The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas is in the “advanced stages” of taking the necessary steps to become a member state of the Permanent Court of Arbitration, a Cabinet Minister yesterday suggesting this will boost its arbitration centre ambitions.

Hope Strachan, minister of financial services, said the Bahamas must move fast to establish itself as an international centre for arbitration, with her Ministry already taking steps to boost the country’s profile in the international arbitral community.

Mrs Strachan said: “We are also undertaking steps for the Bahamas to become a host country for Permanent Court of Arbitration hearings based in the region, as seen in Mauritius.

“We are not only serious but we are moving ahead full speed to try and accomplish what we set out to do in as short a timeframe as possible. This would boost the Bahamas’ profile in the international arbitral community.”

She added that the Bahamas also needed “to enact the United Nations Commission on International Trade Law – UNCITRAL Model Law on International Commercial Arbitration.

“This will enable the Bahamas to harmonise its international commercial arbitration regime with other countries and different legal and economic systems.”

Mrs Strachan continued: “The Ministry of Financial Services is determined to make considerable efforts to enhance a conducive environment for financial services and investments.

“However, in order for The Bahamas financial centre to grow and sustain a reputable position in an intensely competitive environment, effective steps must be taken to embrace the liberalisation of the legal profession in the Bahamas.”

Mrs Strachan said such liberalisation was “a journey and not an overnight process”.

“We must look to the future whereby the Bahamas will become a jurisdiction that will provide legal and arbitration services to the region. We have a phenomenal amount of opportunities at our door step,” she added.