The government of The Bahamas has issued a statement in response to the Organization for Economic Co-operation and Development’s blacklisting of the jurisdiction.

Read the government’s statement here:

The Cabinet Office announces that since the start of this Parliamentary Session, this Government, aware of the grave threat to the country’s Financial Sector, has worked assiduously to mitigate the impact of that threat.

Therefore, the Government’s legislative framework for compliance, improvement of the regulatory regimes and meeting international best practices has been given utmost priority.

While deeply disappointed by the OECD’s decision to blacklist The Bahamas, the Government will redouble its efforts to ameliorate the present circumstances in an effort to preserve this important pillar of the Bahamian economy.

The Bahamas is an ethical jurisdiction and the Government is committed to taking progressive steps to adjust to the requirements of operating in the constantly evolving paradigm that is the financial sector.

Source: Cabinet Office.