The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister yesterday underscored the Government's commitment to maintaining The Bahamas as a "clean, compliant and transparent" financial services centre.

Brent Symonette, minister of financial services, trade and industry and Immigration, said this was all part of The Bahamas' "value proposition" as an international financial centre (IFC) during opening remarks to the Higgs & Johnson law firm's seminar.

He said if the sector. "It employs the majority of our middle class and accounts for approximately 17 percent of our GDP. The Government is committed to maintaining the jurisdiction as clean, compliant and transparent in implementing and complying with international regulatory standards, and ensuring that our national expectations are no less."

Mr Symonette added that The Bahamas "stands out" as an IFC, being one of the few truly independent and sovereign territories operating as such. "We believe our value is in delivering superior service to high net worth clients; structuring and tailoring our financial services products to meet their needs; a long history of providing expertise and innovative ideas in the area of trust and private banking, capital markets and, most recently, family office business; a common law judicial system; flexibility in streamlining processes, technology and infrastructure to ensure that setting up and transacting business is more efficient; and a large cadre of professional, educated and skilled workers ensuring continuity of service," he said.

The minister said the Government is concentrating on legislating and managing the risks posed by FinTech (financial technology), while also harnessing its benefits, and legislating, regulating and defending against systemic cyber risk and cryptocurrency inclusion in the capital markets.

"We are currently drafting legislation in both of these areas," he added. "The Bahamas will continue to enhance and build upon our strengths in financial services. We are committed to adapting to changes that will improve the way we do business, and to enhancing the experience of the products and services we offer you in The Bahamas."