Anonymity Lifted, Fewer Companies Registering in the Bahamas By Samantha JosephAssociated Press Writer Published: Nov 1, 2001 NASSAU, Bahamas (AP) - The number of international companies registering in the Bahamas dropped steeply following tightened regulations that ended anonymous ownership, the attorney general says. Only 4,148 international business companies registered to do business between January and September of this year, Attorney General Carl Bethel said Wednesday. Some 14,500 registered in the same period last year. Earlier this year, the Bahamas was removed from the Paris-based Financial Action Task Force's blacklist of countries deemed uncooperative in fighting money laundering. To get off the blacklist and avoid any sanctions, the Bahamas passed nine laws to strengthen regulations in the offshore sector. One of the new measures eliminated anonymous ownership of international business companies, so-called shell companies, by requiring the names of two directors and the office address on the registration. Any loss in business, however, was worth it to improve the reputation of the Bahamas as an international financial center, Bethel said. "There has been some falloff in this area," he said. "But we think, on balance, the financial services sector is better off." Still, there are some 45,000 international business companies that renewed their licenses this year, Bethel said. If the registrations had been at the same level as last year, the Bahamas would have brought in another $1.5 million in incorporation fees. Bethel said the drop would not have a dramatic effect on the country's overall revenues, because offshore banking and investment services are a more economically vital sector. http://ap.tbo.com/ap/breaking/MGAY95MWITC.html