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Minister Strachan gives CRS update

Opening the Nassau Conference this morning, Minister for Financial Services Hope Strachan (pictured, stock photo) updated the industry on the government's efforts to adopt the Common Reporting Standard (CRS) and urged financial services professionals not to be discouraged by challenges to the sector. 

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TheBahamasInvestor.com
Wednesday, September 21, 2016
Wednesday, September 21, 2016

Opening the Nassau Conference this morning, Minister for Financial Services Hope Strachan updated the industry on the government’s efforts to adopt the Common Reporting Standard (CRS) and urged financial services professionals not to be discouraged by challenges to the sector saying: “The best way to silence our critics is to ensure we continue to meet our commitments as we have done in the past.”


At the conference, which was held at the Melia resort in Nassau and organised by the Association of International Banks & Trust Companies in The Bahamas, Strachan said the Ministry of Financial Services was “working diligently” with industry partners to implement the CRS by its 2018 deadline, as required by the Organisation for Economic Cooperation and Development (OECD).

“Extensive preparation to achieve this has already begun,” she told delegates, adding that the first round of draft legislation is currently under review.

“We must be sensible in ensuring the viability of its implementation to the continued survival of our industry, while remaining compliant with our international obligations,” she continued. “We must continue to display the resilience and strength that has brought us this far. Given the importance of the financial services industry, we must do everything in our power to ensure adherence to international regulatory standards while also striving for excellence.”

Other speakers on the agenda for the one-day conference include CEO of the Bahamas Financial Services Board, Tanya McCartney and Minister of State for Finance Michael Halkitis.

cmorris@dupuch.com

Michael Bayley (pictured), president and chief executive officer of Royal Caribbean International and other executives from the cruise line were in The Bahamas this week, paying a courtesy call on the Governor General and attending an event hosted by the Ministry of Tourism. See pictures of the visit here.

Minister of Financial Services Hope Strachan’s address at the Bahamas Financial Services Board's Annual General Meeting and the World Travel Awards dominated the business news in The Bahamas at the start of the week. Watch a ZNS Network news report here.

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