To effectively compete against other offshore financial centres, The Bahamas needs to increase its visibility and effectively market its portfolio of products, according to chief executive officer and executive director of the Bahamas Financial Services Board (BFSB) Aliya Allen.

“We are considered a leader in wealth management,” she told attendees at a recent seminar in Nassau. “We have a very good product as a jurisdiction, but it is now time that we increase the visibility of The Bahamas brand.”

“It is very important that we increase awareness of our advantages in a way that differentiates them from the competition. The message is that we are the most experienced and well positioned jurisdiction for wealth and asset management in the Caribbean. I encourage you to go out and shout that from the proverbial rooftops.”

Speaking during Accountants’ Week, which is hosted by Bahamas Institute of Chartered Accountants and runs this week at the Sheraton Nassau Beach Hotel, Allen said the current climate of increased scrutiny and onerous regulation meant that The Bahamas had to focus its efforts on marketing and improve the jurisdiction’s reputation.

“In this kind of regulatory climate…we are in the battlefield every day and the stakes have never been higher,” she said. “It is a competitive battle out there and if you are not prepared to invest in it, as a country, then we will be left behind.”

“We are in a new landscape when it comes to regulation. There is a natural tension between regulators and industry, but that tension does not need to be combative. We can work as one to make ourselves a very competitive financial centre.”

Over the past year the BFSB has been working to market The Bahamas globally–attending and hosting events in Sao Paulo, Geneva, Zurich, London and Rio de Janeiro–and last month the organization launched the Foreign Language Learning Initiative, which offers language courses to members at a reduced rate.

cmorris@dupuch.com