The Tribune

By LYNAIRE MUNNINGS

Tribune Staff Reporter

lmunnings@tribunemedia.net

PRIME Minister Philip “Brave” Davis said amendments to the Anti-Terrorism Act are necessary to protect The Bahamas’ financial services sector from proliferation financing risks and ensure the country meets its international obligations.

Debating the Anti-Terrorism (Amendment) Bill, 2026, in the House of Assembly yesterday, Mr Davis said the legislation would allow The Bahamas to implement United Nations Security Council sanctions against designated individuals, entities and states without requiring Parliament to pass new legislation each time a designation is made.

“This is a narrow Bill with broad consequences,” Mr Davis said, explaining that the amendments would close a gap between The Bahamas’ international commitments and domestic legislation.

He warned that failure to implement targeted financial sanctions could damage the country’s reputation with correspondent banks and international financial institutions, pointing to increased compliance costs after The Bahamas was grey-listed in 2018. The country was removed from the list in December 2020 following sustained efforts across administrations.

“In financial services, credibility functions as capital. It is accumulated slowly, through consistent conduct, and it can be drawn down quickly,” he said.

The Bill would amend the Anti-Terrorism Act, 2018, to cover individuals, entities and states designated under United Nations Security Council resolutions 1737 and 2231, as well as future resolutions imposing targeted financial sanctions related to the financing of weapons of mass destruction.

Resolution 1737, adopted in 2006, requires member states to freeze the funds and assets of designated individuals and entities linked to nuclear and ballistic missile proliferation. Resolution 2231, adopted in 2015, replaced much of that framework but included a mechanism for restoring earlier sanctions, which was activated in September 2025.

Mr Davis said the amendments would ensure Bahamian laws remain aligned with the evolving sanctions regime.

Under existing law, funds and assets held for designated persons must be frozen without delay or prior notice. Individuals and businesses are also prohibited from making funds, assets or financial services available to them, directly or indirectly. Breaches carry criminal liability.

Mr Davis said these obligations extend beyond banks to all individuals and businesses in The Bahamas.

The Bill would also give the amendments retrospective effect from August 2, 2019, providing legal certainty for freezing and reporting actions taken in good faith since that date. Mr Davis said the provision would not create offences for past conduct.

He also highlighted emerging risks, including front companies operating across multiple jurisdictions, the use of digital assets to finance weapons programmes and vessels using fraudulent documentation or disabling tracking systems to evade detection.

He said these threats were particularly relevant to The Bahamas because of its major ship registry, digital asset industry and international financial services sector.

The amendments would provide a clearer framework for the Bahamas Maritime Authority, Securities Commission, Central Bank, Financial Intelligence Unit and reporting institutions to implement sanctions.

Mr Davis urged members to support the legislation, saying it would strengthen national institutions, protect the financial system and uphold The Bahamas’ international commitments.

Opposition members also supported the Bill while raising concerns about related issues.