Money Laundering (Proceeds of Drug Trafficking) Bill 1994

In July 1994, The Bahamas ratified the Treaty between the United States and The Bahamas on Mutual Assistance in Criminal Matters. The Treaty provided for the immobilization of forfeitable assets of drug traffickers. One of the Acts which resulted from that Treaty is the Tracing and Forfeiture of Proceeds in Drug Trafficking Act. This Act is aimed primarily at those accused of trafficking in drugs and the tracing of the assets derived from such trafficking. In recent times, the vigilance of governments, led by the example of the United States, has shifted the emphasis of the law, to more sophisticated targets, those who launder the proceeds of drug trafficking. The Bill for an Act to Further Facilitate the Combatting of the Laundering of the Proceeds of Drug Trafficking ("the Bill"), is the result of such emphasis...(more)