The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE DNA’s former leader says The Bahamas must “come to grips” with the fact that its efforts to comply with global financial services regulatory demands will “never be enough”.

Urging this country to pursue economic diversification and the development of new industries, Branville MrCartney said: “We have to come to grips with the fact that the powers that be do not want us in financial services. They don’t have our best interest at heart, and we need to recognise that.

“Successive administrations have done what is necessary to try and comply with the ever-changing rules and requirements. I must admit that both have done, and continue to do, what is best. We have done everything asked of us but we have to realise that the powers that be don’t want us in this space.”

Mr McCartney was responding after Carl Bethel QC, the attorney general, last week urged the Bahamian financial services industry to “do what you have to do” over the summer to ensure this nation swiftly escapes the Financial Action Task Force’s (FATF) monitoring list of nations with deficiencies in their anti-financial crime defences.

“Sure, we need to do what is necessary to maintain our status as an offshore financial centre,” Mr McCartney added. “However, looking down the road, these entities are going to try and wipe us out. What do you do? You have to look at other industries.

“At the end of the day we won’t be able to fight the powers that be. They are stronger and will get their way. I understand the good attorney general making overtures. We have complied over the years, but everything we do will not be good enough. They will find some rules or regulation. The goal post will continue to move. We can play their game but we have to look at other industries because we won’t be able to rely on financial services much longer.”

Mr McCartney again identified a national lottery and medical marijuana, would he said could evolve into a $1bn industry, as economic diversification opportunities that The Bahamas needed to target.