financial Institutions
Section 4 Amounts Not in Bahamian Currency
Section 5 Act to Bind the Crown
Part II - Obligations on Financial Institutions to Verify Identity
Section 6 Financial Institutions to Verify Identity of Facility
Holders
Section 7 Financial Institutions to Verify Identity of Persons Conducting
Certain Occasional Transactions
Section 8 Verification Where Persons Act on Behalf of Others in
Respect of
Occasional
Transactions
Section 9 Verification Where Facility Holders Act on Behalf of Others
Section 10 Application of Sections 8 and ( in Relation to Beneficiaries
Under Trust)
Section 11 Procedures for verifying Identity
Section 12 Offences
Section 13 Defence
Part III - Obligation to Report Suspicious Transactions
Section 14 Financial Institutions to Report Suspicious Transactions
Section 15 Auditors May Report Suspicious Transactions
Section 16 Protection of Persons Reporting Suspicious Transactions
Section 17 Legal Professional Privilege
Section 18 Suspicious Transaction Reports Not to be Disclosed
Section 19 Protection of Identity of Persons Making Suspicious Transaction
Reports
Section 20 Offences
Section 21 Defence
Section 22 Application of Information
Part IV - Retention of Records
Section 23 Obligation to Keep Transaction Records
Section 24 Obligation to Keep Verification Records
Section 25 Obligation to Keep Prescribed Records
Section 26 How Records To Be Kept
Section 27 When Records Need Not Be Kept
Section 28 Destruction of Records
Section 29 Other Laws Not Affected
Section 30 Offences
Part V - Search Warrants
Section 31 Search Warrants
Section 32 Form and Consent of Search Warrant
Section 33 Powers Conferred by Warrant
Section 34 Person Executing Warrant to Produce Evidence of Authority
Section 35 Notice of Execution of Warrant
Section 36 Custody of Property Seized
Section 37 Procedure Where Certain Documents Seized
Section 38 Disposal of Things Seized
Part VI - Compliance Commission
Section 39 Establishment of Commission
Section 40 Membership of Commission
Section 41 Term of Appointment
Section 42 Exclusion from Membership
Section 43 Functions of the Commission
Section 44 Production of Records
Section 45 Meaning of Financial Institutions
Section 46 Codes of Practice
Part VII - Miscellaneous Provisions
Section 47 Liability of Employers and Principals
Section 48 Directors and Officers of Bodies Corporate
Section 49 Non-compliance Not Excused by Contractual Obligations
Section 50 Regulations
First Schedule
Countries (Acceptance of Identity Verification From Foreign Financial
Institutions)
Second Schedule
Details to be Included in Suspicious Transaction Report
THE FINANCIAL TRANSACTIONS REPORTING REGULATIONS - 29 December,
2000
Section 1 Citation
Section 2 Prescribed Amount
Section 3 Procedure for Verification
Section 4 Procedure for Verification of Corporate Entities
Section 5 Verification of Identity of Partnerships or Unincorporated
Businesses
Section 6 Trust Settlement
Section 7 Verification of Facilities Established by Telephone or
Internet
Section 8 Wire Transfer Records
Section 9 Continued Verification of Accounts
Section 10 Transfer of Records
Section 11 Retention of Records
AN ACT TO AMEND THE FINANCIAL TRANSACTIONS REPORTING ACT 2000
The Financial Transactions Reporting (Amendment) Act 2001 - 31 August, 2001
Section 1 Short Title
Section 2 Amendment of Section 1 of the Principal Act
Section 3 Amendment of Section 3 of the Principal Act
Section 4 Amendment of Section 6 of the Principal Act
Section 5 Amendment of Section 7 of the Principal Act
Section 6 Amendment of Section 8 of the Principal Act
Section 7 Amendment of Section 9 of the Principal Act
Section 8 Amendment of Section 33 of the Principal Act
Section 9 Amendment of Section 44 of the Principal Act
Section 10 Amendment of the Principal Act (Insertion of 44A)
Section 11 Amendment of Section 47 of the Principal Act
Section 12 Amendment of the First Schedule to the Principal Act
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