The Tribune

The Bahamas Financial Services Board (BFSB) held briefings in Brazil last week letting the Latin American market know that "The Bahamas is still open for business".

Minister for Financial Services, Trade and Industry and Immigration Elsworth Johnson told attendees: "We are investing in human capital through the education, training and retraining of our professional workforce to protect the future of financial services. We are committed to supporting industry in the development of new products and services to meet client needs."

The trip, held between October 14 and 17 in Sao Paulo, saw Minister Johnson reaffirm the long-standing relationship with Latin America and Brazil in particular.

Mr Johnson said: "We are of the view that global regulation and international initiatives, whilst on the face if appear to be onerous can create opportunities. To embrace these opportunities we, as a government have begun by initiating the advancement of structural and technological infrastructure to spur and sustain growth, greater innovation, entrepreneurship and future infrastructural development. We have commenced a major digitisation effort in The Bahamas."

Mr Johnson was accompanied by BFSB chief executive officer Tanya McCartney, who said: "We saw this as an opportune time to restate The Bahamas' value proposition and to outline the legitimate role that international financial centres such as ours play in the global economy. Leveraging our location, expertise and commitment to innovation we have what is required to meet the needs of the Latin American market."

The BFSB also arranged meetings between the Minister and BFSB member firms and other advisory firms with a presence in Brazil. BFSB also sponsored the Society of Trust and Estate Practitioners (STEP) LATAM conference, which was well attended, with over four hundred registered delegates.