The Bahamas Investor

...most importantly, leadership, according to Minister of Financial Services Ryan Pinder . The Minister made the comments during his address to industry leaders at the Bahamas Financial Services Board’s (BFSB) 10th International Business Finance Summit (IBFS) held at Bimini Bay Resort February 1-3. He shared his ministry’s vision for the redevelopment of The Bahamas’ financial services industry, zeroing in on increasing the jurisdiction’s competitiv......

...ance Act (FATCA), which comes into force January 1, 2013, and requires all foreign financial institutions (FFIs) to provide information on US clients to the US Treasury. FATCA is designed to widen the scope of the current Qualified Intermediary (QI) system and an increasing number of FFIs in The Bahamas are turning to accountants to help guide them through the new legislation and prepare for its enactment. “FATCA is the QI regime on steroids,” exp......

...has meant that The Bahamas must now compete against New York and Geneva.” For Pinder, a professional tax attorney, the last 20 years has shown that clients do business with this jurisdiction for some key reasons. “The answer is not what some in the international arena would have us believe,” he said. “Our clients are not coming to The Bahamas because of what has now become irreverent terminology–words like ‘secrecy’ or ‘tax minimization.'” Rather......

Minister of Financial Services Ryan Pinder visited PharmaChem Technologies (GB) Ltd August 9, accompanied by the Minister for Grand Bahama Michael Darville and some of his officers. Minister of Financial Services Ryan Pinder visited PharmaChem Technologies (GB) Ltd August 9, accompanied by the Minister for Grand Bahama Michael Darville and some of his officers. Pictured (left to right): Pietro Stefanutti, president, PharmaChem Technologies; Minis......

...onday. “The events were an unqualified success and we were pleased to have Ryan Pinder, Minister of Financial Services, with us,” said Aliya Allen, BFSB’s chief executive officer and executive director. The Minister addressed the event participants under the theme: In the age of information exchange, where is The Bahamas positioned. Other presenters at Landfall events included: Humberto Sanches, Ulhôa Canto, Rezende e Guerra Advogados, and William......

...Virgill-Rolle, National Development Plan Secretariat, speaking on the plan for financial services; outlining the plan to improve competitiveness of the international financial services sector and the policy and regulatory environment needed to facilitate growth in the sector. IBFS 2017 concluded with closing remarks from BFSB’s Chairman, Antoinette Russell. She stated that: “This IBFS 2017 took place at a time when it is important that we do some......

...ey Laundering/Countering Financing of Terrorism regime, or “AML/CFT regime for financial and corporate service providers” will be fortified under the new legislation, with greater specificity provided for AML/CFT administrative penalties and breaches. “Reporting requirements have also been introduced which will, among other things, assist the jurisdiction in demonstrating its effectiveness at providing current, accurate beneficial ownership inform......

...education, and a concerted effort toward the ease of doing business through a transparent system operating in a regulated environment with an enviably compliant culture. See below for the Minister’s full contribution to Parliament. Documents • 2016 2017 Budget Contribution Source: Bahamas Financial Services Board.......

...eting held September 20, 2017 at the British Colonial Hilton , Minister of Financial Services Trade and Industry and Immigration Brent Symonette outlined some of the government’s objectives regarding financial services, saying that more has to be done to improve the country’s second industry. “Over the past few months as the new Minister of Financial Services, I have recognized that there is a critical need to enable the financial services industr......

...onal lottery under a management contract. The Gaming Bill further provides for the Minister to make regulations (inter alia) governing the management contract. The Gaming Bill also confirms the ongoing illegality of all other lotteries other than – (a) any national lottery that may be implemented; (b) charitable lotteries; (c) private lotteries; (d) lotteries which are incidental to certain entertainment events; and (e) the numbers game, when offe......

...s an “exciting” time in the country’s history. Financial Services Minister Ryan Pinder, undersecretary in the Attorney General’s Office Cynthia Gibbs and Dr Nicola Virgill-Rolle, director, in the Ministry of Financial Services were among those in attendance. The Caribbean Financial Action Task Force (CFATF) is an organization consisting of 29 countries in the Caribbean region, which have agreed to “implement common countermeasures to address the p......

...would diversify the Bahamian economy, which relies heavily on tourism and financial services. The SBA will revitalize the entrepreneurial spirit in all islands of The Bahamas and will outline policies and initiatives that would assist in the development of SMEs–a major driving force of the economy. The SBA will increase the national economic value of SMEs in The Bahamas. In addition, its purpose is to synchronize and unify the efforts of the gove......

Leading lawyer Brian Moree has called for a “major paradigm shift” in the financial services sector so that The Bahamas can grow its economy and compete with other international financial centres (IFCs). Speaking at the 21st annual Bahamas Business Outlook conference held at the Wyndham Nassau resort recently Moree, a senior partner at McKinney Bancroft & Hughes, said the sector was in need of widespread reform. Audio content loading … please sta......

...at is poised for growth.” Bringing about this growth is very much a team effort for Pattison, who adds: “The best way to run a business is to be measured on people’s success. I have always tried to surround myself with great people and give them the freedom to grow and innovate.” Michael Schultz, senior manager, KRyS Global Michael Schultz (small photo, left) joined The Bahamas branch of financial advisory group KRyS Global in February 2014 after......

...inister of Finance Perry Christie gives his keynote address at the Bahamas Financial Services Board’s Annual Business and Financial Summit, held at Lighthouse Point, Our Lucaya, January 27. (BIS Photo) During his address of the Bahamas Financial Services Board’s (BFSB ) annual International Business and Financial Summit in Freeport, Grand Bahama, January 27, Prime Minister and Minister of Finance Perry Christie said his government is focused on in......