The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas “has never been more well placed” to become “a dominant jurisdiction” in financial services, a Cabinet minister yesterday suggesting this nation needed to “integrate” its international co-operation regime.

Addressing a Bahamas Association of Compliance Officers (BACO) conference, Ryan Pinder, minister of financial services, said: “You might be surprised that I believe the Bahamas has never been more well-placed to not only sustain itself in financial services, but to grow and once again be a dominant jurisdiction in international financial and business services in the world.”

Calling on the industry to “be nimble” and respond to the changed regulatory landscape and business models, Mr Pinder said the Bahamas was already “distancing ourselves from the perception as a jurisdiction of tax cheats and a place to hide wealth”.

Suggesting that the financial services sector could play a key role in the Bahamas’ industrial and trade development, Mr Pinder said this nation needed to position itself as an international business jurisdiction.

“We are a global business hub, we are positioned to be the gateway to the Americas,” Mr Pinder said.

“We should work to be known as an International Business Centre To accomplish this, we require an expanded commercial financial services industry and significant economic policy reform.”

Suggesting that the Bahamas could be a commercial banking hub for the Caribbean, Mr Pinder added: “Within the Government, we believe that the expansion in the financial services sector is coordinated with industry linkage.

“The Bahamas can be a dominant trade hub.

“As a result, many sectors of financial services can be attracted and developed to support the new arm of the economy in international trade and industrial development, such as international shipping insurance, commercial banking, investment banking, short term loans that need to be facilitate commercial transaction internationally.”

Elsewhere, Mr PInder said there was a need for the industry “to integrate the compliance requirements that are imposed by international obligations” such as Tax Information Exchange Agreements (TIEAs), FATCA, and the Financial Action Task Force (FATF) best practice recommendations and local initiatives.