The Bahamas Investor

...practitioners from the mainstream financial services sector. It provides a forum for the exchange of knowledge, while helping banking and finance institutes’ executives stay abreast of changes in the global financial markets. Held under the patronage of BIFS founder Timothy Baswell (T B)?Donaldson, the theme of this year’s conference is “Creating a Progressive Financial Services Environment:?Trust, Accountability, Competence, Innovation.” “Trust h......

...st economic sector, financial services, was among the premier destinations for foreign capital accumulation by way of banking deposits, collective investment funds, captive insurance and various forms of wealth management activities. That success depended in part on a very accommodating regulatory and investment environment. Banking laws and regulations contained strict provisions to underscore confidentiality and secrecy in financial transactions......

...been a shift towards a culture of responsibility within the international financial services sector, according to Aliya Allen , chief executive officer of the Bahamas Financial Services Board (BFSB) . “There is a need for an image overhaul. Firms are embracing a new era of responsibility,” she said. “They want to be in a jurisdiction that reflects those values.” Other client concerns are whether a jurisdiction has a fair legal system, a history o......

...d. Members of the Bahamian delegation included Hope Strachan , Minister of Financial Services, Ministry of Financial Services, and Allyson Maynard Gibson, Minister of Legal Affairs and Attorney General. Photo caption: (from left) Kenrah Newry, Assistant Director of Legal Affairs, Office of the Attorney General; Marco Rolle, Permanent Secretary, Office of the Attorney General; Radhanath Housden, Head of Automatic Exchange of Information Unit for th......

Minister of Financial Services Hope Strachan has named the recipient of this year’s Minister’s Award, a recognition given to an individual deemed to have made outstanding contributions to the financial services sector. The 2015 recipient is Donna Nguyen-Comito (pictured, top) of the Bahamas Financial Services Board . Minister Strachan (left) said she was delighted to recognize the accomplishments of an individual who has devoted so much of her pr......

...recognizes that the success of The Bahamas is linked to the success of the financial services sector and the professionals who work within it. “The Bahamas’ greatest asset is its people. People are vital to the success of financial services.” She pointed out that expertise, efficiency and excellence will distinguish The Bahamas in a newly competitive global industry. “I am filled with national pride as I congratulate all nominees and their familie......

...s related to food safety and animal health. Minister of Financial Services Ryan Pinder noted that with access to 150 countries, The Bahamas stands to benefit “tremendously” from WTO membership. “Our geographic position makes The Bahamas a launching pad to some of the largest nations and strongest emerging economies in the world,” he said. “Securing market access will strengthen our ability to attract investors and ultimately diversify our economy.......

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 client......

...o the development of all aspects of the financial services industry,” adds Ryan Pinder , Minister of Financial Services. “We view the commodity trading business as another important component of our ever evolving financial services offerings and we will work very closely with those companies that have an interest in establishing operations in The Bahamas.” The Bahamas’ growing maritime sector revolving around ship registry services and shipping co......

...o his strategy. Charged with spearheading the financial services sector is Ryan Pinder. A tax lawyer, with a media-savvy approach to promotion, the new Minister of Financial Services believes the Ministry’s actions “can go a long way in redefining the economic model and development of this country,” adding: “We believe that we can provide the future of economic expansion in The Bahamas.” A major part of that expansion involves investment–be it for......

...help develop multilateral global mechanisms for the governance of offshore financial services, warning that high-powered States were trying to force their will on smaller nations like his own and cut off their livelihood. “We see this same dynamic at work in the ongoing economic aggression of many of the more developed countries against small offshore financial service-based economies, especially in the Caribbean region of which The Bahamas is a p......

...also issued AML/CFT guidelines that address customer due diligence issues for financial institutions. Know your customer “The Bahamas’ AML/CFT framework requires financial institutions that are licensed or registered in the jurisdiction to conduct due diligence on their customers and to have in place adequate know-your-customer (KYC) policies and procedures,” says Craigg. “For example, licensees of the Central Bank are required to apply their cus......

...win for the country that cements its position as the leader in the region for financial services. “It would also assist in increasing trade between China and The Bahamas and indeed the region by enabling China-Bahamas trade to be denominated in Chinese RMB and Bahamian dollars, rather than the current practice of using US dollars as the intermediate currency.” She said that the potential benefits of this development include: • Currency exchange s......

...the activities of other financial bodies and services. The resolve of the financial services authority of The Bahamas in bringing about regulatory change in 2000 has enhanced the country’s position as a reputable player in the international banking field. The Bahamas’ banking practices and standards, regulation and supervisory controls are now on par with that of the global banking community. While the OECD’s investigation did result in placing i......

...nother key component of the sector’s promotional machinery is the Ministry for Financial Services, which regularly carries The Bahamas Investor magazine with it when it attends international conferences and holds meetings and events overseas. “This is an extremely important sector of our economy. It is a dynamic, vibrant industry that requires a lot of attention. In financial services, as in law, you are required to make decisions quickly and with......