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FS Ministry creates data gathering unit

The Ministry of Financial Services is establishing a new research and planning unit to gather market intelligence and help The Bahamas stay ahead of changes in the global industry. 

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TheBahamasInvestor.com
Tuesday, November 17, 2015
Tuesday, November 17, 2015

The Ministry of Financial Services is establishing a new research and planning unit to gather market intelligence and help The Bahamas stay ahead of changes in the global industry.

The new department will “monitor markets and movements in the sector to cause [The Bahamas] to remain compliant and competitive” according to Minister of Financial Services Hope Strachan (pictured) who spoke at a Bahamas Institute of Chartered Accountants (BICA) event this morning.


“A dedicated programme of market surveillance is critical to our industry,” said the Minister who noted that the financial landscape is rapidly changing and The Bahamas must keep ahead of the curve through intelligence, innovation and creativity.

“We do not have the luxury of resting on our laurels. We must face the fact that the sector is contracting globally [and] The Bahamas is no different,” she said. “Wishful thinking is not going to change our situation, what will change it is a renewed vision for our industry.”

Strachan spoke of increasing regulation and the push for greater transparency from global watchdogs saying: “The winds of change are blowing and only the strong will survive. The future of our industry does not lie in finding ways around the rules but [in finding] the best and most beneficial ways of conforming to the rules.”

The Minister spoke as part of BICA’s Accountant’s Week which runs until the end of the week at the Melia resort in Nassau. The conference officially opened yesterday with an address by Prime Minister Perry Christie and will also hear from Christina Rolle, executive director of the Securities Commission, and Wendy Craigg, governor of the Central Bank of The Bahamas.

The Caribbean Hotel and Tourism Association (CHTA) is targeting wholesalers in Latin America and emerging destinations as well as tour operators specializing in niche markets through its Caribbean Travel Marketplace scheduled January 21-23, 2016 at Atlantis, Paradise Island in The Bahamas.

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