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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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New GPS Evidence Prompts Fresh Search for Missing American Woman in Abaco

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ABACO, BAHAMAS — Nearly two months after American sailor Lynette Hooker vanished in waters off Abaco, investigators are preparing to conduct a new search based on GPS and navigation data that reportedly challenges the account originally provided by her husband.

The case, which first drew international attention in early April, began when Brian Hooker told authorities that his wife was swept away after falling from an inflatable dinghy during rough conditions in waters near Elbow Cay.

Initial search efforts involving Bahamian and U.S. authorities covered extensive areas of the Sea of Abaco but failed to locate the missing Michigan woman.

Now, according to multiple U.S. media reports, investigators have obtained electronic navigation and GPS data that appears to place the couple’s dinghy in a different location from where searchers initially concentrated their efforts.

The new information has prompted authorities to reopen search operations and seek permission for divers to examine a more targeted area of the Sea of Abaco.

Unlike the broad search that followed Hooker’s disappearance, the renewed effort is expected to focus on a relatively shallow section of water, reportedly about 25 feet deep. Investigators believe the location may offer a better opportunity to recover evidence and potentially answer lingering questions surrounding the disappearance.

The latest development marks a significant shift in the investigation.

What began as a maritime search-and-rescue operation has evolved into a complex multinational investigation involving Bahamian authorities, the United States Coast Guard and the Federal Bureau of Investigation.

Brian Hooker was detained and questioned by Bahamian authorities following his wife’s disappearance but was later released without charges. While investigators have never publicly accused him of a crime, reports indicate he remains a person of interest as authorities continue to examine the circumstances surrounding the case.

Hooker has repeatedly denied any wrongdoing and has maintained that his wife accidentally fell overboard.

The investigation has intensified in recent weeks. U.S. authorities have reportedly seized the couple’s sailboat, Soulmate, transporting the vessel to Florida for forensic examination. Investigators are said to be reviewing onboard electronics, digital records and other potential evidence as part of the ongoing inquiry.

The case has also attracted attention from Lynette Hooker’s family, who have continued to press for answers and support efforts to locate her.

The renewed search comes after Brian Hooker returned to the United States following the disappearance. Reports indicate he cited family reasons, including concerns about his mother’s health, for leaving The Bahamas.

For investigators, however, the focus now appears fixed on the newly identified search area and the electronic evidence that led them there.

Whether the latest operation produces answers remains to be seen. But nearly eight weeks after Lynette Hooker disappeared in the waters of Abaco, authorities believe new technology and new information may finally provide a clearer picture of what happened that night.

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Nassau Opens CDB Annual Meeting at Baha Mar This Week

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NASSAU, BAHAMAS — Regional policymakers, development financiers, economists and international partners are converging on Nassau this week as the Caribbean Development Bank (CDB) stages its 56th Annual Meeting at the Baha Mar Resort from June 1-5, 2026.

Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the gathering is expected to place The Bahamas at the center of discussions on some of the region’s most pressing challenges, from climate resilience and energy security to debt sustainability and economic growth.

At the launch of the annual meeting on March 19, CDB President Daniel Best underscored the importance of bringing together leaders from across the Caribbean and beyond at a time of global uncertainty.

“The Annual Meeting provides a strategic moment for the Caribbean, an opportunity for our leaders, governments, development institutions, private sector, youth, and international partners to come together to identify practical solutions that can help the Region navigate uncertainty while unlocking the opportunities that lie ahead,” Best said.

The conference host, newly named Bahamas Minister of Finance and Chairman of the CDB Board of Governors, Michael Halkitis, also emphasized the significance of the event during the March 19 launch ceremony.

“Today’s gathering marks more than the start of preparations for an important meeting. It represents the beginning of a renewed conversation about the future of the Caribbean, about our shared aspirations, our common challenges, and the partnerships that will shape the path forward for our region,” Halkitis said.

He added: “Hosting the 56th Annual Meeting of the Caribbean Development Bank here in Nassau provides an important opportunity to strengthen partnerships and advance meaningful dialogue on the future of the Caribbean.”

Over the five-day meeting, delegates will tackle major issues including energy transition and resilienceinnovative debt solutions for Caribbean economies, and the impact of global economic shocks on regional development.

The programme features a number of high-level events including the Youth FIRE Forum, the William G. Demas Memorial Lecture, the President’s Chat titled Financing the Future: MDB Strategies for Uncertain Times, and a series of policy seminars examining climate finance, infrastructure, economic resilience and development lending.

Among the featured participants are CDB President Daniel Best, Finance Minister Michael Halkitis, senior officials from multilateral development banks, regional finance ministers, central bank governors, economists, development specialists and private-sector leaders. The President’s Chat is expected to bring together leaders of major multilateral development banks to discuss financing strategies for developing states facing mounting economic pressures.

The annual meeting also includes sessions branded “EDGE X by CDB: Analytics Unlocked,” which will explore the economic costs of traffic congestion in the Caribbean and how global crises continue to affect regional economies.

The CDB Annual Meeting traditionally attracts representatives from the Bank’s 28 member countries, including government ministers, senior public officials, development agencies, international financial institutions, youth delegates, academics and private-sector stakeholders. Hundreds of delegates are expected to participate in discussions that will help shape development priorities and financing strategies across the Caribbean in the years ahead.

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

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Afreximbank Annual Meetings Return Next Month; Caribbean Links Remain in Focus

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May 29, 2026 – Two years after The Bahamas made history as the first Caribbean nation to host the African Export-Import Bank’s Annual Meetings, thousands of delegates are expected to gather in Egypt next month for AAM2026.

The 33rd Afreximbank Annual Meetings will be held from June 21-24 in El Alamein, Egypt, under the theme: “Intra-African Trade and Industrialisation: Pathway to Economic Sovereignty.”

The event is regarded as one of Africa’s most important gatherings on trade, investment, finance and economic development, bringing together heads of state, policymakers, business leaders, development finance institutions and international partners.

For Caribbean nations, the meetings hold special significance.

In 2024, The Bahamas welcomed thousands of delegates to Nassau for the landmark event, marking the first time the annual meetings were staged outside the African continent and placing the Caribbean at the center of growing discussions on Africa-Caribbean trade and investment.

Since then, Afreximbank has continued to expand its engagement in the region, promoting stronger commercial ties between Africa and Caribbean countries and exploring opportunities in trade finance, infrastructure development, logistics, investment and private sector growth.

Organizers say this year’s discussions will focus on strengthening intra-African trade, advancing industrialization, building regional value chains and increasing economic resilience amid global uncertainty.

The meetings are also expected to provide a platform for new partnerships, investment opportunities and development initiatives that could have implications beyond Africa, including for Caribbean nations seeking to deepen economic cooperation with the continent.

As leaders prepare to convene in Egypt, the Caribbean’s growing relationship with Afreximbank remains a key part of the institution’s broader vision of expanding trade and investment connections across the Global South.

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

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