Money Laundering Legislation
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 TO FACILITATE THE COMBATTING OF THE LAUNDERING OFPROCEEDS
DERIVED FROM ILLEGAL ACTIVITY INCLUDING DRUG TRAFFICKING AND FOR
THAT PURPOSE TO IMPOSE UPON CERTAIN FINANCIAL INSTITUTIONS REGULATORY
REQUIREMENTS
The Money Laundering (Proceeds of Crime) Act - Date of Assent: 12th
March, 1996
Section 1 Short Title
Section 2 Interpretation
Section 3 Application of Act
Section 4 Duties
Section 5 Regulations
Section 6 Offences and Punishment
Section 7 Offences of Corporations
Section 8 Time Limitation
Section 9 Laundering Proceeds of Crime
Section 10 Restraint Orders
Section 11 Application for Review, Special Warrants and Restraint
Orders
Section 12 Automatic Expiration of Special Warrants and Restraint
Orders
Section 13 Order of Forfeiture of Property on Conviction
Section 14 Application for Forfeiture
Section 15 Inference on How Property Was Obtained or Derived
Section 16 Action of the Court
Section 17 Notice
Section 18 Application by Person Claiming Interest for Relief
from Forfeiture
Section 19 Residual Disposal of Property Seized or Dealt With Pursuant
to
Orders
Section 20 Appeals from Orders Under Section 14(2) or 19
Section 21 Suspension of Forfeiture Pending Appeal
Section 22 Failure to Disclose Knowledge or Suspicion of Money
Laundering
Section 23 No Civil or Criminal Liability Incurred by Informants
Section 24 Non-derogation
The Money Laundering (Proceeds of Crime) Regulations
Made: 5th September, 1996
Section 1 Citation and Commencement
Section 2 Interpretation
Section 3 Business Relationships
Section 4 Relevant Financial Business
Section 5 Systems and Training to Prevent Money Laundering
Section 6 Identification Procedures, Business Relationships
and Transactions
Section 7 Payment by Post, etc.
Section 8 Identification Procedures, Transactions on Behalf of another
Section 9 Identification Procedures Exemptions
Section 10 Identification Procedures, Supplementary Provisions
Section 11 Record-keeping Procedures
Section 12 Internal Reporting Procedures
Section 13 Supervisory Authority to Report Evidence of Money
Laundering
Section 14 Transitional Provisions
AN ACT TO AMEND THE MONEY LAUNDERING (PROCEEDS OF CRIME) ACTTO
PROVIDE FOR THE ENFORCEMENT OF EXTERNAL ORDERS
The Money Laundering (Proceeds of Crime) (Amendment) Act
Date of Assent: 9th August, 1999
Section 1 Short Title
Section 2 Amendment to Principal Act by Insertion of Section
23A - Enforcement of External Orders
AN ACT TO EMPOWER THE POLICE, CUSTOMS, AND THE COURTS IN RELATION
TO MONEY LAUNDERING, SEARCH, SEIZURE, AND CONFISCATION OF THE PROCEEDS
OF CRIME AND FOR CONNECTED PURPOSES
The Proceeds of Crime Act, 2000 - 29 December, 2000
Part I
(Preliminary)
Section 1 Short Title
Section 2 Commencement and Application
(Interpretation)
Section 3 Meaning of "Drug Trafficking", "Relevant Offence",
"Criminal Conduct"
Section 4 Meaning of "Property", "Realisable Property", etc.
Section 5 Value of Property
Section 6 Gifts Caught by this Act
Section 7 Other Definitions
Section 8 Institution and Conclusion of Proceedings
Part II - Confiscation Orders
(Confiscation Orders)
Section 9 Confiscation Orders: Drug Trafficking
Section 10 Confiscation Orders: Relevant Offences
Section 11 Assessing Proceeds of Drug Trafficking
Section 12 Statements
Section 13 Avoidance of Contracts
Section 14 Provision of Information by Defendant
(Subsequent Proceedings)
Section 15 Protection of Third Party Rights
Section 16 Reconsideration of Case
Section 17 Revised Assessment of Proceeds of Criminal Conduct
Section 18 Reconsideration, etc: Supplementary
Section 19 Increase in Realisable Property
Section 20 Inadequacy of Realisable Property
(Absconded Persons, etc)
Section 21 Confiscation Order Where Defendant Has Absconded
or
Died
Section 22 Variation of Order Made Against Absconder
Part III - Enforcement of Confiscation Orders
(Default Powers)
Section 23 Imprisonment in Default
Section 24 Interest on Unpaid Sums
(Restraint and Charging Orders)
Section 25 Cases in Which Restraint and Charging Orders May
be
Made
Section 26 Restraint Orders
Section 27 Charging Orders
Section 28 Charging Orders: Supplementary
(Realisation of Property)
Section 29 Realisation of Property
Section 30 Application of Proceeds of Realisation, etc.
Section 31 Exercise of Powers for Realisation of Property
Section 32 Receivers: Supplementary
(Insolvency)
Section 33 Bankruptcy of Defendant
Section 34 Winding up of Company Holding Realisable Property
Part IV - Information Gathering Powers
(Powers)
Section 35 Production Orders
Section 36 Failure to Comply with Production Order
Section 37 Search Warrants
Section 38 Disclosure of Information by Government Departments
Section 39 Monitoring Orders
Part V - Money Laundering
(Offences)
Section 40 Concealing, Transferring or Dealing with Proceeds
of
Criminal Conduct
Section 41 Assisting Another to Conceal Proceeds of Criminal
Conduct
Section 42 Acquisition, Possession or Use of Proceeds of Criminal
Conduct
Section 43 Disclosure of Knowledge or Suspicion of Money
Laundering
Section 44 Tipping off
(Penalties)
Section 45 Penalties for Money Laundering, etc.
Part VI - Seizure of Cash
Section 46 Seizure and Detention of Cash
Section 47 Forfeiture Orders and Appeals
Section 48 Seizure: Supplementary
Part VII - Miscellaneous & Supplemental
(Foreign Orders, etc.)
Section 49 Enforcement of External Confiscation Orders
Section 50 Registration of External Confiscation Orders
Section 51 Evidence of Corresponding Law
(Offences and Police Powers, etc)
Section 52 Confiscated Assets Fund
Section 53 Administration of the Fund
Section 54 Offences by Bodies Corporate
Section 55 Police Powers, etc.
Section 56 Police Officers: Duty of Confidentiality
(Procedure)
Section 57 Compensation
Section 58 Costs
Section 59 Civil Standard of Proof
Section 60 Appeals
(Supplemental)
Section 61 Regulations
Section 62 Crown Application
Section 63 Repeals
Section 64 Transitional Provision
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