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BAHAMAS: Symonette: Improved Systems to Further Expand Financial Services

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#Bahamas, March 5, 2018 – Nassau – Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette, says that steps are being taken to grow and sustain the financial services sector. The Minister delivered opening remarks during the 15th annual International Business and Finance Summit.  The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”

“I assumed my role as Minister of Financial Services, Trade & Industry and Immigration nine months ago,” said Mr. Symonette.  “And it is my mission to ensure that we engage industry, follow emerging trends and strategically position ourselves to be innovative as we move forward for the growth and sustainability of financial services in The Bahamas.”

He said that globally the Financial services industry is ‘constantly’ being threatened by increased global regulatory standards, unscrupulous persons wishing to use it for illicit or illegal activity, and technological changes that threaten human capital allocation.  As a result, the government is enhancing systems and processes to comply with global regulatory standards, creating and amending legislation and enforcement actions to thwart against illicit or illegal activity, and sharpening human capital resources to adapt to technological advances.

“Our progress thus far has consisted of new legislation and legislative amendments that affect various industries including financial services, immigration, trade and commercial enterprise, as well as, the implementation of appropriate structural and macroeconomic policies which are being designed to improve economic efficiency and to create conditions conducive for integration into the world economy,” he said.

His portfolio as Minister of Financial Services, Trade & Industry and Immigration, contains three sectors that are interlinked.  He said that Financial services can be as ‘innovative and creative’ as it wants to be, but if it is difficult for business persons and professionals to come here to facilitate this engine, then progress and development of financial services will be hindered.

“If trade and industry is not being constantly developed and new avenues for this to grow are not explored and implemented, trade in financial services and adjunct businesses that are created as a result, will have no room to thrive,” he said.   “The reason I am highlighting these areas, is because they have long been impediments to our continued success in financial services.  Today, I can say, we have gained some ground on removing these impediments.”

Some of the initiatives include the Ease of Doing Business policy, which includes improvement in the business licence process and advances in technology.  Further, the government is also embarking on amending to legislation, from the Central Bank of The Bahamas, making the process around ‘Know Your Customer,’ and Money Laundering and Terrorist Financing less regimented to make it easier to open accounts and transact business.

“My Ministry is also engaged in discussions with the Governor of the Central Bank to relax exchange control, an issue which is of concern to many in the business community to access international finance across borders,” he said.  “We believe that this relaxation will attract foreign direct investment and allow Bahamians and foreigners to move goods and products more freely and efficiently.”

The Securities Commission of The Bahamas is also making amendments to the Investment Funds Act.  This Act, he noted, is out for consultation and will assist in enhancing this service.  It is expected to be passed before the end of the year.

Another initiative is the Commercial Enterprise Act, of which the aim is to make it easier for persons investing in specialized areas such as arbitration, technology, call centres, international & maritime trade and captive insurance to obtain work permits more quickly and efficiently.   The government is also facilitating various immigration reforms, namely adjustments in the application proces for short-term work permits for persons entering the Bahamas for the purpose of business for a period of less than 21 days.

“We have also revised our policy on permanent residency on the purchase of a residence.  With effect from 1st July, 2018, the threshold will be increased to $750,000 instead of the $500,000 threshold that has been in place for numerous years,” he said.

Other initiatives include Human Capital Development; signing onto the Common Reporting Standards (CRS) protocols and Expansion of Financial Services

“The Bahamas is known for its long history and knowledge in the wealth management space.  In the next phase of our transformation, we must expand this space,” said Minister Symonette.” We are exploring the Asset Management, Global FX pricing and liquidity, and Fintech, just to name a few as expansions to our current offerings in financial services.”

By: Betty Vedrine (BIS)

Photo Captions:

Header & First insert: Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette delivering opening remarks and answering questions during the 15th Annual International Business and Finance Summit.  The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”

Second insert: Minister of Financial Services, Trade & Industry and Immigration, Hon. Brent Symonette chatting with Former Minister of Financial Services Minister, Ryan Pinder during the 15thAnnual International Business and Finance Summit.  The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”

(BIS Photos/Derek Smith)

 

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U.S. Coast Guard Trains Bahamian Partners in Water Survival Skills

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The Bahamas, September 10, 2025 – Rescue swimmers from the United States Coast Guard (USCG) Aviation Training Center in Mobile, Alabama visited Nassau to train Royal Bahamas Defense Force (RBDF) and Royal Bahamas Police Force (RBPF) members in water survival skills as part of Operation Bahamas Turks and Caicos (OPBAT) earlier this week.

“Training alongside our USCG partners ensures our personnel are best prepared for the unique challenges of joint operations” said Superintendent Wendy Pearson, Commander Drug Enforcement Unit.

The multi-day exercise, centered on the USCG’s Shallow Water Egress Training (SWET), enhanced the safety and preparedness of Bahamian partners who routinely operate aboard USCG helicopters during OPBAT missions. The exercise provided hands-on instruction for 31 participants and strengthened interoperability between U.S. and Bahamian agencies engaged in counter-drug, search and rescue, and maritime security operations throughout the region.

“We were excited and proud to have the opportunity to share our expertise with our Bahamian partners. Not only did RBDF and RBPF perform exceptionally well, they exceeded the standards we set for the event,” said Petty Officer Second Class Cole Johnson, USCG.

OPBAT is a cooperative multi-agency international operation supporting The Bahamas and Turks & Caicos Islands to stop illicit drug smuggling through the region. U.S. Embassy Nassau Chargé d’affaires Kimberly Furnish stated, “Since 1982, OPBAT has worked to stop the flow of illicit narcotics through the Caribbean, destined for the United States or other jurisdictions.  This is international cooperation at its best.”

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Chaos at Sea: Royal Caribbean Crew Member Dies After Stabbing and Jumping Overboard

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Deandrea Hamilton | Editor

A tragic and surreal incident aboard Royal Caribbean’s Icon of the Seas has left passengers shaken and authorities investigating.  The world’s largest cruise ship was sailing near San Salvador, Bahamas on July 24, when a crew member allegedly stabbed another colleague before leaping overboard to his death.

The suspect, a male crew member whose identity has not yet been officially released, reportedly used a sharp object in the attack, which resulted in serious injuries to a fellow crewman.  According to CBS News, ship officials immediately activated emergency protocols.

Despite rapid response efforts — including an extensive search and rescue attempt involving the U.S. Coast Guard and Bahamian authorities — the overboard crew member was later found deceased.

The victim of the stabbing survived and was treated by medical staff on board.

The incident occurred on the fourth day of the Icon of the Seas‘ seven-day Eastern Caribbean cruise, which departed Miami, Florida on July 20 and was scheduled to visit St. MaartenSt. Thomas, and Perfect Day at CocoCay before returning to Miami on July 27.  It was during the ship’s transit between ports — in Bahamian waters — that the violent altercation unfolded.

Passengers described an eerie quiet as the ship slowed and announcements were made about the search.  Some were aware something serious had happened, but few details were provided during the sailing.

Royal Caribbean has yet to issue a full statement on the matter, and the names of both individuals involved remain withheld.  The matter is under active investigation by maritime and Bahamian authorities.

The Icon of the Seas, launched in January 2024, carries more than 7,600 passengers and crew and is registered in The Bahamas.

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PAHO Report Misses the Pulse but Makes the Rounds: The Bahamas Health Review Leaves Readers Wanting More

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By Deandrea Hamilton | Magnetic Media

 

The Bahamas, August 4, 2025 – If the goal of the Pan American Health Organization’s latest publication on The Bahamas was to provide insight into how the country is doing on key health metrics, it fell short of the mark.  Released in July, the “Country Annual Report 2023” is long on administrative updates and regional cooperation, but light on the kind of data and declarations that help the average Bahamian—and even policymakers—understand where we stand and where we’re headed.

There is no clear charting of metrics like hospital performance, primary health care delivery, response to chronic illnesses, or mental health outcomes.  That’s unfortunate, because amid real concerns about the national healthcare system—especially in the Family Islands—this report had the potential to inform and even motivate progress.  Instead, it reads like a list of meeting notes: how many workshops PAHO attended, which training events were facilitated, and how many tools were drafted.

To its credit, the document does highlight some technical support provided to The Bahamas in areas like food safety, climate-related health resilience, and disease surveillance. There’s also mention of support during the dengue scare and a nod to partnerships with local organizations like the Red Cross and the Department of Public Health.  However, these came with no measurable outcomes. Were lives saved? Were infections reduced? Did this support prevent hospital overflow? We don’t know.

It is not that PAHO doesn’t care.  It’s that the way the information is presented in this document simply doesn’t deliver for Bahamians.  For a country that continues to invest in its healthcare infrastructure and workforce, we deserve a report that goes deeper and offers transparent findings on population health.

What We Want to See Next Time:

Future reports should include measurable indicators of health system performance. Give us year-over-year comparisons.  Tell us how we compare to other Caribbean countries.  Include patient satisfaction surveys, vaccination uptake rates, health equity assessments.  And please—put The Bahamas in its own spotlight, rather than folding it into a list of regional statistics.

PAHO has the access and the expertise. The next step is ensuring the report reflects the lived experience of those it claims to represent.

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