Bahamas News
BAHAMAS: Resistance to regulatory changes is futile for small, independent nations
#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)
The Bahamas, August 27, 2026 – The Royal Bahamas Police Force wishes to inform members of the public that several individuals are scheduled to appear before the Magistrate’s Court on Thursday, 27th August 2026, at 12:00 noon.
The individuals and charges are as follows:
An 18-year-old female is scheduled to be arraigned on the following charges:
Three (3) counts of Murder
Three (3) counts of Attempted Murder
Three (3) counts of Possession of a Firearm with Intent to Endanger Life
Three (3) counts of Possession of an Unlicensed Firearm
Two (2) counts of Possession of Ammunition
Armed Robbery
Abetment to Armed Robbery
Stealing
Receiving
The charges stem from three separate shooting incidents and an armed robbery that occurred on Friday, 21st August 2026, and Saturday, 22nd August 2026.
The first shooting occurred in the area of Soldier Road and Baillou Hill Road, resulting in the death of a 51-year-old male.
The second shooting occurred in the area of Joe Farrington Road, resulting in the death of a 52-year-old male.
The third shooting occurred in the area of Gladstone Road, resulting in the death of a 36-year-old male.
The armed robbery occurred at a business establishment in the area of Carmichael Road and Baillou Hill Road.
A 21-year-old male is scheduled to be arraigned on one charge of:
- Murder
The charge stems from a shooting incident that occurred on Tuesday, 21st July 2026, in the area of Samson Street, Nassau Village, which resulted in the death of a 28-year-old male.
A 32-year-old male is scheduled to be arraigned on the following charges:
- Murder
- Attempted Murder
These charges stem from a shooting incident that occurred on Wednesday, 24th December 2025, in the area of Graham Drive, Yellow Elder, which resulted in the death of a 25-year-old male.
RBPF, PACD
Bahamas News
Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday
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
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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