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BAHAMAS: AG Bethel addresses financial services industry officials on Register of Beneficial Ownership Bill

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#Bahamas, May 23, 2018 – Nassau – The recent introduction of the Register of Beneficial Ownership Bill, 2018 in the House of Assembly, provided the Government of The Bahamas with an opportunity to take a proactive stance against certain global initiatives the country is currently facing with regards to the financial services industry.

And also signaled “the urgency for the Administration to have a meaningful consultation on this issue” with members of the local industry.

Tabled in the House of Assembly on Wednesday, April 25 (2018) by Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, the Bill  — in a nutshell — seeks to provide for the Competent Authority to establish and maintain an electronic database of beneficial ownership details for all corporate and legal entities registered in The Bahamas.

It further seeks to permit search of the database of every corporate and legal entity registered or resident in The Bahamas by a designated person upon the request of a specified authority designated in the Bill.

“It is not set in stone.  The Bill that we tabled is there for your review.  It is there for your input and we will determine whether to proceed with the Bill, to amend the Bill, to shelve the Bill (or) to come with some other structure or arrangement,” Attorney-General and Minister of Legal Affairs, Senator the Hon. Carl W. Bethel, QC, told industry insiders and regulators.

“But at the end of the day, the message that I have to say is that we cannot only look at one of the several initiatives and feel that if we satisfy them, it’s going to satisfy all.  These are interrelated and coordinated initiatives being orchestrated through various organs in the European Union particularly, and they must all be addressed simultaneously and comprehensively and not believing we can bunker into one and satisfy that and that that is going to satisfy the rest,” Attorney-General Bethel added.

Addressing a recent Industry Development Series on International Initiatives Impacting Financial Services hosted by The Bahamas Financial Services Board (BFSB) in collaboration with Graham Thompson during which he provided a legislative overview of the Bill, Attorney-General Bethel said the issue of Beneficial Ownership, while not directly tied to the BEPS Initiative (Base Erosion Profit Sharing) is directly tied to the Financial Action Task Force’s (FATF) position.

Base Erosion and Profit Shifting (BEPS) refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations.  Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS.

Senator Bethel said there is a “resonance between the two.”

“I speak about the ‘Concert of Europe,’ which was a historical relationship, and event maybe 200 years ago.  It is the same concert now in terms of coordination between powers, coordination of initiatives, coordination of the whole strategy.

“It’s one picture, one initiative, but in different forms (and) so even though BEPS isn’t obviously concerned with beneficial ownership, if you read the criteria notes, it starts off by saying that this is aimed and targeted at opaque offshore structures.

“So what causes (those structures) to be opaque? Lack of accessible beneficial ownership information; lack of information as to how this company in The Bahamas relates to that company in the Cayman Islands, relates to that company in Switzerland because the structural relationship between these entities all around the globe, is opaque and it is through the initiatives of beneficial ownership that they seek to clarify that opaqueness for their purposes.

“And so even though beneficial ownership regimes are becoming a greater focus of the FATF, we can’t only believe that it is only the FATF that requires clarity as to beneficial ownership and accessibility to beneficial ownership information.”

Mr. Bethel said the initiatives began as early as 2014 when the G20 endorsed the international importance of financial transparency, particularly transparency of beneficial ownership, legal persons and legal arrangements to prevent the misuse of corporate entities.

Subsequently, Finance Ministers and Central Bank Governors requested that the G20 Anti-Corruption Working Group provide concrete actions the G20 would take in order to lead by example with respect of beneficial ownership transparency and the implementation of the relevant Financial Action Task Force standards.

“And so once again, it’s a host of different organizations in a sense, fulfilling each other’s prophecies.”

Attorney-General Bethel said The Bahamas, like many of its regional and global counterparts, is engaged in a titanic struggle to reposition a major part of their economies and to grapple with the ever changing and the ever-increasing demands of the world.

“This is a struggle that affects not only The Bahamas, but every country in this region and indeed every financial centre in the world,” the Attorney-General said. “I had reason at an earlier briefing to point to the travails similar to ours affecting a major centre known as Luxembourg and it’s not just us, and [so] I suppose we can take some small comfort in that.”

 

By: Matt Maura (BIS)

 

 

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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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