NASSAU, The Bahamas — Suspicious financial activity in The Bahamas surged in 2024, with the Financial Intelligence Unit (FIU) reporting a 28 percent jump in filings, highlighting growing oversight and enforcement across the country’s financial sector.
According to the FIU’s annual report, tabled in Parliament on Wednesday, the agency received 933 Suspicious Transaction Reports (STRs), up from 724 in 2023. Banks accounted for the bulk of filings with 676 STRs, a more than 72 percent increase, while casinos reported 31, trust companies 12, and money remittance services 5. Non-bank entities filed 3 reports.
The FIU also handled 68 requests for assistance from foreign agencies, slightly higher than 66 last year, with the United States, Cayman Islands, Germany, and Malta leading the inquiries. Domestically, the agency received 71 interagency reports from local authorities.
During the year, the FIU opened 419 new cases and closed 942 cases carried over from previous years. The agency said the increase in reports reflects heightened vigilance in the financial sector and underscores its commitment to combat money laundering and other financial crimes through enhanced analysis and collaboration with stakeholders.
Established in 2000, the FIU is a quasi-governmental body tasked with monitoring, analyzing, and acting on suspicious financial activity. It has the authority to freeze accounts based on information from law enforcement or foreign intelligence agencies.
