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Move to Automated Exchange of Information Causing Issues for Financial Services Practitioners

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Bahamas, September 18th, 2017 – Nassau – The DPM was Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said among the issues financial services practitioners are contending with is the move to automatic exchange of information, particularly for matters related to taxation in other jurisdictions.

The initial standard in this regard was the Exchange of Information on Request, espoused by the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, DPM Turnquest said at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Annual Briefing hosted by the Securities Commission of The Bahamas at the British Colonial Hilton, Thursday, September 14, 2017.

He said The Bahamas implemented a number of key legislative initiatives to ensure the legal and regulatory framework as well as supporting processes and procedures were in place to satisfy the Exchange of Information on Request standard.

“These involved, among other things, ensuring reliable accounting records were maintained and accessible, and that the beneficial owners of entities, structures and legal arrangements were identified and properly maintained.

“The legislative initiatives included the International Tax Cooperation Act, 2010, which facilitated the implementation of international tax agreements and tax information sharing under those agreements.   The Government also implemented a series of legislative amendments including amendments to the International Business Companies (IBC) Act, the Partnership Limited Liability Act and the Segregated Companies Act, amongst others, in 2011, and the IBC Accounting Records Order of 2016, to meet the information exchange standards.   After having undergone the Global Forum’s most recent review – the Phase 2 review, the jurisdiction is assessed as Largely Compliant.”

The DPM said the Foreign Account Tax Compliance Act or FATCA was adopted by the United States Congress in 2010, and of course, The Bahamas made the necessary legislative and procedural changes to meet the FATCA requirements.

He explained that by September 2014, the G20 and leaders of the Organisation for Economic Cooperation and Development had endorsed the Common Reporting Standard or CRS.

The CRS facilitates automatic exchange of account information, on a confidential basis with information from financial institutions being exchanged annually.   According to an OECD June 2017 report, some 101 jurisdictions had committed to implementing this newest standard on tax transparency and undertaking actual information exchanges by 2017 or 2018.

“You would be aware that the Government is committed to adopting the multilateral approach to sharing information under the CRS regime.   We simply cannot afford, nor do we wish to have, the reputation of being the ‘last tax haven standing’ as the Head of the OECD’s Global Forum Secretariat on Transparency and Exchange of Information for Tax Purposes, Monica Bhatia, referred to the jurisdiction prior to the Government’s commitment to the Multi-lateral approach.”

DPM Turnquest said, “We must protect our sector from the fallout of blacklisting, and we want to be singled out for markers such as excellence in service, being business friendly, and product innovation–not for being a place to hide or launder illicit funds of any kind.   Undoubtedly, this will impact reporting requirements and hence compliance costs in most, if not all, financial institutions.”

PressRelease: BIS

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Invest Turks and Caicos Islands Takes Platinum Sponsor Role at Premier Hotel Investment Summit  

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Turks and Caicos, May 23, 2026 – Invest Turks and Caicos Islands took center stage at one of the region’s most influential hospitality investment gatherings this spring, serving as a Platinum Sponsor at ALIS CALA 2026 in Coral Gables, Florida.

Held April 28 to 30 at the Loews Coral Gables Hotel, the conference brought together more than 600 tourism, hotel and investment leaders from over 35 countries focused on the future of hospitality investment in the Caribbean and Latin America.

ALIS CALA — short for the Americas Lodging Investment Summit Caribbean and Latin America — is widely regarded as the region’s premier deal-driven hospitality investment conference. The platform emerged from the merger of the long-running Caribbean Hotel & Resort Investment Summit (CHRIS) and Hotel Opportunities Latin America (HOLA), creating what organizers describe as a high-level space where investors, developers, lenders, hotel brands and government leaders connect around major regional projects and opportunities.

The event is known for attracting senior decision-makers, with roughly one in three delegates holding titles such as Chairman, CEO, President, Owner or Principal.

Invest Turks and Caicos said its participation focused heavily on showcasing investment opportunities across the territory, particularly in the Family Islands.

CEO Angela Musgrove delivered a presentation highlighting development opportunities in the Turks and Caicos Islands to what the agency described as a full room of attendees and strong stakeholder interest.

In a statement following the conference, Invest Turks and Caicos said discussions centered on tourism expansion, sustainable development and long-term investment partnerships designed to position the Turks and Caicos Islands as a leading investment destination in the region.

The agency added that it looks forward to continuing conversations started at ALIS CALA and building new partnerships with investors, developers and strategic stakeholders interested in growth opportunities throughout the islands.

The conference itself focused heavily on capital access, hotel development pipelines, mixed-use tourism projects and investment confidence throughout the Caribbean basin — sectors where Turks and Caicos continues to attract increasing international attention.

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Bahamas News

From Hollywood to Parliament

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The Rick Fox Political Timeline

 

“Are You Thinking About Politics?”

Fox publicly acknowledged growing calls for him to enter Bahamian politics, saying he had been hearing from women, youth, business owners and everyday Bahamians who were “ready for something different.”

October 19, 2025

“Then Jump, Man.”

Fox revealed a conversation with NBA legend Michael Jordan, who encouraged him to enter politics after asking whether he believed he could help young Bahamians.

November 24, 2025

“The Bahamas Must Be First”

Fox officially announced his intention to run in the 2026 General Election, promising transparency, affordability, opportunity and a modern Bahamian economy.

February 4, 2026

“Officially Picked”

The Free National Movement formally ratified Fox as its candidate for Garden Hills, instantly making him one of the most talked-about figures in the election cycle.

March 20, 2026

“From Courtside to Campaign Stage”

Fox mounted the national campaign stage for the first time at the FNM’s major campaign launch at Baha Mar Resort in Nassau.

March 30, 2026

“I’m Giving The Salary Back”

Fox announced he would not take a parliamentary salary if elected, saying the funds should instead go back into helping the people of Garden Hills.

April 14, 2026

“Nomination Eve Goes Viral”

A heated confrontation involving Fox and PLP supporters outside the Parliamentary Registration Department exploded across social media after video captured the tense exchange.

April 16, 2026

“Pick Rick” Officially Launches

Nomination Day cemented Fox’s candidacy and formally launched the now-famous “Pick Rick” campaign branding.

April 19, 2026

“Vote and Win”

Jamiah Burrows won a vehicle through Fox’s civic participation challenge, part of a campaign effort encouraging voter engagement and turnout.

April 20, 2026

“The Wealthiest Candidate”

Financial disclosures revealed Fox as the wealthiest candidate in the 2026 election cycle, with reported assets exceeding $469 million, ending speculation about his financial standing.

April 25, 2026

“The Garden Hills Blueprint”

Fox unveiled detailed policy graphics outlining plans for:

  • youth development,
  • healthcare access,
  • infrastructure upgrades,
  • environmental restoration,
  • entrepreneurship,
  • and a proposed $10 million investment fund for Garden Hills.

May 4, 2026

“The Numbers Don’t Lie”

Fox’s campaign highlighted more than:

  • 20 community clean-ups,
  • 16 streets and locations served,
  • and 13 solar lights installed across Garden Hills during the campaign.

May 6, 2026

“Shaq Steps In”

NBA legend Shaquille O’Neal publicly endorsed Fox, helping elevate international attention surrounding the campaign.

May 8, 2026

“Buju Backs Rick”

Jamaican reggae icon Buju Banton threw his support behind Fox ahead of Election Day.

May 10, 2026

“Vanessa Williams Endorses”

Fox’s former wife, actress and singer Vanessa Williams publicly endorsed his campaign.

May 11, 2026

“Magic Joins the Campaign”

NBA icon Magic Johnson became the latest major celebrity to endorse Fox just one day before Bahamians went to the polls.

May 12, 2026

“Election Day”

Fox contested the Garden Hills constituency seat against PLP incumbent Mario Bowleg in one of the country’s most closely watched races.

May 13, 2026

“Grace in Defeat”

Fox publicly conceded the race and congratulated Bowleg on his victory in Garden Hills.

May 18, 2026

“We Pick Rick”

Despite losing at the polls, Fox officially entered Parliament after being appointed to the Senate by the FNM — with the party itself declaring:

“We Pick Rick.”

The appointment made Fox one of the most internationally recognized figures ever to serve in the Bahamian Senate.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Multi-Agency Enforcement Action Conducted in Lower Bight

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Providenciales, Turks and Caicos Islands — The Informal Settlements Unit (ISU), in coordination with the Planning Department and key partner agencies, conducted a multi-agency enforcement exercise on Thursday, May 7, 2026, in the Lower Bight area in Providenciales. The exercise resulted in the complete removal of a total of eight (8) unauthorized structures and all associated debris from a privately-owned parcel of land.

The operation was led by the Planning Department, with coordination by the ISU and support from the TCI Border Force, the Crown Land Unit, and Pelican Energy.  Security for the exercise was provided by the Royal Turks and Caicos Islands Police Force. All agencies worked collaboratively to ensure the exercise was carried out in a safe, orderly, and controlled manner.

The enforcement action followed a structured and lawful process in accordance with the Physical Planning regulatory framework of the Turks and Caicos Islands. Section 45 Enforcement Notices were first issued on the affected parcel in December 2024, identifying unauthorized structures erected without the requisite approvals. This was followed by the issuance of Warning Notices on April 16, 2026, which advised occupants that they were in breach of planning and land use regulations and provided notice that demolition activities would proceed following the prescribed compliance period. Despite these notices and the time afforded for compliance, the unauthorized structures remained in place.

This exercise represents part of an ongoing commitment to ensuring that development within the Turks and Caicos Islands is lawful, safe, and aligned with national standards.

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