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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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Bahamas News

Ayla Isaacs Unveils Transformative Guide Amidst Challenging Times

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Bahamian author Ayla Isaacs is making an impactful debut in the literary world with her book, “Achieving Optimum Spiritual Health—Transforming Your Wellbeing With Diet, Exercise, and Rest.” As crime rates surge and the aftermath of the pandemic leaving many grappling with hopelessness and a sense of abandonment, Isaacs’ guide offers a beacon of hope and a roadmap for personal transformation, emphasizing the importance of prioritizing spiritual resilience in navigating adversity.

Long-time Bahamian physician Dr. Horizal Simmons says, “Ms. Isaacs not only states the spiritual ingredient that we should use for our therapy, but she also explains how it works in our spiritual system and the beneficial changes that will bring the desired transformation or spiritual health benefits.” Applauding the soundness of the book and paralleling it to physical wellness, Dr. Simmons said he highly recommends it to anyone serious about their spiritual well-being and health.

Isaacs is a highly experienced Project Manager who draws from her background in Civil and Environmental Engineering, International Business, and Christian ministry, whether a physical structure or the wellbeing of an individual’s life. Her published work shows that she strongly believes in building with structural integrity. Isaacs provides readers with a holistic approach to welfare beyond traditional self-help. She explores the transformative power of simple spiritual practices integrated into daily life. Isaacs believes that prioritizing spiritual health can help individuals find inner fulfillment and a sense of purpose, which she believes are essential in combating the prevailing hopelessness.

Coach Gregory Cash, who has spent decades helping to develop great athletes and leaders in the country, believes the unique perspective shared, especially relating to spiritual exercise, can touch the hearts of so many. Wendy Fernander, PhD., a licensed clinical psychologist and president of the Bahamas Psychological Association, noted that too few of us think about our spiritual diet, which results in our spiritual wellbeing. When asked about the book, Dr. Fernander said, “This book will provoke you to do serious soul searching.”

Amid the challenges communities face, Isaacs encourages readers to initiate a positive “me” movement—a focus on self-improvement that, when embraced collectively, can lead to stronger families, churches, and nations. According to Isaacs, strengthened individuals become catalysts for positive change within their immediate circles, creating a ripple effect that extends to broader communities.

Ayla Isaacs, whose roots go back to South Eleuthera, is a founding member of the Smart and Strong Sisterhood (SASS) and the creative mind behind A.I. Paper, a gift-wrapping paper and bag company that celebrates the islands of The Bahamas. Isaacs believes that investing in spiritual wellbeing is pivotal for personal growth and resilience. A conference speaker who is actively involved in church ministries and affiliated with several civic organizations, Isaacs firmly believes in the balance between personal and community wellbeing.

“Achieving Optimum Spiritual Health” is now available on Amazon.com and BarnesandNoble.com in paperback and eBook form and locally at Oasis Bookstore in Nassau. Isaacs encourages readers to embark on a transformative journey and be architects of their spiritual wellbeing. In times of uncertainty, “Achieving Optimum Spiritual Health” offers a guide and a message of hope and empowerment for individuals seeking personal and communal transformation.

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Tired of Taking Notes? The new Samsung Galaxy S24 Will Transcribe and Summarize Your Voice Notes In A Snap! 

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NASSAU, Bahamas – Faster, smarter and more convenient than ever before, the new Samsung Galaxy S24 will revolutionize your productivity with its new Transcript Assist and Browsing Assist features. In the continuous pursuit of delivering innovative solutions that enhance productivity and user experience, Samsung Electronics is proud to introduce two groundbreaking features: Transcript Assist and Browsing Assist.

The Transcript Assist feature, powered by Galaxy’s advanced artificial intelligence, takes note-taking to a whole new level by enabling users to easily convert voice notes and conversations into useful and accessible notes. Whether in a business meeting, conference, or casual conversation, the Galaxy S24’s Transcript Assist makes capturing information easier than ever.

By utilizing Transcript Assist, users can effortlessly record any conversation with multiple speakers and transform it into a clear and concise transcript with just a few taps. This feature is particularly useful for those who need to keep a detailed record of discussions and decisions made during important meetings or collaborative work sessions.

“With Transcript Assist, we’re redefining the way people take notes and record information,” said Gianmarco Leri, Product Manager at Samsung Electronics. “No longer do you have to worry about missing important details during a conversation. With the Galaxy S24, you can capture every word and turn it into a useful reference that you can easily review and share.”

In addition to generating accurate transcripts, the Transcript Assist feature also offers the ability to generate quick summaries of conversations, as well as the option to translate the entire transcript into different languages, facilitating communication and collaboration among people from different regions and cultures.

On the other hand, the Browsing Assist feature allows users to navigate more efficiently and conveniently on their Galaxy S24 devices by providing intelligent and contextual suggestions during web browsing and online content exploration.

The Galaxy S24, equipped with Transcript Assist and Browsing Assist, marks the beginning of a new era of productivity and convenience in mobile devices. These innovative features demonstrate Samsung Electronics’ continued commitment to providing advanced tools that help people achieve their goals more effectively and efficiently in everyday life.

So, get ready! The new Samsung Galaxy S24 will be coming soon to tech stores in The Bahamas soon.

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Weather Systems Affect Cuba and The Bahamas

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Rashaed Esson

Staff Writer

#Weather#Cuba#TheBahamas, March 25th, 2024 – Serious weather struck The Bahamas and Cuba over the weekend, both nations receiving warnings from their meteorological entities. The Bahamas was affected by severe thunderstorms.  In fact, an area of the Carnival Freedom Cruise Ship, which was 20 miles off Eleuthera, Bahamas, caught fire and reports say it was possibly due to a lightning strike.  Fortunately no lives were reported lost.

Meanwhile, Cuba had intense rainfall and hailstorms, resulting in damage to surrounding areas, thousands left without electricity amid fallen trees and Flash Floods.

 

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