The information below provides details about the Bahamas banking system, and details on opening a Bahamas offshore bank account. You will find details on the governing body, as well as a list of local and international banks that operate in the Bahamas.
The Central Bank of The Bahamas was established on June 1, 1974, to carry out the independent monetary policy and financial sector supervisory functions entrusted upon The Bahamas after political independence from Great Britain in 1973.
The Central Bank fills the traditional roles as issuer of legal tender, banker to both domestic banks and the government, and regulator and supervisor of the banking sector. As supervisor of banks, the Central Bank promotes the soundness of banks through the effective application of international regulatory and supervisory standards. These standards were completely revamped during 2000 and 2001 – in response to global multi-lateral initiatives – to heighten the fight against money laundering and other criminal abuses within the international financial system.
The results have been evident both in terms of the Bank’s approach to licensing new financial institutions, as well as in a more enhanced supervisory framework for financial institutions. Important features of the new regulatory regime now include broader and more uniform supervision of bank and non-bank financial activities, and stronger mechanisms for international cooperation among Bahamians and similarly placed foreign supervisory and law enforcement agencies. In all, the Bank’s overall policy objective is the promotion of a stable economic environment conducive to high levels of domestic production, employment and growth.
Bahamas Financial Services Board (BFSB), launched in April 1998, represents an innovative commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international financial center. The Board is a multidisciplinary body that embraces active contribution from individuals within government, banking, trust and investment advisory services, insurance and mutual fund administration as well as interested legal, accounting and management professionals.
In addition to its coordinated programs to increase confidence and expand knowledge of The Bahamas among international businesses and investors, the private sector-led BFSB will continue to consult with government to develop new initiatives to meet the rapidly changing demands of international financial markets.
Some of the commercial bank’s licensed in Bahamas:
To open an offshore bank account, or for further information regarding Bahamas banking or offshore banking in another jurisdiction, Contact Us today.