Bahamas News
BAHAMAS: Small Islands Have to Grapple with the Imposition of External Standards Set by Larger Countries
#Nassau, September 17, 2018 – Bahamas – Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said small islands like The Bahamas have to grapple with the imposition of external standards set by the world’s large countries when it comes to the financial sector.
“This sometimes happens without due regard for national sovereignty or the spirit of international cooperation that should exist. This is a challenge we must acknowledge and address,” DPM Turnquest said at the two-day AML/CFT Anti-Money Laundering: Countering the Financing of Terrorism 2018 Risk Management Conference at Baha Mar, September 17, 2018.
He also said small countries must participate in proactive international engagement.
“We cannot be satisfied to only anticipate or adapt to changes. Importantly, we must mobilize with our regional counterparts, and engage at the highest levels to shape the nature and direction of change in the industry. We must take a seat at the table when it comes to shaping international standard.”
The DPM explained that much of this work is done at the inter-governmental level and requires strong leadership.
“In May of this year, the government formulated a comprehensive strategic plan to secure the viability of the industry. Under the 10 broad categories, covered in the strategic plan, we identified strengthening international collaboration as an important strategic priority. We also specified the need for the Ministry of Finance to strengthen its intellectual capital with specialized skills to enhance our presence and representation in the international arena.”
He said small jurisdictions like The Bahamas are committed to international standards not just because it is in their economic interest to comply, and not just because larger international partners can deploy their influence to exert pressure over the entire industry. He said, “In the case of the United States and Europe, they have required every country and every bank in the world to support their tax collection efforts.”
DPM Turnquest explained that the incentive provided for this work, with aggregate compliance costs amounting to many billions of dollars, is the risk of being shut out of access to US dollar clearing and the international financial markets.
He said this threat is not a survivable for a country such as The Bahamas, which imports more than 80 per cent of its food and nearly 100 per cent of its energy, and therefore needs greater access to such clearing mechanism than less open economies.
“We know our size and interdependence makes us more vulnerable to the threat of harmful economic sanctions; however, we are committed to a strong AML/CFT regime more fundamentally because we share a common set of values and desired outcomes with our bilateral and multilateral partners.”
The DPM said despite the country’s historical reputation, The Bahamas makes no home for individuals or entities seeking to launder proceeds through criminality, or those who might expose our society to the risk of terrorism.
“This is an international code of practice, but in a domestic context, we place our own value on an environment that has integrity, that is competitive, robust, well-regulated and safe.”
He said the spirit of cooperation based on shared values and outcomes, and respect for the sovereignty of nations must underpin the system of international codes of conduct. History and experience demonstrate that there is need for more proactive engagement at the international level to ensure this is the case. The DPM said therefore, the government is actively enhancing its capacity and performance in this area.
By Llonella Gilbert
Release: BIS
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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