Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
IFCs may struggle with transparency, warns STEP

Global regulators are taking a more aggressive approach in the name of transparency and this will have wide reaching implications for international financial centres around the world, warned representatives from the Society of Trust and Estate Practitioners (STEP) Worldwide this week. Pictured: George Hodgson, Deputy Chief Executive for STEP Worldwide speaking at The Nassau Conference held at The British Colonial Hilton Hotel in downtown Nassau. (Harry Cutting photo/©Dupuch)

Source:
Date:
Updated:
TheBahamasInvestor.com
Thursday, October 30, 2014
Thursday, October 30, 2014

Global regulators are taking a more aggressive approach in the name of transparency and this will have wide reaching implications for international financial centres around the world, warned representatives from the Society of Trust and Estate Practitioners (STEP) Worldwide this week.

Speaking at the Nassau Conference held at the British Colonial Hilton last week, STEP Worldwide deputy chief executive George Hodgson said: “Transparency is the new normal. We need to get real and accept that.”


Hodgson went on to predict that by 2020 there will be automatic tax information exchange between major economies and a risk averse banking system that will be “very wary”.

He also suggested that a culture of transparency may curtail international diversification.

“We are still exploring the implications of this move towards transparency. It is going to be much tougher to do business,” he said. “The financial centres that depend on these flows need to start thinking quite hard about this.”

Chair of STEP Worldwide Helene Anne Lewis agreed and said it would be more difficult for Caribbean IFCs to comply with an increased regulatory burden.

“The game is at half time and we are playing catch-up,” she said. “We must put our heads together to decide how to meet the new reality while staying in business.”

She commented that STEP could play its part by focusing on education as a means of “empowering members” and ensuring they are better equipped to meet any future challenges. She said the organization would increase and improve its educational programmes with this in mind.

Joining the discussion, Minister of Financial Services Ryan Pinder said The Bahamas’ strategy was to focus on its product portfolio to attract clients and that it was key to “stay ahead of the game and plan and offer products.”

cmorris@dupuch.com

  • Pingback: max()

In the past week, Denver International Airport, Lynden Pindling International Airport in The Bahamas, and Queen Beatrix International Airport in Aruba announced they will join the ranks of 25 North American airports currently offering expedited border control processing to international travelers via Automated Passport Control (APC) kiosks.

Fund managers from around the world attended the Julius Baer Alpha Conference today to discuss the performance of global markets, opportunities arising from worldwide economic recovery and investors' best strategies for maximising returns.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD