The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas' financial services industry must shake the 'offshore' label, the Bahamas Financial Services Board's (BFSB) chairman has urged.

Antoinette Russell, while addressing the International Business and Finance Summit (IBFS), said: "As we hit the reset button, practitioners and regulators alike must move away from describing our financial sector as "offshore".

"The reality is that our business model is far better described as international. The Bahamas is an international financial and business centre, not only due to the vast nature of globally integrated business conducted here, but also the presence of many multinational institutions that have established a strong presence in the Bahamas.

"Therefore, we must first remove 'offshore' from our lexicon, which is justified, in light of the preponderance of exchange of information agreements, before and after CRS, and the Bahamas' commitment to these initiatives including BEPS. Once we acknowledge how far we have come then we can focus on the way forward."

Ms Russell added: "In a post-CRS world, the term 'offshore' no longer carries the same meaning as it once did, so continuing to use it does not convey what our jurisdiction should be projecting. International is what we are. We provide a variety of financial services to a geographically diverse clientele.

"The Bahamas is an independent nation with an international profile. The term 'offshore' is, unfortunately, often used interchangeably with tax haven, something we are certainly not. Offshore has an adverse connotation, which the Bahamas has undoubtedly moved beyond.

"Therefore, we must tell our story."

Ms Russell said BFSB was committed to being an advocate for industry while also "creating international awareness and appreciation for the attributes which make us the premier destination of choice for those who utilise international financial services".