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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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Bahamian Man Extradited to Florida on Cocaine Trafficking Charges

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USA, April 23, 2026 – A Bahamian man has been extradited to the United States to face serious drug charges stemming from alleged offences committed several years ago.

Lernis Cornish Jr. was handed over to U.S. authorities on April 17, 2026, following extradition proceedings in The Bahamas. The case was heard before Chief Magistrate Roberto Reckley, who ordered that Cornish be surrendered to American officials. Cornish did not challenge the order.

He has since been transferred to Florida, where he is expected to face trial in connection with alleged drug-related activity dating back23 to 2020.

According to reports, Cornish is accused of possession of cocaine with intent to supply and conspiracy to possess cocaine with intent to supply. Related U.S. law enforcement notices also indicate that the matter is being pursued in Collier County, Florida, where authorities have listed charges including trafficking in cocaine and conspiracy to traffic cocaine, involving quantities of 400 grams or more.

The case now falls under the jurisdiction of the Florida court system, where prosecutors are expected to advance the matter through pre-trial proceedings ahead of any potential trial.

Extradition from The Bahamas to the United States is governed by bilateral treaty arrangements, allowing individuals accused of serious offences to be transferred to face justice in the requesting country once a Bahamian court is satisfied that legal requirements have been met.

Cornish’s extradition marks the continuation of a multi-year case, moving it from preliminary proceedings in The Bahamas into the U.S. judicial system, where the allegations will now be tested in court.

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

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New Manifestos Released as Bahamas Heads to Historic May 12 Vote

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The Bahamas, April 14, 2026 – With the 2026 Bahamian general election set for May 12, the country’s major political parties have now formally placed their plans before the electorate, offering competing visions for governance, growth and relief.

The governing Progressive Liberal Party (PLP), led by Philip Davis, launched its “Blueprint for Progress 2026” on April 8, 2026, outlining a 46-page plan focused on long-term development and systems reform. The document places heavy emphasis on energy transition, digital government, workforce training and food security, positioning the party as one seeking continuity following its first term. The full plan is publicly available online through official PLP platforms for voters to review.

Just days later, on Sunday, April 12, the opposition Free National Movement (FNM), under Michael Pintard, unveiled its 2026 Manifesto at a major event in Nassau. Spanning 54 pages, the document centers on cost-of-living relief, tax reform, healthcare expansion and housing, offering what the party describes as a more immediate response to economic pressures facing Bahamian families. The FNM has also made its manifesto accessible online.

Beyond the two major parties, the Coalition of Independents (COI) had already entered the policy space earlier, formally unveiling its long-range Vision 2030 framework on Saturday, March 1, 2025, at the Fusion Superplex in Nassau during a packed national launch led by party leader Lincoln Bain. That framework has since been complemented by a 100-day action plan released in late March/early April 2026, adding a short-term policy layer to its long-range proposals.

These policy rollouts come as the country prepares for a pivotal vote, with the Parliamentary Registration Department confirming a voters’ register of approximately 203,000 eligible voters, one of the largest in the nation’s history. Key dates are now set, with Nomination Day on April 16, followed by advance polls on April 30, ahead of General Election Day on May 12.

With platforms now in the public domain and the timeline locked in, the focus shifts squarely to the electorate—who must now weigh the promises, examine the plans and decide the country’s direction at the polls.

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

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From Concept to Approval: What a 2019 Water Security Plan Now Means for Bahamians

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The Bahamas, April 14, 2026 – At its core, the $65 million water security project is designed to strengthen the reliability, safety and resilience of the water supply across The Bahamas.

If implemented as planned, the investment is expected to improve water quality, reduce contamination risks and support public health, while increasing supply reliability and limiting service disruptions during droughts or system failures. The project also aims to expand and upgrade infrastructure, including wellfields, pumping stations and storage capacity, and to protect freshwater resources from saltwater intrusion—an increasing threat for low-lying islands. In practical terms, that could mean cleaner, more consistent and more dependable access to water for residents across the country.

The project was first conceptualised in 2019 under the previous administration, when a proposal was submitted to the Green Climate Fund to strengthen the resilience of the country’s water systems. That early work came just months before Hurricane Dorian exposed the vulnerability of national infrastructure, including critical water and sanitation systems, particularly in the northern Bahamas.

The initial phase focused on developing the concept, identifying priority areas and engaging regional and international partners, including the Caribbean Development Bank, to support the design and preparation of a full funding proposal.

Following the change in government in 2021, the project advanced into its most technical and demanding stages. The current administration oversaw the completion of key requirements, including feasibility studies, environmental and social assessments, and detailed financing negotiations with international partners—steps necessary to move the proposal from concept to approval.

That multi-year process has now culminated in approval of a $65 million financing package, combining grant funding with concessional loans to support long-term upgrades to the country’s water infrastructure.

While the project brings significant international support, it is not entirely free money. The package is structured as a blended financing arrangement, combining grant funding with concessional loans—meaning a portion of the funding will ultimately need to be repaid. Based on information released by the Caribbean Development Bank, approximately $25 million of the total package is tied to loan financing, with the remaining portion provided as grant support.

Concessional loans typically carry more favourable terms than commercial borrowing, including lower interest rates and longer repayment periods. However, they still represent debt obligations that will be borne over time.

Notably, detailed terms of the loan components—including interest rates, repayment schedules and any associated conditions—were not disclosed in the initial announcement issued by the Office of the Prime Minister (Bahamas). Those details are expected to be outlined in formal financing agreements, but have not yet been made public.

For Bahamians, the project represents both investment and obligation. While the grant funding provides a significant boost to infrastructure development, the loan component adds to the country’s long-term financial commitments—making transparency around terms and implementation timelines especially important.

While the approval marks a significant milestone, the timeline for delivery remains a critical factor. Based on information available from project partners, implementation is not expected to begin immediately. The initiative is anticipated to move into its execution phase later in 2026, following finalisation of financing agreements and completion of preparatory requirements.

From there, the project is projected to unfold over several years, with estimates suggesting a multi-year implementation period of up to seven years to fully deliver the planned upgrades to water infrastructure across The Bahamas.

This means that while the funding has now been approved, the benefits will be realised gradually rather than all at once. A definitive completion date has not been publicly outlined, and detailed timelines tied to specific islands or phases of work have yet to be disclosed.

For Bahamians, the question now shifts from approval to execution—when funds are drawn down, when construction begins, and how consistently the project moves from plan to delivery.

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

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