Bahamas strengthens beneficial ownership rules to satisfy FATF

Pedro Gonçalves
clock • 2 min read

The Bahamas has added an amendment to its Register Beneficial Ownership Act that brings segregated accounts companies (SACs) and non-profit organisations (NPOs) limited by shares under the Act's explicit scope. Deputy prime minister and minister of Finance K Peter Turnquest led the debate on the amendments that passed by Parliament. Turnquest told the House of Assembly it was important to expressly state that SACs were included in the legislation, given that their intrinsic operation could be viewed as a vulnerability to the Bahamas' anti-money laundering (AML) framework with respect ...

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