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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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Caught in the Net, Not Accused of Wrongdoing

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What the Attorney General must do now to protect Bahamian exports

Deandrea Hamilton | Editor

NASSAU, Bahamas — The United States’ decision to impose a 12.5 percent tariff on Bahamian exports is about more than higher costs for seafood, rum and other goods entering the American market. It is a warning that The Bahamas must move quickly to strengthen or clarify its legal framework governing forced labour and supply-chain enforcement.

The tariff, which takes effect July 24, is part of a sweeping U.S. trade action affecting 60 economies following a review by the Office of the U.S. Trade Representative (USTR). The review concluded that the listed countries have not adequately prohibited or enforced measures against goods linked to forced labour in global supply chains.

The action follows a recent U.S. Supreme Court ruling that invalidated an earlier series of Trump-era tariffs imposed under emergency powers. In response, the Trump administration shifted to a different legal authority—Section 301 of the Trade Act of 1974—using findings from a U.S. Trade Representative investigation into forced-labour compliance to support a new round of tariffs affecting 60 economies, including The Bahamas.

Importantly, the action does not accuse Bahamian businesses of using forced labour. Instead, it reflects the U.S. view that The Bahamas’ legal or enforcement framework does not yet meet the standard Washington expects.

That distinction matters.

The Attorney General’s Office now has the responsibility to lead the country’s legal response. That begins with determining precisely what concerns the U.S. Trade Representative identified, reviewing whether Bahamian law adequately addresses those concerns and, where necessary, recommending legislative or regulatory changes. If deficiencies exist, legal amendments and stronger enforcement could help position The Bahamas for removal from the tariff list.

The government may also seek formal discussions with U.S. officials while those reforms are undertaken, outlining a clear timetable for compliance and demonstrating that the country is committed to meeting international labour standards.

A Nassau Guardian front-page report on July 24 drew attention to the tariff action, prompting broader questions about why The Bahamas was included among the 60 economies affected by the U.S. trade measure and what steps are now needed to restore full confidence in the country’s trade framework.

For many Bahamians, the immediate concern will be the fisheries sector, one of the country’s largest export industries. Commercial shipments of lobster, conch, fish, crawfish and other products entering the United States could become more expensive because of the additional tariff, potentially affecting exporters’ competitiveness.

The broader lesson is that international trade increasingly depends not only on quality products, but also on strong business relationships and confidence in the legal systems that govern them.

For The Bahamas, this is less a finding of wrongdoing than a reminder that international credibility is earned through modern laws, effective enforcement and trusted partnerships. The challenge now is for the Attorney General’s Office to lead a swift legal review, identify any deficiencies and chart a clear path toward compliance so Bahamian exporters are not burdened any longer than necessary.

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What 45 Shell Casings and New Murder Charges May Mean for Three Officers in the Azario Major Case  

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By Deandrea Hamilton | Editor

NASSAU, Bahamas (July 16, 2026) — The allegation is as shocking as it is consequential. Prosecutors now contend Azario Major was struck by additional gunfire after he was already dead.  That conclusion has prompted the Director of Public Prosecutions to upgrade the case against three police officers from manslaughter to murder ahead of a judge-only trial.

According to court filings and the DPP’s review of the forensic evidence, prosecutors allege that additional rounds entered Major’s body after death, a finding they say fundamentally changed their assessment of the case and justified the more serious charge of murder.

Investigators recovered 45 spent shell casings at the scene of the Boxing Day 2021 fatal shooting of Azario Major, a striking piece of forensic evidence that has remained central to the case from its earliest days.

Major, 31, was fatally shot by police outside Woody’s Bar on Fire Trail Road on December 26, 2021. While police initially maintained the shooting was justified, the circumstances surrounding the incident were heavily scrutinized during a Coroner’s Court inquest, where jurors ultimately returned a verdict of homicide by manslaughter.

The officers later challenged that finding, but the Supreme Court upheld the Coroner’s Court ruling, paving the way for criminal proceedings. They were subsequently arraigned on manslaughter charges and pleaded not guilty.

The DPP’s decision to elevate the charges to murder significantly raises the legal stakes. Unlike manslaughter, which does not necessarily require proof of an intent to kill, a murder conviction requires prosecutors to establish the legal elements of the more serious offence beyond a reasonable doubt. The prosecution’s case is now expected to focus heavily on forensic evidence, ballistic analysis and the sequence of gunfire during the fatal encounter.

The case is also notable because it will proceed without a jury. Barring further delays, the trial is expected to open on September 14 before Justice Guillimina Archer-Minns in a judge-alone trial, where a single judge—not a jury—will decide the fate of the three accused officers.

The proceedings will determine not only whether the three officers are guilty or innocent of murder, but whether prosecutors’ extraordinary allegation—that Azario Major was struck by additional gunfire after he was already dead—can be proven in court.

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CARICOM Targets Affordability as Bahamas, TCI Continue to Feel the Pinch  

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By Deandrea Hamilton

 

Cheaper shipping. Lower energy costs. Better access to healthcare. Stronger consumer protections.

Those are among the measures CARICOM Heads of Government believe could finally begin reducing the stubbornly high cost of living for millions of people across the Caribbean.

Meeting in Saint Lucia, regional leaders agreed that making life more affordable must become one of the Community’s highest priorities. Their emerging strategy includes reducing freight costs through a regional ferry service, accelerating renewable energy projects to lessen dependence on imported fuel, expanding regional healthcare partnerships, strengthening consumer protection, and encouraging governments to adopt successful cost-of-living measures already being implemented across the Caribbean.

“Our discussions over the past four days were guided by one central objective – ensuring that CARICOM delivers results that people can see and feel in their everyday lives,” CARICOM Chairman and Saint Lucia Prime Minister Philip J. Pierre said.

Few places may welcome that relief more than The Bahamas and the Turks and Caicos Islands.

Although inflation has moderated in both countries from the sharp increases experienced following the pandemic, the cost of living remains stubbornly high. Families continue to complain about grocery bills that stretch household budgets, rising housing costs, expensive electricity, healthcare expenses and fuel prices that remain among the highest in the region.

Governments have responded.

In The Bahamas, successive reductions in Value Added Tax on selected goods and other targeted tax measures have sought to ease pressure on consumers. In the Turks and Caicos Islands, the Government this weekend opens applications for its $500 Cost of Living Relief Programme, acknowledging that many households continue to struggle despite the country’s economic success.

Yet affordability remains elusive.

The contradiction is difficult to ignore.

The Turks and Caicos Islands continues to post one of the region’s strongest tourism-driven economies, with robust investment, record visitor spending and sustained construction activity. The Bahamas has also strengthened its economic position, earning improved sovereign credit ratings as tourism, government revenues and fiscal performance continue to recover.

Yet those encouraging economic indicators have not translated into noticeably lower household expenses.

The reason is largely structural.

Both The Bahamas and the Turks and Caicos Islands produce relatively little of what they consume. Food, fuel, medicines, vehicles, building materials and countless household essentials are imported. Both countries also record significant trade deficits, illustrating their dependence on overseas suppliers. Every increase in global shipping costs, fuel prices or supply chain disruptions is eventually reflected in supermarket prices, utility bills and the cost of everyday living.

That is why CARICOM’s agenda matters.

If regional leaders succeed in lowering freight costs through an inter-island ferry network, expanding renewable energy, improving regional cargo movement, strengthening consumer protections and making healthcare more accessible through cooperation, the benefits could extend far beyond government balance sheets.

For Bahamians and Turks and Caicos Islanders, success will not be measured by another tourism record or another credit rating upgrade. It will be measured at the supermarket checkout, on the monthly electricity bill, at the gas pump and in the simple ability to afford a better quality of life.

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