Bahamas News

BAHAMAS: AG Bethel addresses financial services industry officials on Register of Beneficial Ownership Bill

Published

6 years ago

May 23, 2018

#Bahamas, May 23, 2018 – Nassau – The recent introduction of the Register of Beneficial Ownership Bill, 2018 in the House of Assembly, provided the Government of The Bahamas with an opportunity to take a proactive stance against certain global initiatives the country is currently facing with regards to the financial services industry.

And also signaled “the urgency for the Administration to have a meaningful consultation on this issue” with members of the local industry.

Tabled in the House of Assembly on Wednesday, April 25 (2018) by Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, the Bill — in a nutshell — seeks to provide for the Competent Authority to establish and maintain an electronic database of beneficial ownership details for all corporate and legal entities registered in The Bahamas.

It further seeks to permit search of the database of every corporate and legal entity registered or resident in The Bahamas by a designated person upon the request of a specified authority designated in the Bill.

“It is not set in stone. The Bill that we tabled is there for your review. It is there for your input and we will determine whether to proceed with the Bill, to amend the Bill, to shelve the Bill (or) to come with some other structure or arrangement,” Attorney-General and Minister of Legal Affairs, Senator the Hon. Carl W. Bethel, QC, told industry insiders and regulators.

“But at the end of the day, the message that I have to say is that we cannot only look at one of the several initiatives and feel that if we satisfy them, it’s going to satisfy all. These are interrelated and coordinated initiatives being orchestrated through various organs in the European Union particularly, and they must all be addressed simultaneously and comprehensively and not believing we can bunker into one and satisfy that and that that is going to satisfy the rest,” Attorney-General Bethel added.

Addressing a recent Industry Development Series on International Initiatives Impacting Financial Services hosted by The Bahamas Financial Services Board (BFSB) in collaboration with Graham Thompson during which he provided a legislative overview of the Bill, Attorney-General Bethel said the issue of Beneficial Ownership, while not directly tied to the BEPS Initiative (Base Erosion Profit Sharing) is directly tied to the Financial Action Task Force’s (FATF) position.

Base Erosion and Profit Shifting (BEPS) refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS.

Senator Bethel said there is a “resonance between the two.”

“I speak about the ‘Concert of Europe,’ which was a historical relationship, and event maybe 200 years ago. It is the same concert now in terms of coordination between powers, coordination of initiatives, coordination of the whole strategy.

“It’s one picture, one initiative, but in different forms (and) so even though BEPS isn’t obviously concerned with beneficial ownership, if you read the criteria notes, it starts off by saying that this is aimed and targeted at opaque offshore structures.

“So what causes (those structures) to be opaque? Lack of accessible beneficial ownership information; lack of information as to how this company in The Bahamas relates to that company in the Cayman Islands, relates to that company in Switzerland because the structural relationship between these entities all around the globe, is opaque and it is through the initiatives of beneficial ownership that they seek to clarify that opaqueness for their purposes.

“And so even though beneficial ownership regimes are becoming a greater focus of the FATF, we can’t only believe that it is only the FATF that requires clarity as to beneficial ownership and accessibility to beneficial ownership information.”

Mr. Bethel said the initiatives began as early as 2014 when the G20 endorsed the international importance of financial transparency, particularly transparency of beneficial ownership, legal persons and legal arrangements to prevent the misuse of corporate entities.

Subsequently, Finance Ministers and Central Bank Governors requested that the G20 Anti-Corruption Working Group provide concrete actions the G20 would take in order to lead by example with respect of beneficial ownership transparency and the implementation of the relevant Financial Action Task Force standards.

“And so once again, it’s a host of different organizations in a sense, fulfilling each other’s prophecies.”

Attorney-General Bethel said The Bahamas, like many of its regional and global counterparts, is engaged in a titanic struggle to reposition a major part of their economies and to grapple with the ever changing and the ever-increasing demands of the world.

“This is a struggle that affects not only The Bahamas, but every country in this region and indeed every financial centre in the world,” the Attorney-General said. “I had reason at an earlier briefing to point to the travails similar to ours affecting a major centre known as Luxembourg and it’s not just us, and [so] I suppose we can take some small comfort in that.”

By: Matt Maura (BIS)

Bahamas News

Sister Province/Island Relationship Agreement Signed between Grand Bahama Island and Hunan Province

Published

6 hours ago

April 25, 2024

Deandrea Hamilton

By LLONELLA GILBERT
Bahamas Information Services

NASSAU, The Bahamas — A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province.

The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024. The Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama represented The Bahamas at the signing.

His Excellency Mao Weiming, Governor of Hunan Provincial People’s Government; Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; and Yang Peiran, Interpreter represented the People’s Republic of China.

Minister Moxey explained that in February 2022, she and the former Chinese Ambassador to The Bahamas, Her Excellency Dai Qingli began discussion on the establishment of a province-island relationship between Hunan Province and Grand Bahama Island because of their “immense synergy”.

“Hunan has a vibrant creative industry and its capital city, Changsha is known as the entertainment capital of China, whilst Grand Bahama is poised to become the home of entertainment in ‘Our Bluepoint for Change’.”

She said Hunan Province boasts 11 industrial sectors and Grand Bahama is the industrial capital of The Bahamas. Further, innovation driven development has been a new driving force for Hunan, while Grand Bahama is poised to become the home of innovation for The Bahamas.

Minister Moxey said she is confident that an exchange of knowledge, ideas and culture will happen between the residents of Hunan Province and Grand Bahama.

“There is potential for robust trade in various sectors, opportunities for tourism promotion and intercultural appreciation, exchanges to support performing arts programs on our island, foster growth within the Orange Economy, and tap into China’s innovation, technology and vast expertise.”

She said that the formal signing aligns with the mission of Sister Cities International, which is to promote peace through mutual respect, understanding and cooperation, one community at a time.

The Minister said, “Through collaborative programs and initiatives, this connection will support the government’s vision to diversity Grand Bahama’s economy to become the Home of Maritime and Logistics, Home of Events and Entertainment and Home of Innovation.”

She noted that in addition to signing the agreement, she looks forward to Grand Bahama residents benefitting from the signing of the Cooperation Memorandum of Understanding between Central South University and University of The Bahamas (UB), which will expand educational and technical cooperation between the two universities. The northern campus of UB is located in Grand Bahama.

His Excellency Mao Weiming said although geographically far apart, China and The Bahamas are friends with mutual respect and understanding as well as sincerity.

He explained that 27 years ago, both countries established diplomatic relations and China and The Bahamas have deepened their cooperation, strengthened their friendship and carried out many activities in the field of economy, trade and people-to-people exchange.

His Excellency recalled that in August 2022, he and Prime Minister and the Minister of Finance the Hon. Philip Davis had a video conference where they both reached a consensus to cooperate in order to usher a new chapter in the relationship between Hunan and The Bahamas.

“Today, we are here to sign a sister-to-sister relationship between Hunan and Grand Bahama. It is [a] concrete move to implement our consensus reached before and also to embark on a new journey of friendly exchanges.”

He added, “By establishing the relationship of sister cities, I believe the two sides will develop further in terms of economic and trade cooperation, people to people exchange, as well as friendship, and we will embrace new opportunities and deliver concrete benefits for the two peoples.”

He explained that Hunan, which is the home town of Chairman Mao, the founder of the People’s Republic of China, has developed very advanced industries of manufacturing, agriculture, education, culture as well as tourism.

His Excellency said he believes that Hunan and Grand Bahama enjoy very broad room for cooperation.

He said, “More efforts should be made to conduct cooperation in the fields of agriculture, tourism, culture, education and the film industry so as to realize a connectivity between our two sides in terms of logistics and the platform cooperation; so as to deliver concrete benefits for the people and to make our due contribution to the bilateral relationship between China and The Bahamas.”

PHOTO CAPTION

A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province. The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024. Shown from left: Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; Yang Peiran, Interpreter H.E. Mao Weiming, Governor of Hunan Provincial People’s Government; the Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama.

(BIS Photos/Anthon Thompson)

Bahamas News

Nassau Cruise Port Donates Nearly $2 Million Towards Food Security

Published

6 hours ago

April 25, 2024

Deandrea Hamilton

Nassau, Bahamas: The Nassau Cruise Port has donated $1.95 million towards projects that will assist the Ministry of Agriculture and Marine Resources in its aim to increase food security for The Bahamas.

The donation officially occurred at the Ministry’s offices recently, where Minister of Agriculture and Marine Resources Hon. Jomo Campbell, Minister of Labour Hon. Pia Glover-Rolle, Permanent Secretary Neil Campbell and Nassau Cruise Port CEO Mike Maura listened to a number of presentations including one for a poultry programme for schools, a chicken broiler production programme, the redevelopment of the Blue Hill Road Farmers Market and an Authentic Bahamian Cultural Concept Store,

Mr. Maura said he was impressed by the presentations.

“I had the privilege to listen to the presentations and review presentations that touched on food security and the need for us to be self-sufficient, which as a Bahamian I support completely. At the Nassau Cruise Port, we get excited about the prospects of offering more authentic food to the millions of visitors that we have each year,” he said.

“And then, in addition to that, we had presentations around the further development of our artisans, which is so important to us as well. The guests visiting our shores are looking for something that really touches The Bahamas and can’t be found somewhere else. The Nassau Cruise Port has made a pledge to BAIC and its affiliates. We will be supporting the projects that were presented and we can’t wait to get started.”

Minister Glover-Rolle, who is also the Member of Parliament for Golden Gates, hailed Nassau Cruise Port as a “great community partner.”

“Thank you for the opportunity to not only present but agreeing to participate. Our Minister of Agriculture has a goal of reducing food imports by 25 percent by the year 2025 and our project in the Golden Gates Community speaks to that,” she said.

“We have a number of backyard farmers, farmers and fishers in our community in Golden Gates. Being able to use the Blue Hill Road Farmers Market, which is going to be dubbed the ‘Fish Fry of the South,’ as a hub for food security but also a hub where artisans and handicraft persons can come and sell their wares is wonderful. So, we are happy that you have agreed to partner with us and we look forward to a partnership and we hope to welcome some of your visitors when this amazing renovation is done.”

Minister Campbell also lauded the Nassau Cruise Port for its efforts.

“I would like to say thank you to the presenters for the presentations that are several steps in the right direction for our country, to Mr. Maura and his board at the Nassau Cruise Port and I would like to say thanks to God for this partnership and bringing us all together as we move forward, upward, together in building a better, brighter, future for The Bahamas,” he said.

Bahamas News

Royal Caribbean Club in The Bahamas started after delays

Published

1 day ago

April 25, 2024

Shanieka

Rashaed Esson

Staff Writer

#TheBahamas#RoyalCaribbean, April 23, 2024- After being delayed following its announcement in 2020, Royal Caribbean’s new 17 acre Royal Beach Club on Paradise Island in Nassau, Bahamas, is now in the works and is scheduled to be ready for 2025, according to reports. A groundbreaking ceremony was held on Monday April 22, signifying the start of construction in the next few months. This project is huge for The Bahamas as it’s a first of kind for the nation, with a unique public private partnership allowing Bahamians to hold up to 49 percent in equity.