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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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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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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

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CBC Supports Opportunities for Young Bahamian Basketball Players

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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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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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