Attorney-General Allyson Maynard Gibson said today that the financial services industry in The Bahamas is “a key tool for national development” and stressed that the legal profession must strike a balance between disclosure and client confidentiality—or legal professional privilege—in meeting the requirements of the Organisation for Economic Co-operation and Development (OECD).

The Bahamas is currently undergoing the Phase 2 Peer Review of the OECD, which examines the country’s legal and regulatory framework and determines whether it meets OECD standards in transparency and disclosure of tax information.

Speaking about the peer review process at a seminar today, the Attorney-General said: “It relates to our ability to honour our international negotiations and also those imposed upon us by ourselves. We intend to be recognized as a competitive, blue chip and well regulated jurisdiction.”

“In a small jurisdiction it is challenging to be taken seriously,” she continued. “[We need] openness, accountability and transparency. These are the hallmarks of democracy.”

Noting that The Bahamas will soon act as chair of the Caribbean Financial Action Task Force, the Attorney-General also called on Bahamians to take a more active role internationally, saying: “We can have Bahamians on key international committees that make decisions about financial services all over the world. I encourage you all to not just consider our business in The Bahamas but to open your vistas to what is happening in the international arena.”

cmorris@dupuch.com