The Tribune

The Bahamas has hosted a New York breakfast briefing on how international financial centres (IFCs) can be used to grow and maintain private family wealth.

The Bahamas Financial Services Board (BFSB) teamed with the Ministry of Financial Services to hold the event on Thursday, September 26, in collaboration with Clearview Financial Media Group. The briefing, under the theme Leveraging IFC’s for Family Wealth, was held at the Century Association, a private club in New York.

Elsworth Johnson, the minister of financial services, trade and industry and immigration, said: “For international wealth planners, there is no doubt that IFCs will continue to have crucial and relevant roles in the delivery of wealth planning, mobilising financing, fund structuring and tax neutrality for both private investors and public–private co-financing to name a few.

“We believe The Bahamas brand as the ‘Clear Choice’ for financial professionals who deliver products and services around the world is a must for you to consider in your wealth planning objectives and financial structuring.”

Andrew Morriss, dean of the school of innovation and vice-president for entrepreneurship and economic development at Texas A&M University, spoke to the importance of IFCs in the global economy.

In his keynote address he placed the provision of international financial services by The Bahamas in historical context, while emphasising the continued legitimacy and relevance of jurisdictions such as this nation to the global economy as individuals and entities seek to diversify risk.

Tanya McCartney, the BFSB’s chief executive and executive director, used the opportunity to emphasise that The Bahamas is open for business. She explained that despite Hurricane Dorian’s impact on both Grand Bahama and Abaco, the financial services sector’s main base in Nassau is is fully functioning.

Ms McCartney also advised attendees that The Bahamas has taken all steps necessary to ensure it is compliant with the various international initiatives over the past year.

A panel of Bahamian practitioners and regulators set out The Bahamas’ “Value Proposition” and supervisory regime, together with the country’s commitment to maintaining international standards of best practice and compliance.

Michelle Neville-Clarke, partner at Lennox Paton; Linda Beidler D’Aguilar, partner at Glinton, Sweeting & O’Brien; Sarah Packington, partner at Graham Thompson; and Christina Rolle, the Securities Commission’s executive director, led the panel talks.

They spoke to the business and operating environment in The Bahamas, and what sets it apart from other jurisdictions. Themes discussed included family offices, private wealth management, investment funds, Fintech, asset management and the policy and regulatory environment.

Stephen Harris, chief executive of ClearView Financial Media, facilitated the discussion.