Connect with us

Bahamas News

BAHAMAS: DPM Turnquest Urges IMF to Provide Objective Data on AML/CFT Reforms in Caribbean

Published

on

#Nassau, October 20, 2018 – Bahamas – Deputy Prime Minister and Minister of Finance K. Peter Turnquest called on the International Monetary Fund to take a more active role in developing objective, fact-based assessments of anti-money laundering and counter-terrorism financing reforms in Caribbean jurisdictions.

During a breakfast meeting on October 14 with IMF Managing Director Christine Lagarde and Deputy Managing Director Mr Tao Zhang, Minister Turnquest stressed that The Bahamas, as with other countries in the region, continue to be discredited due to negative perceptions and historical biases that do not reflect the current strength of local regulatory regimes.

“We need the Fund through its own independent research, and leveraging of the integrity of the Financial Sector Assessment Program (FSAP) to bring more rigorous evidence to bear on the benchmarked quality of our regulatory regimes. This intervention must give more credence to the risk-based approach,” said Minister Turnquest.

Two of the key research priorities: 1) independently quantifying the economic and fiscal costs posed by international financial services regimes in the region particularly to the European Union and countries in the Organisation for Economic Co-operation and Development (OECD); 2) quantifying how the returns to the OECD and EU from their emphasis on our jurisdictions line up with the costs they continue to impose on us relative to the tax base and financial crimes base which they seek to impact.

The Bahamas shares the international goal of combating money laundering, terrorism financing, and other illicit activities that could exploit weakly regulated financial centers. Over the years, it has made significant strides to keep up with the international benchmarks for transparency and cooperation in tax matters, and continues to do so.

However, as long as the risk-profile of the jurisdiction is perceived as static it will continue to pose the ongoing threat of eroding correspondent banking relationships (CBR), which are extremely important to the financial system and global trading.

Minister Turnquest called on the IMF to use its capabilities to play a more defined role and add value to this space, including perhaps, playing an advisory role on related matters through the FSAP process.

“The weight of the IMF should be brought to bear on more objective, fact-based assessments of our progress on AML/CFT reforms; on more quantification of the unintended or indeed intended consequences of changing or widening scopes of international tax cooperation initiatives, on CBR outcomes and our economic diversification aspirations,” said Minister Turnquest.

He referenced anecdotal evidence that suggests the imbalance of international pressure on the Caribbean region is creating growth opportunities for IFCs in other larger countries to thrive. This anecdotal evidence cannot be ignored, said Minister Turnquest, especially as the IMF’s has published advice recommending that countries in the region consider, in the extreme, exiting the field as IFC.

“The call for Caribbean economies to diversify and to become more resilient must consider, more, the consequences, that black and grey lists have on access to correspondent banking, and how being on any list can, in an unintended fashion, undermine our jurisdictions’ efforts to attract foreign investments that promote diversity and resilience,” said Minister Turnquest.

 

Release: BIS

Continue Reading

Bahamas News

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

Published

on

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

Continue Reading

Bahamas News

CBC Supports Opportunities for Young Bahamian Basketball Players

Published

on

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.

Continue Reading

Bahamas News

More Bahamians Accessing HIV, STI Care Through NHI

Published

on

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.

Continue Reading

FIND US ON FACEBOOK

TRENDING