Minister for Financial Services Ryan Pinder (pictured) has called for a stronger presence of foreign law firms in The Bahamas, saying that international expertise will help the country compete as an offshore financial hub and more effectively address client needs.

Speaking at the Nassau conference last week, the Minister said the legal component to the financial services sector currently does not have adequate capacity to meet the needs of clients and urged lawyers to “invest in themselves and their expertise.” He suggested that foreign firms should be welcomed into the country to bring about a “knowledge transfer” to Bahamian professionals and ensure that The Bahamas can compete internationally.

“We need international expertise in the legal arena and we need it now,” he said. “It will generate business and business is what we need. It is a difficulty reality we must face.”

“The industry demands this expertise now to meet the challenges of an evolving landscape.”

Pinder said foreign law firms could be subject to certain conditions such as providing in-house training of Bahamian staff to ensure that the domestic industry was not placed at a competitive disadvantage.

He emphasised his Ministry’s commitment to training young Bahamians in financial services and said the government was working to identify skills gaps and create programmes to fill those gaps–pointing to two newly launched and internationally accredited courses in taxation and corporate finance as an example.

“An industry is only as good as the professionals in it,” Pinder said. “If you do not have the people, then you are still vulnerable as an industry and you do not offer your clients the best products or services. It is important to commit to a platform of development and training so our human capital is stronger.”

The Nassau Conference was held at the British Colonial Hilton last week. Minister of State for Investments Khaalis Rolle opened the event with an introductory address and further speakers addressed issues such as compliance, key markets and residency.

cmorris@dupuch.com