Offenses - Compliance Commission of The Bahamas
Subject to the specific provisions set out in the legislation, sections 9 to 11 of the Proceeds of Crime Act, 2018 sets out the offences which are punishable upon summary conviction to imprisonment for a term of up to seven years or to a fine of up to five hundred thousand dollars or both. Sections 12 to 14 of the Proceeds of Crime Act, 2018 sets out the offences which are punishable upon summary conviction to imprisonment for a term of up to twelve years or to a fine of up to five hundred thousand dollars or both and on conviction on indictment for a term not exceeding twenty years or a fine or both:
- Concealing the proceeds of Crime (Section 9),
- Arranging the proceeds of crime (Section 10),
- Acquires, uses or possesses the proceeds of crime (Section 11),
- Failure to disclose the proceeds of crime (Section 12),
- Failure to disclose by nominated officer (Section 13),
- Tipping Off (Section 14).
Pursuant to sections 47 to 52 of the Financial Transactions Reporting Act, 2018 a financial institution (includes a director, partner, officer, principal or employee) which intentionally commits an offence as outlined below may be liable upon summary conviction to imprisonment for a term of up to five years or to a fine of up to five hundred thousand dollars or both:
- Failure to comply with identification requirements (Section 47),
- Failure to fulfil due diligence obligations (Section 48),
- Failure to report suspicious transactions (Section 49),
- False or misleading statements (Section 50),
- Confidentiality violation (Section 51),
- Additional sanctions (administrative violations) (Section 52).