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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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The Bahamas Reaffirms Support for Ukraine at International Conference in Toronto

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TORONTO, Canada —Minister of Foreign Affairs and Immigration Fred Mitchell has reaffirmed The Bahamas’ support for Ukraine’s territorial integrity and the international effort to secure the return of Ukrainian children, detained civilians and prisoners of war.

Speaking at the two-day Second International Conference on Returning Ukrainian Children, Detained Civilians, and Prisoners of War, held in Toronto on September 28 and 29, Minister Mitchell thanked Canada, Norway and Ukraine for convening the conference and said The Bahamas was honoured to participate.

“I first want to add my thanks to Canada, Norway and Ukraine for convening this important conference,” Minister Mitchell said. “We are honoured to have been invited and to be here.”

Minister Mitchell said The Bahamas supported the position expressed by Antigua and Barbuda from the CARICOM Region, while also drawing on remarks delivered by Prime Minister Philip Davis at them United Nations.

He said The Bahamas’ own history made it impossible for the country to remain silent when them territorial integrity of another state is under attack.

“Just a couple of days ago, our Prime Minister spoke at the United Nations about a people with a history of struggle for identity, arising out of the struggle against slavery, and how we cannot be silent in the face of the attack on the territorial integrity of another state,” Minister Mitchell said.

He noted that Canada and other countries have stood alongside Caribbean nations as they confront their own regional challenges, including the situation in Haiti and difficulties facing Cuba.

“We are a region which is far away from Ukraine, but we identify with the struggle,” he said. “In this case, we want to be sure that our voices are heard in support of the defence of the territorial integrity and the people of Ukraine.”

Minister Mitchell said the principle of territorial integrity carries lessons well beyond the current conflict and deserves particular attention from smaller states.

“We think that the question of territorial integrity is a lesson for all to inwardly digest,” he said, adding that The Bahamas particularly appreciated Canada’s approach to its role as a “middle power” in international affairs.

The minister also reflected on the broader historical context surrounding Russia and Ukraine. Referring to a recent interview with Russian President Vladimir Putin that he encountered on social media, Mitchell described the discussion as an example of historical revisionism.

He recalled the days of writings and experiences of Soviet-era dissidents including Aleksandr Solzhenitsyn and Andrei Sakharov, as well as the struggles that took place during the Soviet period and the eventual collapse of the Soviet Union.

Minister Mitchell said the historical interpretation presented in Putin’s remarks offered a markedly different account of those developments and placed responsibility for the situation in Ukraine on what Putin described as Western intellectual elites and their actions.

“That was very interesting,” he noted.

Drawing on the work of political scientist Samuel Huntington, Minister Mitchell suggested that political systems can retain characteristics of their predecessors even after major upheavals or revolutions.

“The Czar has been replaced, but what do we have today?” he asked. “A kind of pre-emptory, antidemocratic, autocratic behaviour attacking another state?”

Minister Mitchell concluded by reaffirming The Bahamas’ support for the objectives of the Toronto conference and calling for practical opportunities for the country to contribute.

“So I am, on behalf of The Bahamas, supporting the aims of this important conference,” he said. “Please assure us, or let us know, what practical ways we can help.”

He said The Bahamas’ participation itself was an important first step.

“We hope that, in this instance, the fact that we are here and that our voice has been added to this cause is at least a good start.”

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Carnival and LJM Maritime Academy launch free adult learn-to-swim program in New Providence

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Nearly 60 participants enrolled in two-week initiative teaching essential water safety skills, taught by Celebration Key’s certified lifeguards

 

Sept 28, 2026 – Carnival Cruise Line, in partnership with LJM Maritime Academy, has launched a free learn-to-swim program to empower Bahamian adults with essential water safety and swimming skills.

The two-week program took place in August at the LJM Maritime Academy Pool on Maritime Cay, Nassau, with sessions held Monday through Friday.

Carnival provided all necessary equipment, including full-protection swim goggles, backboards, kickboards, swim paddles and other training aids. Instructors were from Celebration Key’s Water Safety Team, whose lifeguards hold 5-star SGE Audit Rating Certification and bring hands-on expertise in swim education and water rescue.

The program drew a strong and enthusiastic response from the community. Following announcements on social media, nearly 60 participants enrolled to acquire skills that are crucial in an island nation.

“Water safety is not a luxury in The Bahamas – it is a necessity,” said Philcher Grant, Director of Public Affairs and Community Engagement for Carnival Cruise Line in The Bahamas and Turks and Caicos Islands. “We are surrounded by water, yet many adults haven’t had the opportunity to learn basic swimming skills. Partnering with LJM Maritime Academy allows us to change that, one participant at a time, while reinforcing Carnival’s commitment to investing in the communities where we operate through education, training and meaningful partnerships.”

“Opening our pool and facilities to adults who are embracing the opportunity to build basic swimming skills and helping them develop this life-saving ability has been deeply rewarding,” said Nameiko Miller, Registrar at LJM Maritime Academy. “We have been pleased to partner with Carnival on this important initiative and commend the Water Safety Team for its dedication and expertise. The response from the community has exceeded our expectations, confirming just how much this kind of program is appreciated.”

“It has been an absolute pleasure providing these lifesaving skills to the participants,” said Valentino Strachan, Water Safety Manager for Celebration Key. “Kent, Samuel, and I are very encouraged to keep going because of the enthusiasm, excitement and, most of all, the progress we’ve seen. I can say with confidence that 100% of the participants have conquered their fear of the water and are successfully mastering the fundamentals of strong swimming form.”

Participant Lucy Forbes said: “When I started, I couldn’t even push off the pool wall, now I can glide across the water. The instructors, from Sammy to Ken to Tino, were phenomenal. It’s been such a wonderful experience, and if they run this again next year, I’ll be back.”

Another participant, Karen Simeon, added: “This program teaches you to overcome your fear of the water and trust yourself. The fear doesn’t disappear completely, but with the right techniques you freak out less and make progress every time. Every instructor – Tino, Ken, Sammy – brought something different, and I learned from all of them.”

Drowning remains one of the leading causes of preventable death in The Bahamas, and public health advocates have long pointed to low swimming proficiency among adults as a contributing factor. Programs like this one aim to close that gap by removing barriers to learning.

The initiative is part of Carnival’s broader strategy of building lasting community partnerships across its destinations, with a focus on education, training and initiatives that leave a tangible, positive impact long after each session ends.

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CIBC Caribbean Celebrates 2026 Unsung Heroes Finalists

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Nassau, Bahamas, 22 September 2026 – Six Bahamians whose service is making a difference in communities across the country were recently celebrated by CIBC Caribbean as the bank brought together its top 2026 Unsung Heroes finalists for a special recognition event.

The 2026 finalists were Kristin Butler-Beneby, Dinola Williamson, Amanda Knowles, Tamara Clarke, Ruth Fawkes, and Jaquay Adderley.

During the event, CIBC Caribbean also announced Dinola Williamson as the first runner-up in this year’s program. Williamson is an educator and community activist who has spent more than two decades in education and leads the Family Better Together Kabbalistic Kids Club. Her community work has reached children in Englerston, Fox Hill, Acklins, Crooked Island, and Grand Bahama through mentorship and activities designed to support their holistic development.

CIBC Caribbean Head of Country Terrance Gibson said the gathering was intentionally focused on celebrating the collective impact of the finalists.

“Unsung Heroes is about recognizing the people who may not always receive the spotlight, but whose commitment is felt every day in the lives of the people and communities they serve,” he said.

“While Kristin emerged as our 2026 Unsung Hero, and Dinola as our runner-up, each nominee represents the spirit of this program. They saw needs in their communities and made the decision to act, to serve, and to keep showing up. CIBC Caribbean is proud to recognize them and to help bring greater attention to the work they are doing.”

The recognition event also brought together members of the judging panel who reviewed this year’s nominations and selected the program’s honorees. The panel comprised Olympic gold medalist Tonique Williams, Bahamas Red Cross President Edison Sumner, Guardian Lifestyles Editor Shavaughn Moss, and Organization for Responsible Governance Executive Director Matt Aubry.

During the event, each finalist spoke about the community work that led to their nomination. The judges were also recognized for lending their time and expertise to the selection process.

Gibson added, “Recognition is important, but we also hope that sharing these stories encourages others to look around their own communities, see where they can make a difference, and act.

“Our Unsung Heroes remind us that meaningful change often begins with an individual who simply decides to help.”

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