Advisory Information
advis13a.pdf169.09 KB
Issued Date
Transactions Involving The Bahamas

FinCEN Advisory

This Advisory is being issued to inform banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory 13, regarding the Commonwealth of The Bahamas, is hereby withdrawn.

Since the issuance of Advisory 13, The Bahamas has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 13, and has taken concrete steps to bring these reforms into effect. Because of the enactment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving The Bahamas, as called for in Advisory 13, is no longer necessary. The Bahamas now has in place a countermoney laundering system that generally meets international standards, as reflected in the recent decision of the Financial Action Task Force on Money Laundering to remove The Bahamas from its list of countries that are non-cooperative in the fight against money laundering.

The withdrawal of Advisory 13 does not relieve institutions of their pre-existing and on-going obligation to report suspicious activity, as set forth in regulations issued by FinCEN and by the federal bank supervisory agencies, as well as their obligation to comply with all other applicable provisions of law.

James F. Sloan