Bahamas News

The Bahamas Reaffirms its Commitment to Being a ‘Well Regulated’ Financial Jurisdiction

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#Nassau, September 18, 2018 – Bahamas – The Government of the Bahamas is ‘committed’ to maintaining the jurisdiction as ‘clean, compliant and transparent’ in meeting and complying with international standards. This, Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette said will ensure that the jurisdiction is successful in the financial services sector.

Mr. Symonette made the remarks while speaking at the Anti-Money Laundering to Counter Financing of Terrorism (AML/CFT) conference being held on Monday, 17th September at Baha Mar Convention Centre.

“The policy makers and regulators have demonstrated commitment to the adherence of internationally-accepted regulatory principles, efficiency in the conduct of business and ongoing dialogue with the private sector to ensure that we uplift and sustain our reputation as an IFC (International Financial Centre),” said Mr. Symonette.

He said, as such, The Bahamas recognizes that it operates in a globally integrated market for financial services, therefore, the country’s regulatory and counter-money laundering legislation must comply with global standards.

To date those efforts include: 34 signed Tax Information Exchange Agreements (TIEAs); the country is Foreign Account Tax Compliance Act (FATCA) compliant; is ‘largely’ compliant with the standards of the Organization for Economic Co-operation and Development (OECD); compliant with the Common Reporting Standard (CRS); is currently implementing minimum standards of the OECD’s Base Erosion and Profit Shifting (BEPS) project and European Union Initiatives.

“These initiatives send a loud and clear message to the international financial services industry that The Bahamas is serious in its commitment to adhering to international standards,” he said.

 

By Betty Vedrine

Release: BIS

 

 

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