The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedi.net

THE Bahamas will fight against "discrimination" if higher financial regulatory standards are imposed on it compared to other countries, the Attorney General has vowed.

Carl Bethel QC, addressing the Association of International Banks and Trust Companies' (AIBT) Nassau Conference, said the Government is "hammering out" laws to meet European Union (EU) demands on so-called ring fencing and substantial economic presence.

He emphasised that The Bahamas intends to fully comply with globally-accepted standards "in tandem with our competitors both on and offshore", adding: "The safest and most sure foundation for future growth in financial services is to ensure a level playing field, and to ensure there aren't preferential or different regimes that are permitted to be enjoyed contrary to the international consensus. If the playing field is to be levelled, it must be levelled for all."

Mr Bethel continued: "The Bahamas is not seeking any special or differential treatment, but does not wish to suffer any discrimination in the process. If we determine there is plausible evidence that a higher standard is imposed on The Bahamas than on other countries, we will defend ourselves against any discrimination.

"We operate on the basic assumption that all standards are intended to be of universal application. We have engaged and given our good faith commitment on this basis."

Brent Symonette, minister of financial services, trade and industry and Immigration, told conference attendees: "We have to continue to portray The Bahamas as compliant jurisdiction above many of the rest around the world. We can't be put in the same group as some of our brothers and sisters and be brought down to a lower level."

He added that the Bahamas Investment Authority will be revamped to make it more "user friendly, market and investor driven".

"While in Mexico, my team and I discussed with a number of clients down there the whole question of a permanent resident tax certificate. We hope to roll that out in a month or so," Mr Symonette said.