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FS Minister on Panama Papers

The Minister of Financial Services Hope Strachan has released a statement following the recent leak of information by legal firm Mossack Fonseca based in Panama. Read the statement here. (Photo courtesy Ministry of Finance)

Source:
Date:
Updated:
TheBahamasInvestor.com
Tuesday, April 5, 2016
Tuesday, April 5, 2016

Here follows a statement by the Minister of Financial Services Hope Strachan April 4, 2016:

The Ministry of Financial Services is responsible for the promotion of the financial sector. This Ministry also seeks to establish The Bahamas as the jurisdiction of choice for financial services inclusive of banking, insurance, securities and investment funds.


The leak of documents from a law firm in Panama is disconcerting. This leak challenges the work and validity of international financial centres. We are following the development of this investigation closely.

The Bahamas is a compliant jurisdiction, operating under international regulatory standards. we continue to ensure, we do everything to remain compliant and to sustain our reputation as a premier financial centre. We consistently demonstrate our commitment to international tax transparency, as well as the anti-money laundering and the countering of financial terrorism initiatives.

It must be reiterated that The Bahamas has been deemed compliant by the Organization of Economic Cooperation and Development (OECD) global forum on transparency and exchange of information for tax purposes. Further, The Bahamas has committed to the implementation of the automatic exchange of information/OECD CRS using a bilateral approach that is fully endorsed by the OECD. We are also fully compliant with the US Foreign Account Tax Compliance Act.

We continue to ensure that we are a clean and reputable jurisdiction in which to conduct financial services. The financial services industry is a key component to our economy and we take very seriously anything that would compromise the integrity of our financial services sector.

The Institute of Chartered Accountants of the Caribbean will host a groundbreaking conference in The Bahamas April 12-14 bringing together a gathering of the Caribbean’s senior public sector leaders and representatives of accountancy organizations to discuss approaches to public sector financial management and accounting standards.

The Bahamas International Securities Exchange (BISX) has announced that shares of Guarany Partners II Fund Ltd. SAC Class A Investor Shares (the “Class A Shares”) as well as Guarany Partners II Fund Ltd. SAC Class B Investor Shares (the “Class B Shares”) have successfully completed the BISX Mutual Fund Listing Process. As a result, these shares have now been added to the roster of funds listed on the Exchange. Guarany Partners is an open-ended investment fund.

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