The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

Prime Minister Philip Davis said although the country will “always comply” with international tax regimes, the nation will continue to advocate for fair treatment.

Speaking in Parliament yesterday, Mr Davis said the amendments to the Automatic Exchange of Financial Account Information Bill will ensure the country’s continued adherence to the Organisation for Economic Co-operation and Development (OECD) reporting standards.

“The Automatic Exchange of Financial Account Information (Amendment) Bill 2025 further strengthens our legislative framework in keeping with the OECD’s Common Reporting Standards,” said Mr Davis.

“We continue to adhere to the highest standards as we coordinate with nations across the world to combat tax evasion and increase transparency in the financial services sector.”

He said although the country will be complaint with international requirements his administration will continue to advocate against the “unfair” treatment of the OECD.

“Let me be clear, however, that our compliance with regulatory demands is accompanied by robust advocacy for our country. It is well known that global standards for financial transparency have not always been administered fairly. Not all countries play by the same rules. Some countries end up on blacklists and graylists while others seem to escape that fate, despite the same or inferior compliance records,” said Mr Davis.

“So, today, as we debate a Bill to meet the OECD’s Common Reporting Standards, we are demonstrating that we can comply – and will comply – but compliance is not the same thing as accepting business as usual.”

Mr Davis said the amendments will also ensure that the country avoids being blacklisted by the European Union and demonstrates our willingness to collaborate with other jurisdictions to “promote transparency and eliminate tax evasion”.

“We are cognizant of the fact that The Bahamas’ financial services regime, together with its OECD initiatives, falls under the watchful eyes of the European Union. With these amendments, we are taking proactive steps to avoid being placed on the European Union’s list of non co-operative Jurisdictions for CRS-AEOI purposes in 2026,” said Mr Davis.

“The Bill before us today introduces relatively straightforward but important changes to the principal Automatic Exchange of Financial Account Information Act, bringing us in compliance with international standards and demonstrating our willingness to work together with other jurisdictions to promote transparency and eliminate tax evasion.”

He said it is of the “utmost importance” that our financial services industry is deemed complaint by the OECD and the EU and the legislation demonstrates how seriously the country takes transparency, compliance and anti- tax evasion.

“It is of the utmost importance for our financial services industry to ensure that, as our framework is reviewed by the OECD for effectiveness, we are assessed as compliant with CRS-AEOI standards,” said Mr Davis.

“Through the Automatic Exchange of Financial Account Information Amendment Bill 2025, we are signalling to the world, yet again, how seriously we take our commitment to transparency, compliance, and developing the strongest AML-CTF-CPF and anti-tax evasion framework in the world. And we are signalling to investors and those in need of wealth management services that we continue to be a safe harbour for their financial services needs.”