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Finance experts attend FATCA compliance seminar

Industry experts urged financial services providers to be prepared for the new US tax regulations due to come into force next year at a seminar held on Nassau this week. Pictured left to right: Lawrence Lewis, Ryan Pinder and Tyrone Fitzgerald. (Dupuch Photo/Harry Cutting) 

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TheBahamasInvestor.com
Friday, February 17, 2012
Friday, February 17, 2012

Lawrence LewisAn event held on Wednesday this week at the Colonial Hilton in downtown Nassau detailed how financial institutions can comply with the newly created Financial Account Tax Compliance Act (FATCA) scheduled to become US law January 1, 2013.

The Bahamas Institute of Financial Services (BIFS) sponsored the seminar.

FATCA is designed to prevent the abuse or avoidance of taxation on income earned by US persons, especially via offshore accounts in financial centres such as The Bahamas.

The law requires US taxpayers to report financial assets held outside the country to the IRS. Foreign financial institutions (FFIs) are required to enter into disclosure agreements with the US Treasury. Non-financial foreign entities (NFFIs) are also compelled to report client information on “substantial” US persons under this law.

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Airline industry conference prepares to land in The Bahamas

Fifth Routes Americas, one of the largest events on the region's airline industry's calendar, will take place on Nassau and Paradise Island next week. Around 60 airlines have registered for the event including US airlines, American Airlines, US Airways, and United Airlines, and British Airways. 

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TheBahamasInvestor.com
Thursday, February 16, 2012
Thursday, February 16, 2012

The Fifth Routes Americas, one of the largest events on the region’s airline industry’s calendar, will take place on Nassau and Paradise Island next week.

The three-day event, which runs February 19-21, will be hosted by Nassau Airport Development Co (NAD) and its key partners Atlantis Paradise Island and the Nassau Paradise Island Promotion Board.

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Callenders & Co suggests that a registry for private craft would serve the needs of high-net-worth individuals and boost related service industries. 

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TheBahamasInvestor.com
Thursday, February 16, 2012
Thursday, February 16, 2012

tbi stock previously publishedTwo senior lawyers have called for the creation of a Bahamas Aircraft Registry, saying it could foster a host of related business and industries, creating jobs and spurring economic diversity.

“Discussions of a Bahamas Aircraft Registry have been going on and off for years,” says Callenders & Co senior partner Colin Callender.

“The establishment of a registry always seemed to be desirable, but distant. Today, there is a heightened sense of readiness and urgency. Thus, we at Callenders & Co are willing to take the lead in driving the process for the creation of a Bahamas Aircraft Registry without which we will continue to lose market share to other jurisdictions such as the Cayman Islands and Aruba, which are equipped to be one-stop shops for high-net-worth individuals (HNWIs) and with which we can diversity the economy, create jobs and potentially create an entirely new industry.”

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Sports tourism was the focus of a recent forum organized by the Tourism and Aviation, and the Youth, Sports and Culture Ministries. Only in its second year, the annual gathering looks at ways that local sports and athletic groups can work with the tourist industry to promote The Bahamas as a sports destination. Watch a video of the event here. 

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Tourism Today
Wednesday, February 15, 2012
Wednesday, February 15, 2012

PricewaterhouseCoopers Bahamas has created a new forensic accounting division to tackle a recent surge in white collar crime. 

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TheBahamasInvestor.com
Wednesday, February 15, 2012
Wednesday, February 15, 2012

PwCAs white collar crime rises in the wake of the global economic crisis, PricewaterhouseCoopers (PwC) Bahamas is taking a proactive approach with the launch of its new forensic accounting division.

The department is led by forensic services manager Lenny Abrahams, a former police officer who was brought over from South Africa to help set up the new division.

“There has been a downturn in the economy and when that happens the incidents of fraud increase,” says Abrahams, who has been at the helm of the forensic department for three months and says PwC can assist businesses with setting up controls so that fraud can be detected quickly. “We need to address this proactively to minimize losses. It is not something you just deal with as it comes along.”

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Sixth annual Regional Compliance Conference set for March

Trinidad will play host to the foremost event on compliance in the region at the beginning of March. An additional Excel workshop will be held on March 3. 

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TheBahamasInvestor.com
Tuesday, February 14, 2012
Tuesday, February 14, 2012

The Caribbean Regional Compliance Association (CRCA) has announced that the sixth annual Regional Compliance Conference will be held in Trinidad March 1-2, with additional Excel Workshop to follow on the March 3.

A comprehensive, networking opportunity for professionals in the compliance, regulatory, and anti-money laundering sectors of the financial services industry, the conference will bring together compliance professionals throughout the region with an international line up of speakers, sponsors and delegates.

The award-winning journalist and best selling author Antonio Nicaso will be providing the key note address titled Follow the Money.

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Mediation course offers training for Bahamians

Bahamas “well positioned” to offer offshore mediation services to the US and Cuba, among other countries, according to head of London School of Mediation, Jonathan Dingle (pictured). The school ran its inaugural week-long intensive course in The Bahamas last week. (Dupuch photo/Tosheena Robinson-Blair) 

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TheBahamasInvestor.com
Tuesday, February 14, 2012
Tuesday, February 14, 2012

Ten professionals from a cross-section of sectors have wrapped up a week of intense mediator training organized by the London School of Mediation.

According to the school’s director, senior barrister Jonathan Dingle, The Bahamas is well positioned to offer offshore mediation to countries such as the United States, or even Cuba.

“It’s a neutral place where people can come and mediate their solutions. It’s geographically convenient for major trade centres,” says Dingle, who over the last couple of years has worked in the Cayman Islands, the US, Canada, and the British Virgin Islands.

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Government plans busy schedule for visiting prince

Prince Harry is set to see the best of The Bahamas next month, as he visits the commonwealth country to celebrate the Queen's Royal Jubilee. (Photo source: Office of Prince of Wales) 

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TheBahamasInvestor.com
Monday, February 13, 2012
Monday, February 13, 2012

Prince Harry will be visiting The Bahamas next month, as he visits the commonwealth country to celebrate the Queen’s Royal Jubilee.

The prince is touring the region to commemorate his grandmother’s 50-year reign.
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Central Bank of The Bahamas new inspector takes up post

The Central Bank of The Bahamas has appointed Abhilash Bhachech as inspector of banks and trust companies. He assumes office officially today. 

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TheBahamasInvestor.com
Monday, February 13, 2012
Monday, February 13, 2012

The Central Bank of The Bahamas has appointed Abhilash Bhachech as inspector of banks and trust companies, it announced at the end of last week.

Bhachech assumes office officially on Monday, February 13, 2012.

Bhachech’s career experience includes public accounting, management consulting, banking, information technology enterprise in financial services and a senior financial regulatory role in the public sector.

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The Insurance Commission of The Bahamas has appointed industry veteran Michele Fields as Superintendent of Insurance. 

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TheBahamasInvestor.com
Friday, February 10, 2012
Friday, February 10, 2012

Michele Fields, Superintendent of insuranceThe Insurance Commission of The Bahamas has announced the appointment of Michele Fields as the Superintendent of Insurance.

Fields is a member of the Institute of Chartered Accountants in England and Wales, having qualified with KPMG (formerly Peat Marwick Mitchell) in London in 1982.

Upon her return to The Bahamas, she was admitted as a member of the Bahamas Institute of Chartered Accountants and worked with KPMG in Nassau from 1982 to 1994.

In 1994, she joined the management team of Global Life Assurance Bahamas Ltd (now Colina Insurance Ltd).

During her tenure at Colina, she held the positions of financial controller, chief risk officer, vice president of group and corporate administration and company secretary of the BISX-listed parent company.

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