The Tribune

RIO DE JANEIRO – Bahamas Minister of Financial Services Ryan Pinder said these are exciting times in international business and his government could not be more excited about working with the people and businesses of Brazil.

Mr Pinder is in that country for the Bahamas Financial Services Board’s “Bahamas Landfall” event.

He said: “We see the relationship between Brazil and the Bahamas to be one of friendship, one where we can do business together.

“In fact, many of you might not know, but Brazil is the only Latin American country that has a resident embassy in the Bahamas,”

“We look to continue and further develop our business partnership, to promote natural synergies, and to develop business internationally.”

Mr Pinder said the Christie administration has renewed its “singular commitment” to the financial services industry by re-creating the Ministry of Financial Services.

“A mandate of the Ministry of Financial Services is to promote the financial services industry of the Bahamas, create new financial products and seek out new linkages and opportunities to work with international partners, such as Brazil,” Mr Pinder said.

He said over its many decades as an international financial centre, the Bahamas has demonstrated that it is a jurisdiction with a highly-skilled workforce and a long history of integrity.

Mr Pinder said the Bahamas remains committed to the philosophy of confidentiality and looks to work hand in hand with the its regulators to ensure it is a jurisdiction that is sensitive to the concerns of the private sector.

“We are a global business hub; we are the gateway to the Americas, acting as a natural partner for international business,” he said.

“Being a sovereign country not only allows us to make independent decisions and laws, but it also allows us, as a country, to legislate and create policy for the further advancement of international business.

“The Bahamas has been a nimble country, being able to quickly react to the changing financial services environment, reacting to the ever-changing international business climate.”

An example of this, he said, was the creation and implementation of SMART fund 7 by the current government.

“SMART fund 7 was created with the goal to be a ‘product for Brazil’, a product that is strikingly similar to the super qualified investment fund here in Brazil,” Mr Pinder said. “This new product has been authorised and brought into force, before coming to this meeting.

“The ability for the Bahamas financial services industry to demonstrate its creativity, and the regulators and government to work with private sector to bring SMART fund 7 into force in a timely fashion, demonstrates the business friendly environment of the Bahamas.”