The Tribune

Bahamas Landfall: London has celebrated the country’s 40 years of independence, emphasising its security as a financial services jurisdiction to more than 100 intermediaries and Friends of the Bahamas..

The Bahamas Financial Services Board’s (BFSB) Landfall-branded events act as vehicles to update intermediaries about new developments in the Bahamas, and also allow the industry to reinforce its brand message as a gateway for wealth and asset management to the Americas and beyond.

The London Landfall followed closely behind the Brazil Landfall and briefing meetings in Mexico in May. The event was hosted on Monday, June 17, at the Mandarin Oriental in Hyde Park.

Upcoming events are planned for Canada, Miami and New York.

Aliya Allen, BFSB’s chief executuive and executive director, said at the London event: “Several words should immediately spring to mind when you think about the Bahamas: Mature, progressive, innovative and client-centric. If those words don’t spring to mind now, they will after tonight.”

Ms Allen detailed the Bahamas’ long history, service offering, the deep and well-diversified infrastructure, both physical and institutional, and its pool of talented professionals.

As the world’s attention focused on the G-8 summit being held in Northern Ireland on the same day, Ms Allen and Nicola Virgil-Rolle, director of financial services in the Ministry of Financial Services, both spoke about the Bahamas’ strong commitment to information exchange, as evidenced by its TIEA commitments.

They both stressed, however, the need for the G-8 to examine its own practices to ensure that all countries without exception were subject to the same rigorous anti-money laundering (AML) standards that countries such as the Bahamas employ.

Ms Virgil-Rolle said that in its ongoing relationship building with the international community, “the Government will make a very strong case for our continued existence as a reputable financial centre”.

The audience was given a technical briefing on the Bahamas’ wealth management services and capabilities. This was led by Nadia Fountain of sponsor firm, Higgs & Johnson, who provided practical applications for private trust companies (PTCs), foundations and the executive entity - all of which are part of the Bahamas’ “toolkit” for wealth management planning.

In addition to Ms Virgil-Rolle, Ms Allen and the BFSB’s marketing officer, Janelle Sands, the Bahamian contingent included several cooperating sponsors.

Julius Baer was represented by chief executive Patrick Feuz, Tiffany Jones and Nicolaus Good; Higgs & Johnson was represented by Nadia Fountain; Scotiatrust; RBC Wealth Management was represented by Jeremy Proffitt; ATC Trustees represented by chief executive and BFSB chairman, Paul Winder; the Bahamas Maritime Authority was represented by executive director, Commodore Davy Rolle; Dupuch Publications was represented by Steve Cotterill; the Grand Bahama Port Authority; the Ministry of Financial Services, represented by the director, Nicola Virgil-Rolle, and project officer, Charice Rolle.

Also in attendance were Linda Beidler-D’Aguilar of Graham Thompson & Co, who briefed the audience on the new Smart fund 007 and asset management in the Bahamas; and Bryan Glinton, of Glinton Sweeting O’Brien, who detailed the attractive business, investment and lifestyle options in the Bahamas.

The evening also showcased Bahamian culture, with a small Junkanoo contingent fully attired in colourful costumes provided by Junk-a-noo Bahamas and directed by Michael Kirby. The BFSB also welcomef the presence of High Commissioner, Eldred Bethel and Lady Bethel, as well as their first secretary, Frank Davis.

“London’s prominence as a financial centre and a hub for structuring has been challenged but not diminished,” said Ms Allen.

“It will remain an important centre for the Bahamas for years to come, and the relationships we build and sustain there are critical for ensuring that the Bahamas remains competitive.”