Bahamas News
The Bahamas Ranks High as a Well-Regulated Jurisdiction
#Bahamas, March 05, 2018 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said that in respect to regulations and compliance, The Bahamas continues to be a very well regulated jurisdiction and continues to be highly ranked in this regard.
In its efforts to keep up with international best practices, the country has signed onto the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Framework on Base Erosion Profit Shifting (BEPS), DPM Turnquest said at the International Business Finance Summit presented by the Bahamas Financial Services Board and held at Baha Mar, March 1, 2018.
“We have received significant positive feedback from these moves. We look to further leveraging that and expanding our opportunities and attracting additional business to the destination.”
He did note however, that The Bahamas has to do even better with the ease of doing business and it is a significant focus for the government from both a domestic and international perspective.
“We are simplifying the ease of getting into business and into the jurisdiction; we are making the work permitting process easy and we are making the investment process easy.”
The DPM said, “We are keying in on the ease of doing business. We have a committee of independent private sector individuals who are tasked with identifying the bottlenecks in our system and coming up with the required administrative and legislative changes that are necessary to ensure that we are living up to our desire to be first world in terms of the services that we provide and responsive to our customers going forward.”
He also told business leaders during the summit that the government is “deliberately intent” on utilising available technology to improve the services the government offers and the efficiency in which it serves its clients.
“One of the things we are looking at is block chain technology and seeing how we can leverage that in the financial services industry in particular to make the whole process of on-boarding clients easy.
“For instance, we are looking at the possibility of setting up a digital record block chain such that persons can do their Know Your Customers (KYC) documentation in their own countries; get it authenticated digitally and when they come to The Bahamas, it is just a matter of giving somebody a key in which they can log in and receive authenticated verification of all of the KYC and all of the due diligence requirements in seconds. A process that can take six to eight months can be done in 15 minutes.”
DPM Turnquest explained that the government has put together a task force to determine what is needed to make that idea a reality. “We have had discussions with several providers of this kind of technology and we continue to make this a priority so we can get this kind of technology in place in the shortest period of time possible.”
“The more efficient and responsive we are, the better our chances in this very competitive global world we are now faced with all of its complexities and challenges. We want to be market leaders; we do not want to be followers.”
The DPM said feedback and input from financial services leaders and providers on the potential applications of the technology is necessary so that the government can make adjustments or amendments to make it easier for them to complete their transactions with clients or make their work easier in general.
By: Llonella Gilbert (BIS)
Photo Caption: Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brings remarks at the International Business Finance Summit presented by the Bahamas Financial Services Board and held at Baha Mar, March 1, 2018.
(BIS Photo/Patrick Hanna)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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