The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Collaboration with domestic and international regulators is “critical” if this nation is to grow its financial services industry and preserve Bahamian jobs, a Cabinet Minister has asserted.

Brent Symonette, minister of financial services, trade and industry and Immigration, said during his 2019/2020 Budget debate contribution that the term “offshore” still conjured up negative images about international financial centres (IFCs) such as The Bahamas.

“Unfortunately, the word still sometimes casts a shadow on the continuing success and tremendous growth of legitimate business in private banking and wealth management, particularly in well-regulated jurisdictions like The Bahamas,” he added.

“This jurisdiction has been, and remains, unwelcoming to those who attempt to engage in questionable, nefarious activities and financial crimes. It is the Government’s belief that given the importance of the sector to our economy, it is imperative that we articulate our legitimacy as a responsible, well resourced, compliant international financial centre focused on real international business; a centre committed to the highest possible standards of service delivery, transparency and co-operation.

“This administration is committed to maintaining the integrity of the financial services sector, and remains committed to ensuring full transparency with our international obligations while balancing the need for safety and confidentiality to our clients. This is the message we seek to articulate to our customers and international partners in the promotional tours we embark upon.”

Mr Symonette said that in recent years The Bahamas has been ‘blacklisted” by the European Union (EU), while the Organisation for Economic Co-Operation and Development (OECD) has used similar threats “as a stick over our heads”.

“We therefore understand the importance of monitoring market developments in order to enable us to forecast future developments, and market changes that might affect the sector,” he added.

“In response we strive to develop new products for our clients, revise policies, create and amend legislation - all in an effort to remain current within the ever-changing global environment. The Minnis-led administration remains committed to a tax neutral platform; that is, an environment in which profits and gains arising here are not taxed, but where tax liabilities in other jurisdictions are not reduced.”

Mr Symonette said The Bahamas has been proactive in complying with international regulatory initiatives designed to combat the avoidance or evasion of taxes, money laundering, terrorist financing and the illicit use of our financial system.

“We will not allow our financial services sector to be compromised,” he pledged. “We remain committed to ensuring that The Bahamas continues to be a transparent, clean and compliant jurisdiction.

“We have demonstrated our commitment to respond to these international regulatory initiatives developed by the OECD, EU and the FATF. We allocated human and monetary resources to ensure the enactment of the necessary legislation, the implementation of the policies and processes, and the enforcement of these actions.”