The Bahamas New Financial Services Laws Will Help Fight Terrorism

by Amanda Banks, Tax-News.com, London

26 September 2001

Minister of Foreign Affairs, Janet G Bostwick, has said that the passage of tough financial laws last year has put the Bahamas' government in a sound position from which it can pursue, seize and forfeit any terrorist money found in Bahamian banks.

She told the Bahamas' Parliament last week: 'In fighting terrorism, I am most pleased that The Bahamas is in a position, having passed financial legislation at the end of last year and again this year, which makes us unattractive as a depository for terrorist money.'

Minister Bostwick was speaking during a debate in Parliament on a resolution to condemn terrorism and to consider the impact of the September 11 terrorist attacks on the Bahamian economy. She continued: 'We are also in a position to pursue and to seize and forfeit any money which may be in our financial institutions and which are found to be for that purpose. This, to that extent, validates the actions which we took to bring our financial legislation, and to bring our practices in conformity with best world practices so that the Bahamas can be in a real position to offer assistance and co-operation in this respect. We could not have done it before we amended and passed new legislation last year, so I am more than pleased that we are in that position.'

The Minister attended two meetings of the Organization of American States (OAS) in Washington, DC, on September 21 and September 23, to determine a hemispheric response to the terrorist attack on the US. 'We intend to give our full support to the resolution of the Permanent Council condemning the terrorist acts in the United States,' she said.

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