The Financial Intelligence Unit of the Commonwealth of The Bahamas (FIU) became the 54th member of the Egmont Group of Financial Intelligence Units during the Group’s June 2001 meeting, held in The Hague, Netherlands. The FIU is an active participant in the Egmont “Outreach” Working Group and has monitored and successfully sponsored the FIU’s of the following countries for membership in the Egmont Group: Anguilla, Antigua & Barbuda, Barbados, Dominica, Belize, St. Vincent & The Grenadines, St. Kitts and Nevis and Grenada. The FIU continues to monitor and sponsor the FIUs of Turks & Caicos Islands, Guyana, Montserrat, St. Lucia, Trinidad & Tobago and Haiti for membership in the Egmont Group.

Memoranda of Understanding

The FIU and the Belgian Financial Intelligence Unit (CTIF-CFI) signed a Memorandum of Understanding on 30th November 2001, in respect to the sharing of information.

On 15th October 2003, the FIU signed a Memorandum of Understanding with the Superintendency of Banks of the Republic of Guatemala, through its Special Verification Intendency, i.e. the FIU for the Republic of Guatemala. That MOU allows for cooperation between The Bahamas and Guatemala in the exchange of financial intelligence relating to money laundering.

The Financial Intelligence Units of The Bahamas and Australia signed a Memorandum of Understanding on 17th February 2004, in respect to the sharing of information.

On 30th June 2005, the FIU signed Memoranda of Understanding with Korea Financial Intelligence Unit (KoFIU) of the Republic of Korea; the Financial Analysis Unit For The Prevention of Capital Laundering and Financing of Terrorism of the Public Security and National Defense Council of the Republic of Panama; and the Money laundering Prevention Unit of the Principality of Andorra. The MOU allows for cooperation between The Bahamas and the Republic of Korea, Republic of Panama and Principality of Andorra in the exchange of financial intelligence relating to money laundering and the financing of terrorism. Subsequently, on 31st October 2005, the FIU signed an MOU with the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC), which allows for cooperation between The Bahamas and Canada in the exchange of financial intelligence relating to money laundering and the financing of terrorism.

The FIU continues to hold discussions with a number of Financial Intelligence Units with a view to signing Memoranda of Understanding for the sharing of information with those countries.

Caribbean Financial Action Task Force (CFATF)

The CFATF is comprised of thirty member countries whose goal is to develop and promote strategies in the fight against money laundering and terrorist financing at national, regional and international levels.

The Bahamas is an active member of CFATF. The Bahamas’ FIU participates in the Plenary, Typology and Heads of FIU Meetings of CFATF.