Bahamas News
Ministers meet with EU and OECD to discuss ending tax watch lists for The Bahamas
#Nassau, November 12, 2018 – Bahamas – The Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, led a delegation to Brussels and Paris this week, for frank discussions with high ranking officials within the European Commission and the Organization for Economic Co-operation and Development (OECD) on 
The Bahamas’ compliance with international standards on tax governance.
Accompanying the Deputy Prime Minister was the Minister of Financial Services, Trade & Industry and Immigration, the Hon. T. Brent Symonette; the Attorney General and Minister of Legal Affairs, Sen. the Hon. Carl W. Bethel QC;and a senior advisor from each of their respective ministries.
In Brussels, the delegation had a series of bilateral meetings with the Code of Conduct Group, the Directorate-General for Taxation and Customs Unions and other representatives of the European Commission.
In Paris, the delegation met with the Deputy Secretary General of the OECD, the Deputy Director of the OECD Center for Tax Policy and Administration,and the Head of the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The meetings centered around the high-level commitments that the Government has made with respect to the EU’s criteria on economic substance and transparency and the OECD’s anti-Base Erosion and Profit Shifting (BEPS) minimum standards. Deputy Prime Minister Turnquest provided an update of The Bahamas’ efforts to fulfil its commitments and reinforced that while The Bahamas will meet the December 31st 2018 deadline, some consideration should be given to the challenges jurisdictions face implementing such extensive reform within such a short time frame. He further stressed that the constant threat of black or grey listing is a major constraint to economic development and has repercussions that are felt well beyond the financial services industry.
The EU and OECD officials were presented with draft copies of the Commercial Entities (Substance Requirements) Bill, the Removal of Preferential Exemptions Bill, the Register of Beneficial Ownership Bill and the Non-Profit 
Organizations Bill. These bills will be enacted by the end of this month, reinforcing the Government’s intent to take all necessary steps to safeguard the financial sector and ensure the removal of The Bahamas from all watch lists in the shortest time-frame possible.
According to Deputy Prime Minister Turnquest, “The meetings were very productive and we feel that the Europeans now have a greater understanding that The Bahamas has always been focused, at the highest political level, on protecting the integrity of the Bahamian financial system from abuse. Our approach has been to take a holistic view of the challenges that confront us and pragmatically do what promotes the long term viability of our financial services industry.”
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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