Connect with us

Bahamas News

BAHAMAS: Resistance to regulatory changes is futile for small, independent nations

Published

on

#Bahamas, May 01, 2018 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said that when it comes to regulatory best practice, the only constant has been change.

Against this tide of change, resistance has been futile, particularly for international financial centres operating in small, independent nations, DPM Turnquest said at the Securities Commission of The Bahamas’ Financial and Corporate Service Providers Act, 2000 Industry Briefing, British Colonial Hilton, Thursday, April 26, 2018.

“Such jurisdictions are left with one option:  To adapt!  Adaptation is necessary to take advantage of the new realities, to compete globally, and to have a chance at prosperity.”

He said, “This jurisdiction is adapting. There is a burgeoning renaissance in our financial services industry, and much of it is being led by financial services regulators.”

The DPM explained that it is the regulators who must keep one finger firmly pressed on the pulse of global regulatory best practice, and another pressed on the pulse of the industries they oversee.

“In the broad industry, there are developments such as the Financial Transactions Reporting Act, 2018, which was passed in the House of Assembly on the 18th April 2018.

“You also would have received for consultation the Guidance Notes on Managing Financial Crime Risk and Proliferation Financing, produced by the Group of Financial Services Regulators.  The Group, in case you are not aware, consists of agencies including the Securities Commission of The Bahamas, The Central Bank of The Bahamas, the Insurance Commission of The Bahamas and the Compliance Commission of The Bahamas.”

He said the Securities Commission has been doing some transformative work in the securities industry with regard to overhauling the investment funds legislative framework.

DPM Turnquest highlighted the work being done to introduce a fresh robust, modern legislative framework for the industry.  He said the Commission circulated the draft Financial and Corporate Services Providers Bill, 2018 for public consultation last year July, along with the Money Lenders Rules and the Fees Rules.

“Of course, the draft Financial and Corporate Service Providers (General) Regulations, 2018; the draft Financial and Corporate Service Providers (Application) Regulations, 2018; and an amended draft Financial and Corporate Service Providers (Fees) Rules, 2018 have recently completed consultation and are now on their way for review by the Cabinet.”

Speaking broadly on the proposed Legislation and how it fits into a holistic view of financial services in the jurisdiction, DPM Turnquest said the proposed legislation is robust, considerably more so than the prevailing Act, and seeks to close regulatory gaps identified by various global organisations and standards setters including the Caribbean Financial Action Task Force and the Organisation for Economic Cooperation and Development.

He said the new framework will improve the regulator’s understanding of all the activities taking place in the industry to be able to make more informed assessments of risk within the industry, which will also bolster its risk-based supervision of the industry.

“The legislation is structured to provide for Rules to govern specific financial services activity. Importantly, the legislation will facilitate strengthening and oversight of critical financial services activities that are currently operating from within the jurisdiction.”

The DPM said its flexible structure also means that as other activities are identified which should be captured, Rules may be introduced to govern them.  He said the Anti-Money Laundering/Countering Financing of Terrorism regime, or “AML/CFT regime for financial and corporate service providers” will be fortified under the new legislation, with greater specificity provided for AML/CFT administrative penalties and breaches.

“Reporting requirements have also been introduced which will, among other things, assist the jurisdiction in demonstrating its effectiveness at providing current, accurate beneficial ownership information and accounting records.

“This is vital to demonstrate to the international community our intentions to be participants in protecting the financial system from abuse, to participate with the global community to protect sovereign tax bases, and to honour our commitments to the world in this regard.”

The DPM said with the implementation of the proposed legislation, the Government looks to a more harmonized financial services sector operating under and recognized for best practices and world-class regulation.

 

By Llonella Gilbert

Photo Caption

Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brings opening remarks at the Securities Commission of The Bahamas’ Financial and Corporate Service Providers Act, 2000 Industry Briefing, British Colonial Hilton, Thursday, April 26, 2018.

(BIS Photos/Letisha Henderson)

 

 

Continue Reading

Bahamas News

Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

Published

on

NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

Continue Reading

Bahamas News

Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

Published

on

Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

Continue Reading

Bahamas News

Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

Published

on

NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

Continue Reading

FIND US ON FACEBOOK

TRENDING