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BAHAMAS: Government Committed to Complying with the Minimum Standards under the OECD

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#Nassau, September 28, 2018- Bahamas – Acting Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the Government is committed to complying with the four minimum standards under the Organization for Economic Cooperation & Development (OECD) and the G20’s Base-Erosion and Profit Shifting Project (BEPS).

“To this end, the Multinational Entities Financial Reporting Act, 2018 was passed and related legislation is being considered.  The jurisdiction must address, for example, accessibility of beneficial owner information, which it aims to accomplish via the Register of Beneficial Owners Bill, 2018,” DPM Turnquest explained at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Industry Briefing held at Baha Mar Resort, Thursday, September 27, 2018.   He said the financial industry in the country should be getting a new Investment Funds Bill soon and there are also amendments to the Securities Industry Act in the pipeline.

The Acting Prime Minister said the good news is that Bahamians are adapters and survivors at heart with a spirit of resilience and an inspired can-do attitude to the shifting goal posts in regards to regulations of the financial industry.  “Our financial services industry has already revoked the doomsday prophecies of 2000s, when naysayers gave us a few years at best before we had to close shop.”

He noted that The Bahamas is a nation governed by the rule of law, and is a financial services industry with financial institutions and professionals who are, by-and-large, committed to lawful business practices and legitimate clients.

“We therefore must have excellent standards and practices in place and both be compliant and be recognized for being compliant with those standards and the evidence of this continues to mount.”

Acting Prime Minister Turnquest explained that the country received a largely compliant rating for rounds one and two of its Exchange of Information on Request peer reviews.  He said The Bahamas is Foreign Account Tax Compliance Act compliant.  “The Bahamas signed onto, and in the process of exchanging information under the Common Reporting Standard, Mutual Competent Authority Agreement model.”

He said The Bahamas is a member of the Inclusive Framework on the OECD’s Base Erosion and Profit Sharing with the global forum reporting no harmful tax regimes in place.

The Acting Prime Minister said since its first Tax Exchange Information Agreement with the United States, The Bahamas is now party to 34 Tax Information Exchange Agreements with various jurisdictions.  He noted that the Securities Commission since 2012, has been an “A” signatory to IOSCO’s MMoU governing information exchange in relation to cross-border securities crimes, and is poised to be a global leader as one of the first adopters of the Enhanced MMoU.

The Acting Prime Minister Turnquest said despite the shifting goal posts in financial industry regulations, some things remain constant and the country’s response must be strategic.  He noted that being strategic also requires a deep understanding of the industry understand the nation’s industries, and related to this, excel in collecting, analyzing and applying pertinent data and information.

“We must be excellent. We have not survived thus far because we are a small, offshore jurisdiction.  Rather, we have survived because of the things that we do very well as a small, offshore jurisdiction.”

The Acting Prime Minister explained, “For example, ours may well be the best Trust legislation in the world, and we have manifested a capacity for transformative innovation, such as we have seen with the SMART Fund and the Investment Condominium.”

He said The Bahamas must offer value to clients and always be about the business of enhancing the value-add this jurisdiction offers.

“We talk a lot about shifting goal posts, but we can also talk about how our pursuit of them, while arduous, has transformed and is transforming the reputation of our jurisdiction.

Acting Prime Minister Turnquest said, “In our response to these obstacles, we demonstrate that we are serious about carving out our niche, and that there are many sound reasons for offshore clients to turn to The Bahamas to conduct their financial affairs.

 

By Llonella Gilbert

Release: BIS

Photo Caption: Acting Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brought remarks at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Industry Briefing held at Baha Mar Resort, Thursday, September 27, 2018.

 

(BIS Photo/Kristaan Ingraham)

 

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Bahamian Man Extradited to Florida on Cocaine Trafficking Charges

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USA, April 23, 2026 – A Bahamian man has been extradited to the United States to face serious drug charges stemming from alleged offences committed several years ago.

Lernis Cornish Jr. was handed over to U.S. authorities on April 17, 2026, following extradition proceedings in The Bahamas. The case was heard before Chief Magistrate Roberto Reckley, who ordered that Cornish be surrendered to American officials. Cornish did not challenge the order.

He has since been transferred to Florida, where he is expected to face trial in connection with alleged drug-related activity dating back23 to 2020.

According to reports, Cornish is accused of possession of cocaine with intent to supply and conspiracy to possess cocaine with intent to supply. Related U.S. law enforcement notices also indicate that the matter is being pursued in Collier County, Florida, where authorities have listed charges including trafficking in cocaine and conspiracy to traffic cocaine, involving quantities of 400 grams or more.

The case now falls under the jurisdiction of the Florida court system, where prosecutors are expected to advance the matter through pre-trial proceedings ahead of any potential trial.

Extradition from The Bahamas to the United States is governed by bilateral treaty arrangements, allowing individuals accused of serious offences to be transferred to face justice in the requesting country once a Bahamian court is satisfied that legal requirements have been met.

Cornish’s extradition marks the continuation of a multi-year case, moving it from preliminary proceedings in The Bahamas into the U.S. judicial system, where the allegations will now be tested in court.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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New Manifestos Released as Bahamas Heads to Historic May 12 Vote

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The Bahamas, April 14, 2026 – With the 2026 Bahamian general election set for May 12, the country’s major political parties have now formally placed their plans before the electorate, offering competing visions for governance, growth and relief.

The governing Progressive Liberal Party (PLP), led by Philip Davis, launched its “Blueprint for Progress 2026” on April 8, 2026, outlining a 46-page plan focused on long-term development and systems reform. The document places heavy emphasis on energy transition, digital government, workforce training and food security, positioning the party as one seeking continuity following its first term. The full plan is publicly available online through official PLP platforms for voters to review.

Just days later, on Sunday, April 12, the opposition Free National Movement (FNM), under Michael Pintard, unveiled its 2026 Manifesto at a major event in Nassau. Spanning 54 pages, the document centers on cost-of-living relief, tax reform, healthcare expansion and housing, offering what the party describes as a more immediate response to economic pressures facing Bahamian families. The FNM has also made its manifesto accessible online.

Beyond the two major parties, the Coalition of Independents (COI) had already entered the policy space earlier, formally unveiling its long-range Vision 2030 framework on Saturday, March 1, 2025, at the Fusion Superplex in Nassau during a packed national launch led by party leader Lincoln Bain. That framework has since been complemented by a 100-day action plan released in late March/early April 2026, adding a short-term policy layer to its long-range proposals.

These policy rollouts come as the country prepares for a pivotal vote, with the Parliamentary Registration Department confirming a voters’ register of approximately 203,000 eligible voters, one of the largest in the nation’s history. Key dates are now set, with Nomination Day on April 16, followed by advance polls on April 30, ahead of General Election Day on May 12.

With platforms now in the public domain and the timeline locked in, the focus shifts squarely to the electorate—who must now weigh the promises, examine the plans and decide the country’s direction at the polls.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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From Concept to Approval: What a 2019 Water Security Plan Now Means for Bahamians

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The Bahamas, April 14, 2026 – At its core, the $65 million water security project is designed to strengthen the reliability, safety and resilience of the water supply across The Bahamas.

If implemented as planned, the investment is expected to improve water quality, reduce contamination risks and support public health, while increasing supply reliability and limiting service disruptions during droughts or system failures. The project also aims to expand and upgrade infrastructure, including wellfields, pumping stations and storage capacity, and to protect freshwater resources from saltwater intrusion—an increasing threat for low-lying islands. In practical terms, that could mean cleaner, more consistent and more dependable access to water for residents across the country.

The project was first conceptualised in 2019 under the previous administration, when a proposal was submitted to the Green Climate Fund to strengthen the resilience of the country’s water systems. That early work came just months before Hurricane Dorian exposed the vulnerability of national infrastructure, including critical water and sanitation systems, particularly in the northern Bahamas.

The initial phase focused on developing the concept, identifying priority areas and engaging regional and international partners, including the Caribbean Development Bank, to support the design and preparation of a full funding proposal.

Following the change in government in 2021, the project advanced into its most technical and demanding stages. The current administration oversaw the completion of key requirements, including feasibility studies, environmental and social assessments, and detailed financing negotiations with international partners—steps necessary to move the proposal from concept to approval.

That multi-year process has now culminated in approval of a $65 million financing package, combining grant funding with concessional loans to support long-term upgrades to the country’s water infrastructure.

While the project brings significant international support, it is not entirely free money. The package is structured as a blended financing arrangement, combining grant funding with concessional loans—meaning a portion of the funding will ultimately need to be repaid. Based on information released by the Caribbean Development Bank, approximately $25 million of the total package is tied to loan financing, with the remaining portion provided as grant support.

Concessional loans typically carry more favourable terms than commercial borrowing, including lower interest rates and longer repayment periods. However, they still represent debt obligations that will be borne over time.

Notably, detailed terms of the loan components—including interest rates, repayment schedules and any associated conditions—were not disclosed in the initial announcement issued by the Office of the Prime Minister (Bahamas). Those details are expected to be outlined in formal financing agreements, but have not yet been made public.

For Bahamians, the project represents both investment and obligation. While the grant funding provides a significant boost to infrastructure development, the loan component adds to the country’s long-term financial commitments—making transparency around terms and implementation timelines especially important.

While the approval marks a significant milestone, the timeline for delivery remains a critical factor. Based on information available from project partners, implementation is not expected to begin immediately. The initiative is anticipated to move into its execution phase later in 2026, following finalisation of financing agreements and completion of preparatory requirements.

From there, the project is projected to unfold over several years, with estimates suggesting a multi-year implementation period of up to seven years to fully deliver the planned upgrades to water infrastructure across The Bahamas.

This means that while the funding has now been approved, the benefits will be realised gradually rather than all at once. A definitive completion date has not been publicly outlined, and detailed timelines tied to specific islands or phases of work have yet to be disclosed.

For Bahamians, the question now shifts from approval to execution—when funds are drawn down, when construction begins, and how consistently the project moves from plan to delivery.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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