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News & Press - Jun 27/17

 

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The Association of International Banks and Trust Companies in The Bahamas held its Annual General Meeting June 22, 2017 during which co-chairman Bruno Roberts recapped a busy and productive year for the industry association. 

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TheBahamasInvestor.com
Monday, June 26, 2017
Monday, June 26, 2017

AIBTThe Association of International Banks and Trust Companies in The Bahamas (AIBT) held its Annual General Meeting June 22, 2017 during which co-chairman Bruno Roberts recapped a busy and productive year for the industry association.

AIBT highlighted the growth of its professional development efforts including: successfully holding the 11th annual Nassau Conference, which achieved record attendance in 2016; the launch of the highly-rated Financial Services Bootcamp; and holding the 3rd annual AIBT Regulators Forum this June.

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Local law firm Higgs and Johnson’s newsletter takes a look “firewall legislation” bolstered by amends to the Trust Act. View the newsletter here. 

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Higgs & Johnson
Monday, June 26, 2017
Monday, June 26, 2017

ALT TAG HEREJune 2017 (Higgs & Johnson) – On 1st February 2017 The Bahamas bolstered its ‘firewall legislation’ by the coming into effect of the Trust (Choice of Governing Law) (Amendment) Act, 2016 (the “Amendment Act”) which amends Section 8 of the Trusts (Choice of Governing Law) Act, 1989 (“TCGLA”).

The purpose of Section 8 of the TCGLA is to act as a ‘firewall’ to protect Bahamian law governed trusts from attacks mounted on familial disputes or forced heirship claims emanating from jurisdictions outside of The Bahamas. A part of the protection offered by Section 8 is the insulation of Bahamian law governed trusts from the enforcement of foreign judgements based on claims or rights arising by virtue of a personal relationship between the asserter of such claims or rights and the settlor.

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This is an excerpt from Higgs & Johnson as it appeared on June 26, 2017. For updates or to read the current version of this post in its entirety, please click here.

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Jeffrey Beers International has unveiled its restoration of the iconic Dune restaurant at the One&Only Ocean Club in The Bahamas. Read a review of the renovation here. 

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Hospitality Design
Friday, June 23, 2017
Friday, June 23, 2017

One & Only Ocean ClubJune 21, 2017 (Hospitality Design) – Jeffrey Beers International (JBI) has unveiled its restoration of the iconic Dune restaurant at the One & Only Ocean Club in the Bahamas. The venue suffered considerable damage in October 2016 following a hurricane.

Spanning 226 seats across its dining and lounge areas, the interior has maintained its resort-style ambiance but has been brightened with a new material palette that includes dove gray Anigre wood millwork, warm gray upholstery accented in coral fabrics and abstract, geometric patterns, and porcelain floor tiles finished in cerused wood.

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This is an excerpt from Hospitality Design as it appeared on June 23, 2017. For updates or to read the current version of this post in its entirety, please click here.

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AIBT hosts Regulators Forum

The Association of International Banks and Trust Companies in The Bahamas hosted its third annual AIBT Regulators Forum at the Baha Mar Convention Centre earlier this month. Pictured: Regulators and policymakers join industry leaders at the recent AIBT Regulators Forum, June 7, 2018. (Photo courtesy AIBT)

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TheBahamasInvestor.com
Friday, June 23, 2017
Friday, June 23, 2017

The Association of International Banks and Trust Companies in The Bahamas (AIBT) hosted its third annual AIBT Regulators Forum at the Baha Mar Convention Centre on June 7, 2017.

The half-day forum brought together regulators, policymakers and law enforcement leaders with industry professionals to review and discuss the current regulatory and enforcement climate in The Bahamas and the impact of global developments on regulation and oversight.

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FS Minister delivers Budget contribution – PDF

Minister of Financial Services, Trade & Industry and Immigration Brent Symonette yesterday delivered his Budget 2017/2018 contribution in Parliament. Read the full address here. (Stock photo)

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Government of The Bahamas
Thursday, June 22, 2017
Thursday, June 22, 2017

Here follows the full statement from the Minister of Financial Services, Trade & Industry and Immigration Brent Symonette from Budget 2017/2018 contribution in Parliament yesterday:

Mr. Speaker,
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Government releases guidance on CRS protocols

The Bahamas Ministry of Finance, which is the competent authority in regards to the implementation of the Common Reporting Standards, has released information in respect to key dates in the implementation process and a list of the countries with which it intends to establish Automatic Exchange of Information protocols. 

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Government of The Bahamas
Thursday, June 22, 2017
Thursday, June 22, 2017

Pursuant to the commitment of The Bahamas to effectively implement the Common Reporting Standard (“CRS”)/Automatic Exchange of Information, The Competent Authority wishes to advise all financial institutions (FIs) as follows:

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Chief Operating Officer of Balearia Caribbean, Mario Otero, paid a courtesy call on the newly appointed Minister of State for Grand Bahama in the Office of the Prime Minister, Kwasi Thompson June 15, 2017. 

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TheBahamasInvestor.com
Wednesday, June 21, 2017
Wednesday, June 21, 2017

Balearia CaribbeanChief Operating Officer of Balearia Caribbean, Mario Otero, paid a courtesy call on the newly appointed Minister of State for Grand Bahama in the Office of the Prime Minister, Kwasi Thompson June 15, 2017.

Accompanying Otero were Suzanna Epps, Balearia Caribbean; Spencer Mallory, consultant, Balearia; and Ann Knowles, a local manager for Balearia.

They met with Thompson along with permanent secretary, Melvin Seymour and senior under secretary, Harcourt Brown.

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The Bahamas was recently presented the 2016 Caribbean Sapphire Pegasus Business Aviation Award for Outstanding Country Promotion, the first award of its kind for the region. 

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Ministry of Tourism
Wednesday, June 21, 2017
Wednesday, June 21, 2017

Joy Jibrilu

Pictured: Director General in The Bahamas Ministry of Tourism and Aviation, Joy Jibrilu, accepting the award. (Photo via GlobeNewswire)

NASSAU, Bahamas, June 19, 2017 (GLOBE NEWSWIRE) — The Bahamas was presented the 2016 Caribbean Sapphire Pegasus Business Aviation Award for Outstanding Country Promotion, the first award of its kind for the region. The Sapphire Pegasus Award is a symbol of gratitude for the superb performance in an industry segment where mediocrity is unacceptable.

The award was introduced to the region during the Caribbean Aviation Meetup in St. Maarten, June 13-15. “Based on expert advice and the long record of outstanding performance, we decided that The Bahamas should be awarded for the excellent promotion of the Caribbean over a longer period of time in the business aviation industry,” said Antonia Lukacinova, founder of the Sapphire Pegasus Awards.

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Members of Bahamas Insurance Association paid a courtesy call on Minister of Financial Services, Trade & Industry and Immigration Brent Symonette at the offices of the Ministry June 8, 2017. 

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TheBahamasInvestor.com
Tuesday, June 20, 2017
Tuesday, June 20, 2017

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BFSB events target Canadian market

The Ministry of Financial Services along with other industry partners attended The Bahamas Financial Services Board’s Landfall events held in Canada (Montreal and Toronto) 30-31May 2017. Pictured: Delegates from The Bahamas attend the BFSB's Landfall events in Canada. (Photos courtesy BFSB)

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TheBahamasInvestor.com
Monday, June 19, 2017
Monday, June 19, 2017

The Ministry of Financial Services along with other industry partners attended The Bahamas Financial Services Board’s (BSFB) Landfall events held in Canada (Montreal and Toronto) 30-31May 2017.

The Bahamas Landfall series provides financial services intermediaries and other service providers with updates on legislative and business developments in The Bahamas.

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