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Leading Bahamian lawyer calls for a ministry of financial services – audio

Speaking at the Nassau Conference last week, Brian Moree, senior partner with Mckinney, Bancroft & Hughes, said that The Bahamas was in need of a ministry solely dedicated to financial services. The leading lawyer also advocated a single regulatory body to oversee the entire sector. 

Tuesday, June 21, 2011
Tuesday, June 21, 2011

Brian Moree senior partner with Mckinney, Bancroft & Hughes, has said that the financial services sector needs to consolidate the jurisdiction’s regulatory bodies in to one umbrella organization and also called for the government to establish a ministry of financial services.

“We are going to have to address regulatory reform and I would hope that within five years we would have a single regulator within the financial services industry. We need to complete the consolidation.”

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The leading legal practitioner made the remarks in an address to delegates attending the Nassau Conference last week held at the Colonial Hilton Hotel.

“In my view, regulation of The Bahamas now is a disincentive and it needs to be reformed and become much more streamlined without compromising efficiency and without any diminution in regulation. I am simply proposing a reform in the regulatory structure.”

Moree was speaking on the topic of A Look Ahead: The Industry in Five Years during the final session of the one-day conference.

The lawyer expanded his vision of reform to include the creation of a ministry of financial services.

“We should work towards a complete relaunch of the financial services industry under a new flagship ministry, which recognizes the importance of the sector to the overall economy,” he said. “As long as financial services is grouped together with the other responsibilities of the Ministry of Finance, with no one person at the highest level of government being accountable for the sector and championing financial services with a single focus on the expansion and development of the industry, we will not get to where we need to be.”

New CEO of BTC says that network developments will place The Bahamas in pole position in the region in terms of telecommunications. Along with increased services and Internet speeds, the recently privatized company aims to slash costs and establish retail outlets in the jurisdiction.

The January issue of The Bahamas Investor, now in its fifth year, celebrates the cadre of local talent that the jurisdiction has available to investors. From SMART Funds to banking innovations, it is home-grown professionals that have been coming up with new ways to aid investment.

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