NASSAU, Bahamas — The Non-Profit Organisations Bill (NPO) will help prevent money laundering in The Bahamas and the financing of terrorism, according to Deputy Prime Minister and Minister of Finance Peter Turnquest, the Nassa Guardian reported December 12.
“The whole idea behind the NPO bill is rooted in the government’s obligation to ensure that there is no entity that exists in the country that facilitates willingly or unwillingly the financing of terrorism, the proliferation of financing,” Turnquest told reporters outside of Cabinet. “… The whole idea is to ensure that there is a level of transparency to identify where there is or there isn’t any attempt to use The Bahamas as a financing place or a place to introduce the financing for these illicit or nefarious activities.”
When asked whether past cases of laundering with the intent to fund terrorist acts had been recorded in The Bahamas, Turnquest declined to comment.
The Non-Profit Organisations Bill seeks to regulate non-profit organizations and mandates that each organization register with the government and provide, among other things, evidence of its gross annual income, the identities of its members and evidence of know your customer due diligence. https://thenassauguardian.com/2018/12/12/turnquest-government-doesnt-want-to-intrude-on-non-profits/
