The Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

THE Senate yesterday passed a package of amendments designed to strengthen the financial services industry.

However, during the Senate session, the Progressive Liberal Party (PLP) voiced displeasure with Prime Minister Dr Hubert Minnis’ earlier criticism of the Christie administration’s handling of the financial services sector.

Proceedings in the upper chamber were suspended for roughly five minutes as the governing side granted Leader of Opposition Business in the Senate Fred Mitchell an opportunity to “check with my principles to be sure that we are still on the same page with regard with” going along with the government’s agenda.

Dr Minnis on Wednesday blamed the former Christie administration’s “lacklustre and late-again approach” for The Bahamas’ financial services industry’s near-blacklisting by the European Union. His statement came hours before the House of Assembly passed three pieces of legislation allowing the country to meet international standards.

The government passed the Automatic Exchange of Financial Account Information Amendment Bill, the Automatic Exchange of Financial Account Information Amendment Regulations and the International Tax Cooperation (Amendment) Bill - a package of legislation the government has presented to enhance the legal framework to allow for the automatic exchange of financial account information by September 2018 and to prevent The Bahamas from being placed on the European Unit’s list of non-cooperative jurisdictions for tax purposes (blacklisted).

Ahead of debate and passage in the House of Assembly of Wednesday, Dr Minnis in a statement said while the industry had been under threat for some time, the Free National Movement, once it took office in May, found a sector in deeper trouble than anticipated because of the PLP’s negligence.

In response yesterday, Mr Mitchell said he was asked to “amplify” the Official Opposition’s “concerns” with Dr Minnis’ remarks, adding his comments misrepresented the true actions of the PLP.

“We have no desire to delay the government’s work and the (Senate) leader appealed to my patriotism this morning; and that is a strong pull. But as I indicated to him this morning, there was a statement that was issued overnight by the honourable prime minister which has changed, somewhat, the landscape; which has attacked this side for delaying this process,” Mr Mitchell told the Senate.

“Yes, and the state of the financial sector. This has caused some discomfort on our side and I had received a late text just before this meeting, and I what I ask the leader of the government (side) is before I proceed, I would like to have five minutes to check with my principles to be sure that we are still on the same page with regard to this. And if you can accommodate that, then we will return with our answer.”

In response, Leader of Government Business in the Senate Carl Bethel stated: “I am more than happy to do so. We did start a little late and I thought that would have been enough, but I know how communications can be and I know how things can be when they are what they are.”

He added: “With that comment in mind, this side is prepared to ask that the honourable Senate to suspend for ten minutes to allow proper consultation by members opposite.”

Once the proceedings resumed, Mr Mitchell told the Senate: “This was supposed to be one of these sets of bills that really should have been just given on the nod without any form of debate at all.”

He later stated, however: “When we were speaking about this in the caucus I thought that given the subject matter, there should have been some discussion.”

Following a nearly 25-minute presentation on the matter, Mr Mitchell announced the Official Opposition would back the amendments and support the government’s actions in this regard.

The bills were then read for the second time and committed in the Senate.

Additionally, The Proceeds of Crime Bill 2017, The Financial Transaction Reporting Bill amendment and The Travelers’ Currency Declaration Act amendment were read for the first time.