The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Prime Minister has authorised the formation of a nine-member Arbitration Council as a first step in developing this nation as a major dispute resolution hub, a Cabinet Minister saying yesterday: “We want to be the arbitration gateway to Latin and North America”.

Speaking at an arbitration and investment forum organised by UBS (Bahamas), Ryan Pinder, minister of financial services, said he had received the Prime Minister’s go-ahead to proceed with the Council’s creation.

“We are in the process of creating an Arbitration Council,” he confirmed.

“I had a meeting with some of the principals in that this week. The Prime Minister has given me authorisation to proceed and expedite the process. We will have a Bahamas Maritime Authority representative on the council, a Grand Bahama Port Authority representative on the council, and a member of the Bahamas Financial Services Board on the council as we lay out our strategy on how we would make it the best and most successful arbitration centre, and how do we go out and attract disputes.”

Mr Pinder added: “We need to get ahead of our competitors in the region, and need to be known as an international arbitration centre in this region.

“We want to be the arbitration gateway to Latin America and North America, and have an industry focus where we are dominant. No one can challenge our expertise and dominance in financial services, maritime with our ship registries, and hopefully in very short order no one can challenge our dominance in trade.”

Mr Pinder said the Bahamas’ achievement of IOSCO ‘A’ status allows the country to have significant market penetration in Latin America, but added that he would move forward with a North American focus as well.

“Certainly, IOSCO A allows us to have a market penetration in Latin America that we didn’t always have,” the Minister said.

“We will leverage attempts to raise our profile in countries like Brazil and Panama. IOSCO A allows us an unimpeded access to developing those markets.

“I am charging ahead with a North American geographic focus. The asset protection market in the United States is severely underserved right now because many foreign banks would not bank the assets of US clients. Generally, these are tax compliant clients who are looking for jurisdictions to develop wealth management, estate planning, asset protection strategies for themselves.”