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The Bahamas adheres to the highest levels of financial services regulation

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#Bahamas, April 14, 2018 – Nassau – The Bahamas prides itself on adhering to the highest levels of financial services regulation, Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said at the Americas’ Central Securities Depositories Association (ACSDA) General Assembly at Atlantis, Thursday, April 12, 2018.

“In the year 2000, The Bahamas began to transform itself from a private banking centre into a true International Financial Centre by passing modern legislation designed to make it easier for our jurisdiction to exchange information with other jurisdictions and regulators,” DPM Turnquest said.

“This is not, as you all realize, an isolated event, but rather a continuous exercise in strengthening legislation to ensure that we maintain international best practices when it comes to Know Your Customer, Anti Money Laundering and Combating the Financing of Terrorism.”

He said Successive Governments of The Bahamas through policy and action have sought and will continue to pursue best practices when it comes to ensuring the legality and transparency of the financial services sector.

“The regulatory bodies that are charged with monitoring these regulations include the Central Bank of The Bahamas for Banks and Trust companies, the Insurance Commission of The Bahamas for insurance companies and the Securities Commission of The Bahamas.”

DPM Turnquest said the Bahamian markets are young in comparison to some other markets.  He explained that one of the first equity offerings was that of the Finance Corporation of The Bahamas, also known as FINCO, which sold some of its ordinary shares to Bahamians in the 1960s.  “This was followed by several more offerings, mainly by commercial banks and insurance companies.

“With the recognition that economic growth in a modern economy depends on an efficient and effective financial sector that is able to bring together domestic savings to mobilize capital for productive projects, the modern era of the Bahamian Capital Markets began with the creation of The Bahamas International Securities Exchange or BISX and subsequently with the establishment of the Bahamas Central Securities Depository or BCSD.”

The DPM said BISX was incorporated in September of 1999, interestingly about one month after the by-laws of ACSDA were established, and only eight months later in May 2000, BISX was formally registered as a Securities Exchange and began electronic trading (at the premises of the Exchange) with nine securities listings and two broker dealers.

He said at the time the nine listings were all ordinary shares and their combined market capitalization was approximately $820 million.  BISX is registered with the Securities Commission as a Marketplace and is the only such registered entity in The Bahamas.

DPM Turnquest said, “Today, BISX has grown its domestic market to include 52 securities that are listed and traded electronically by its five broker dealer members.

“The securities listings now include in addition to ordinary shares, preference shares and debt instruments with a total value of over $5.2 Billion.”

He said two of these securities are Bahamas Depository Receipts with the underlying securities being a NASDAQ listed company and a Toronto Stock Exchange listed company.  The exchange also maintains a facility for the listing of mutual funds and currently has over 50 mutual fund listings with assets under management of over $4.5 billion.

The DPM said in 2009, BISX and two of its Brokers, Royal Fidelity and CFAL Securities Limited collaborated to create the Bahamas Central Securities Depository or BCSD; the host for this conference. BCSD is registered with the Securities Commission of The Bahamas as a Clearing Facility.

“Since beginning operations in 2009, BCSD has worked steadily to increase the number of services offered to the Bahamian Capital Markets and they are working to improve the level of sophistication for the delivery of those services.   He said the BCSD has grown with the addition to registry services to include pledging services, and the issuance of Depository Receipts on behalf of companies

DPM Turnquest said, “Our depository is very young, but I know they are very keen to continue to collaborate with groups such as ACSDA to improve their offerings of all manner of registry and depository services, as well as their custody and clearing options to align these with the best practices and standards that groups such as yours promote.”

 

By: Llonella Gilbert

 

Photo Captions:

 

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Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brings remarks at the American Central Securities Depositories Association (ACSDA) General Assembly at Atlantis, Thursday, April 12, 2018.  (BIS Photo/Patrick Hanna)

 

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Delegates listening attentively at the American Central Securities Depositories Association (ACSDA) General Assembly at Atlantis, Thursday, April 12, 2018.  (BIS Photo/Patrick Hanna)

 

 

 

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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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