NASSAU, BAHAMAS — The ‘cleaning-up’ of the companies registry is nearly completed, according to Attorney General Carl Bethel.
Bethel was addressing a financial services virtual symposium today, and flagged the Office of the Attorney-General’s new Compliance Unit, headed by attorney Tiffany Moss.
“With the assistance of the Registrar-General, the process of striking-off companies which are delinquent in filing annual returns for more than 10 years will shortly be completed; thus, in a sense, cleaning up, or rationalizing the companies registry,” he said.
“This Unit is entirely dedicated to the full implementation of the Beneficial Ownership Search System (called “the BOSS”) and also the implementation of the Register of Non-Profit Organizations Act.”
Bethel said: “In short order Public Notices will be posted in the newspapers giving formal notice that all incorporated or unincorporated Non-profit organizations must begin to register the required information as to their names and objects, their principal offices, and their commitment to maintain proper financial records.
“The Notices have also served to remind banks that all banking facilities for unregistered Non-Profits must cease, as an additional, incentive for full and universal compliance.”
The Attorney General further noted that the new Unit will also soon commence on-site visits and to take all necessary steps to be sure that all NPOs do in fact maintain financial records, which are accessible by law enforcement, should the need arise.
“It is anticipated that in the coming months that Unit will be able to complete a thorough and informed Risk Assessment of the NPO sector, which assessment will be added to the National Risk Assessment,” he said.