BAHAMAS PASSES BILL TO CRIMINALISE PYRAMID, PONZI AND OTHER FINANCIAL SCHEMES

On 16 November, a release from CFATF was concerned with the Financial and Corporate Service Providers (FCSP) Bill 2020 which defines certain financial schemes as illegal.  The Deputy PM explained that “these may take the form of pyramid schemes, Ponzi schemes and advance-fee schemes, among others, and many of them have plagued unsuspecting Bahamians for generations.  Further, these schemes are fundamentally detrimental to investors and the public. The Bill criminalises the promotion or marketing of these financial schemes and empowers the Securities Commission to dissolve them where circumstances so warrant. It also empowers the Commission to investigate and enforce against persons engaged in financial schemes”.

https://www.cfatf-gafic.org/home/what-s-happening/681-the-bahamas-passes-bill-in-the-house-of-assembly-to-criminalize-financial-schemes

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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