The Bahamas must be flexible in order to strengthen its reputation as a leading fi-nancial centre and attract new business, according to Minister of Financial Services Ryan Pinder (right) who said his Ministry will target new markets to build the country’s brand.

Speaking at this week’s Money Laundering Reporting Officers (MLRO) Day, held at the British Colonial Hilton, Nassau, the Minister said recent regulatory developments had resulted in a global climate of increased transparency and compliance.

“Given the obvious evolution over the last decade in financial services, we have to distance ourselves as a jurisdiction from the perception that we are a destination of tax cheats,” he said. “We maintain that The Bahamas is a jurisdiction of substance, a jurisdiction of credibility and a jurisdiction that always acts in accordance with international standards.

“We are an international financial centre that has experienced the ebbs and flows, the shifting landscape, and more times than not, come out ahead,” he added.

The Minister said The Bahamas’ brand relied on the country being a “full service jurisdiction” and pointed to the financial services industry’s “product depth and width”.

He said new products, such as the SMART Fund Model 007 which became available last year, would help his Ministry would target new markets in areas such as Asia and Latin America. “We are constantly working on new productive development for new markets.

“We are committed to being innovative to serve new and emerging markets. Latin American is a growth region, a region that is maturing. Much of the private sector is seeing potential expansion into Latin America. It is important that The Bahamas positions itself to have the necessary expertise to be dominant in this new market.

“The Bahamas has never been more well placed to not only sustain itself in financial services, but to grow. We must remain nimble, we must recognise the changing landscape and position ourselves for success. It is how we react, how we respond, that will dictate how we succeed. This industry is not going away [but] it will shift, it will evolve. We as a jurisdiction must change with it. We must all understand our brand, who we are and why we are positioned for growth.”

In closing, Minister Pinder told members of the financial community: “I believe that the future is bright in financial services in The Bahamas. It may be different, it may be evolving, but it will grow.”