Police authorities have expressed growing concern over the continued trend of some Bahamians laundering drug trafficking proceeds, despite stringent laws intended to weed out the illicit operation.
Citing details included in the annual crime review of the Drug Enforcement Unit (DEU), Superintendent Raymond Gibson has revealed that cash proceeds from this criminal activity are invested into real estate through the construction of multiplexes, homes, as well as the purchase of expensive vehicles and jewelry.
Mr. Gibson said this is particularly the case as ﾓit has become a challenge for most drug traffickers to deposit large sums of cash into financial institutions.ﾒ
Financial Services and Investments Minister, Allyson Maynard-Gibson, explained on Wednesday that persons involved in the real estate industry and car sales persons should be aware of the law that mandates the reporting of suspicious transactions.
ﾓClearly, whenever anyone comes to buy an expensive car and they pay cash, by law, there is an obligation not to receive that money, but instead report the fact that the offer was made,ﾒ Minister Maynard-Gibson said.
ﾓWe know that there is no bank that would receive that amount of cash because the banks take their responsibility seriously and the law covers persons, who may be inclined to receive cash like car dealers and real estate agents.
ﾓAnd if we are serious ﾖ as I believe we are ﾖ about combating money laundering and ending drug trafficking, everyone must step up to the plate because it is our joint and collective responsibility to bring this scourge to an end.ﾒ
As part of a package of comprehensive anti-money laundering measures, parliament passed the Financial Transactions Reporting Act, after the international Financial Action Task Force (FATF) identified The Bahamas as a non-cooperative country in the fight against money laundering in 2000.
The Bahamas was subsequently removed from the list in June 2001.
Minister Maynard-Gibson has pointed out that the drug traffickersﾴ apparent success in laundering money does not mean that there is a loophole in the countryﾴs existing laws.
ﾓAnother loophole has not been opened at all, but persons who are involved in drug trafficking and money laundering have a whole lot of money and so they have to stay – in their view – a step ahead of the law enforcement [officials] and that is why law enforcement around the world must cooperate and combine resources to make sure that we do not allow them to beat us at it,ﾒ she said.
ﾓAnd all of this effort is to minimize the risk of money laundering. I do not think any centre says it has closed off completely money laundering.ﾒ
Assistant Commissioner of Police Reginald Ferguson said this week that although police officials are determined to go after every drug baron and those who patronize their illicit operations, there is also the concern that too many residents tolerate the lifestyle promoted by money-making criminals.
ﾓThere is no difference between the person who sells his drugs to others and the one who turns his head in the other direction,ﾒ Mr. Ferguson said.
ﾓAnd even worse are those that are prepared to live off the handouts of this modern ﾑRobin Hoodﾴ. Wrong is always wrong, even when we can justify our actions. The time to stop and think is now. The time to look at the future is nowﾅ.If the cost of riches is going to cost you your integrity, then you are far better off being poor.
ﾓIf the price for material things is likely to cost you to lose all sense of what is right and what is wrong, then the cost is far too expensive.ﾒ
Police officials said they continue to make ﾓmajorﾒ in-roads in identifying, investigating and prosecuting persons locally as well as rendering the necessary assistance to their international counterparts in the fight against money laundering.
Their aim is to take the profit out of crime, as a means of impacting the trade.
