Bahamas News
BAHAMAS: Minister Dames Gives Insight into the Proceeds of Crime Bill
#Bahamas, March 5, 2018 – Nassau – While giving his Communication during the debate on the Financial Transactions Reporting Bill 2018 and the Proceeds of Crime Bill, 2018, Minister of National Security the Hon. Marvin Dames presented to the House of Assembly an in-depth look into the latter.
“The Proceeds of Crime Bill is for an Act to Consolidate and Strengthen Measures to Recover the Proceeds and Instrumentalities of Crime and to Combat Identified Risks,” Minister Dames pointed out, on March 1, 2018. “Although this Bill is considered one of those Bills that fall under the compendium of financial Bills, this Bill is a cross between the compendium of financial legislation and the compendium of crime legislation being proposed by this working government, ‘The People’s Government’.”
Minister Dames noted that the Bill seeks to expose “all of those persons, organizations and companies involved in criminal activity and seek to support, cover-up and conspire with others to conceal their ill-gotten gains, by whatever means necessary”.
According to the United Nations Office on Drugs and Crime, a study conducted in 2009 to determine the magnitude of illicit funds found that criminal proceeds being laundered amounted to US$1.6 trillion dollars, he said.
“The nuts and bolts of these far reaching and significant Bills is to launch an effective assault against the criminal networks operating throughout the country,” Minister Dames stated. “No matter where they may be operating, in communities, in the financial sector, across jurisdictions or on the deep web – it does not matter.”
“Where the Tracing and Forfeiture of Proceeds and Drug Trafficking Act 1986 did not go far enough, the Proceeds of Crime Act 2000 made some inroads; and what those Acts were not successful in accomplishing, this Bill will achieve and put our nation on par with global financial and anti-corruption standards,” he added.
Minister Dames noted that the Proceeds of Crime Bill 2018 has broadened the scope for fighting crime by encompassing the Tracing & Forfeiture of Proceeds & Drug Trafficking Act (1986) and Proceeds of Crime Act (2000). He added that the consolidation of those three Bills rolled into one meant a greater depth and larger net to haul criminal activity.
“For instance, both the Tracing & Forfeiture of Proceeds & Drug Trafficking Act (1986) and the Proceeds of Crime Act (2000) a subsidiary legislation, were created to exclusively handle all crimes dealing with the proceeds of drug trafficking alone,” Minister Dames pointed out. “This Bill, on the other hand, is more substantial making provision to cover all identified risks — money laundering; terrorism financing; terrorism; corruption, proliferation of weapons of mass destruction, human trafficking, virtual currencies – digital representation of value which can be digitally traded – and other factors that the Minister, by regulations, may recommend.”
Further, he said, the Proceeds of Crime Bill, 2018, strengthens the previous legal framework through the establishment of a Ministerial Council and combats identified risks mentioned previously, by stiffening penalties and introducing sanctions to hinder corruption.
“The Ministerial Council will have the responsibility of assessments as it relates to the effective implementation of the Identified Risk Framework — or IRF — to eliminate identified risks.,” he said. “The Ministerial Council will be composed of the following: the Attorney General; Minister of Finance; Minister of Financial Services; Minister of Foreign Affairs; Minister of National Security, and a National Identified Risk Framework Coordinator nominated by the Attorney General.”
Regarding penalties and sanctions, Minister Dames pointed out, the Bill sets out a fine not exceeding $500,000 and imprisonment of not more than seven years on a summary conviction for money laundering, failure to make the required disclosures and tipping off.
“The previous Act stipulated a fine of $100,000 or five years,” he noted.
By: Eric Rose (BIS)
Photo Caption: Minister of National Security the Hon. Marvin Dames gives his Communication in the House of Assembly, during the debate on the Financial Transactions Reporting Bill 2018 and the Proceeds of Crime Bill, 2018, on March 1, 2018. (BIS Photo/Eric Rose)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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