The Compliance Commission of The Bahamas (“the Commission”), in its capacity as regulator of Financial Institutions/Designated Non-Financial Businesses and Professions (FI/DNFBP), supervised by the Commission, is pleased to release for a thirty (30) day consultation period, the revised Codes of Practice for Lawyers, Accountants and Real Estate Brokers and Developers. The respective Codes of Practice will replace the existing Codes revised in July, 2009. The consultation period commences on 19th September and ends on 19th October, 2018. The draft Codes may be found on the Commission’s website at http://www.bahamas.gov.bs/compliance.

The proposed amendments to the Codes takes into account the various changes in the under-noted key legislations affecting FI/DNFBP’s, in addition to deficiencies cited in the Mutual Evaluation Report of The Bahamas dated July, 2017 as they relate to FI/DNFBPs:

• The Proceeds of Crime Act, 2018
• The Financial Transactions Reporting Act, 2018
• The Financial Transactions Reporting Regulations, 2018
• The Financial Transaction Reporting (Wire Transfers) Regulations, 2018 and
• The Anti-Terrorism Act, 2018

The proposed key amendments to the Codes includes:

• the mandatory registration of FI/DNFBP’s with the Commission;
• the requirements of FI/DNFBP’s to take appropriate steps to identify, assess, and understand their ML/TF risks and document a risk assessment of the institution;
• the transparency of beneficial ownership of legal persons and legal arrangements;
• the requirement to ensure full compliance with fit and proper best practices of key personnel, beneficial owners and individuals involved in the management and control of the institution;
• group wide information sharing in keeping with obligations for mutual legal assistance and international co-operation vis-à-vis exchange of information; and
• implementation of administrative penalties and targeted financial sanctions related to terrorism, terrorist financing and proliferation.

Comments and questions regarding the proposed changes may be submitted via email to compliancecommission@bahamas.gov.bs or alternatively, to the Inspector:

Compliance Commission of The Bahamas
2nd Floor, Charlotte House, Charlotte and Shirley Street
P.O. Box N-3017, Nassau, Bahamas
Telephone: (242) 397-4198