Commonwealth Bank In Bahamas

Los servicios financieros son el segundo sector importante para la economía de las Bahamas, y generan hasta el 15% del PIB, ya que el país tiene un régimen tributario especial y un centro bancario extraterritorial. Para diciembre de 1998, el gobierno había otorgado licencias a 418 bancos y compañías de inversiones en las Bahamas. Las Bahamas promulgaron la Ley de Empresas Internacionales (International Business Companies, IBC) en enero de 1990 para mejorar la imagen del país como principal centro financiero. La ley simplificó y redujo el costo para las compañías extranjeras que deseaban constituirse en sociedad en las Bahamas. En el plazo de 9 años, se establecieron más de 84.000 compañías IBC. En febrero de 1991 el gobierno también legalizó el establecimiento de fideicomisos para la protección de activos en las Bahamas. En diciembre de 2000 el gobierno promulgó una serie de leyes para regular mejor el sector financiero, incluida la creación de una Unidad de Inteligencia Financiera y l ... [Read More]

Foreign Entry Requirements

AUSTRALIA - *Passport, Electronic Travel Authority (ETA) or non-electronic label visa, proof of onward or return ticket, and sufficient funds are required. An ETA or non-electronic label visa is required for tourist or business stays of up to 3 months. An ETA is an electronically stored authority to travel to Australia and can be obtained online at www.ETA.immi.gov.au or through participating travel agencies or airlines. Minors not accompanied by a parent or traveling with only one parent need notarized written parental consent from the absent parent(s). AIDS test required for permanent resident visa for applicants age 15 and older; tests taken in the U.S. are acceptable. More information about entry requirements to Australia (including for longer stays) is available on the Embassy of Aus ... [Read More]

International Narcotics Control Strategy Reports

U.S. DEPARTMENT OF STATE INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTMARCH 1995BUREAU FOR INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRSTHE CARIBBEAN 157Bahamas 159 Cuba 165 Dominican Republic 168 Guyana 173 Haiti 176 Jamaica 180 Netherlands Antilles and Aruba 185 Suriname 187 Trinidad and Tobago 189 Eastern Caribbean 192 Antigua and Barbuda Barbados Dominica Grenada St. Kitts and Nevis St. Lucia St. Vincent and the GrenadinesFrench Caribbean 199 UK Dependent Territories in the Caribbean 200 Anguilla, Montserrat, British Virgin Islands Cayman Islands Turks and ... [Read More]

Tips for Travelers to the Caribbean

Tips for Travelers to Russia and the Newly Independent States Prices and availability are subject to change without notice. Please check with the Government Printing Office for more information. The following publications may be ordered for 50 cents each from the Consumer Information Center, Pueblo, CO 81009; tel: 719-948-4000. General entry and v ... [Read More]

Money Laundering and Financial Crimes

(1) As DEA also points out, "In some cases, the agent (business) may represent a variety of remittance companies. When this is the case, the agent may suggest dividing the deposit, sending a portion with each of the represented businesses (companies). Thus, detection is increasingly challenging."Federal authorities at the conference also highlighted the recent growth of smaller independent remitters (beyond the more established Western Union and MoneyGram systems), particularly of those providing service to and from Mexico. DEA reported that although these remitters provide important legitimate services to migrant worker populations, the location of these businesses, "do not necessarily parallel the employment centers for these laborers. Rather, it appears that the agent locations are primarily located in states without regulations governing the money services industry." ... [Read More]

C - Other Latin America

                           The BahamasBudget Summary ($000)FY 2001 ActualFY 2002 EstimatedFY 2003 Request1,200 [Read More]

Authentication of Documents For Use Abroad

U.S. Department of State [Read More]

(D) Other Latin America

The Bahamas is a country of approximately 300,000 people and 700 islands scattered over an area the size of California, and is strategically located on the air and sea routes between Colombia and the United States. These geographic characteristics make The Bahamas a continuing target for drug transshipments as well as international crime. The fact that The Bahamas is a major offshore banking center with bank secrecy laws makes it an attractive target for money laundering and other financial crimes. In June 2000, the Financial Action Task Force (FATF) named The Bahamas as a non-cooperative jurisdiction due to shortcomings in its financial regulatory regime and international cooperation mechanisms. The U.S. Treasury Department also issued an advisory on The Bahamas. ... [Read More]

M) Money Laundering and Financial Crimes

Glossary of Terms"Criminalized Drug Money Laundering": The jurisdiction has enacted laws criminalizing the offense of money laundering related to drug trafficking. "Criminalized Beyond Drugs": The jurisdiction has extended anti-money laundering statutes and regulations to include non-drug-related money laundering. "Record Large Transactions": By law or regulation, banks are required to maintain records of large transactions in currency or other monetary instruments. "Maintain Records Over Time": By law or regulation, banks are required to keep records, especially of large or unusual transactions, for a specified period of time, e.g., five years. "Report Suspicious Transactions": An "M" (for "mandatory") indicates that by law or regulation, banks are required to record and report suspicious or unusual transactions to designated authorities. A "P" indicates that by law or regulation, banks are permitted to record and report suspicious transactions. An effe ... [Read More]

Bahamas, The (08/04)

Financial services constitute the second-most important sector of the Bahamian economy, accounting for up to 15% of GDP, due to the country's status as a tax haven and offshore banking center. As of 2002, the government had licensed 301 banks and trust companies in The Bahamas. The Bahamas promulgated the International Business Companies (IBC) Act in January 1990 to enhance the country's status as a leading financial center. The act served to simplify and reduce the cost of incorporating offshore companies in The Bahamas. Within 9 years, more than 84,000 IBC-type companies had been established. In February 1991, the government also legalized the establishment of Asset Protection Trusts in The Bahamas. In 2000, in response to multilateral organizations' concerns, the government passed a legislative package of stronger measures to better regulate the financial sector and prevent money laundering in the country's banking sector, including creation of a Financial Intelligence Unit and enfo ... [Read More]