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)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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