Bahamas News
The Bahamas Enacted New Financial Legislation to Ensure It Remains Globally Competitive
#Nassau, August 29, 2019 – Bahamas – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the government has enacted a significant number of new pieces of legislation, or amended existing legislation, to ensure The Bahamas remains globally competitive in the financial sector.
“In some instances, these have totally transformed the way business is transacted in this country,” DPM Turnquest noted during the Financial Intelligence Unit’s (FIU) Public-Public Partners Forum held in the training room of Poinciana House, Wednesday, August 28, 2019.
“As you are no doubt aware, the Financial Action Task Force (FATF) has been one of the major drivers of change towards the adoption of more stringent rules and compliance standards.”
He further explained, “In 1989 they became one of the primary international bodies exercising oversight of the global financial sector, with a primary objective to lead anti‑money laundering efforts, along with countering the financing of terrorism, and countering the financing of the proliferation of weapons of mass destruction.”
The DPM said The Bahamas’ financial sector is not only being assessed by the FATF, but the FATF’s standards are being used by other agencies, such as the European Union, the International Monetary Fund (IMF), the World Bank, the United Nations, and others, who all assess the country’s performance as a key player in the global financial system.
He said the FATF Mutual Evaluation of The Bahamas was conducted in late November and early December 2015 and the report itself, the Mutual Evaluation Report (M.E.R.), was released in July 2017.
DPM Turnquest explained that the M.E.R. involved a comprehensive review of financial industry. “We were assessed based on our compliance with the 40 FATF recommendations, and our effectiveness with implementing these recommendations as mandated by the six immediate outcomes.”
He added, “Since the release of the M.E.R, and our being placed in the ICRG process, The Bahamas has successfully had our compliance rating upgraded for a number of the recommendations and immediate outcomes. But there is still more work to be done.
“We are optimistic that in the short order we will meet the requirements of those few remaining areas where we did not achieve the requisite standards. Our aim is to, at the earliest opportunity, be released from the ICRG process.”
The DPM noted that The Bahamas has made significant strides in improving its legislation and systems, particularly in the last three years, but it appears that as soon as the country gets closer to meeting the standards, the requirements change.
He said the perception is that the goal posts are often moving. “However, The Bahamas is staying engaged at a high level with our international partners to keep pace with the changes and to shape the future direction that we collectively move towards.”
DPM Turnquest explained that overall, the Bahamas Government supports the adherence to global standards that are applicable to all financial sectors around the world.
He said the entire global system is better protected and safeguarded when everyone maintains a firm commitment to high Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.
“Our local stakeholders can feel confident that the Government will remain relentless in our commitment to protect the interests of the local financial services sector and the broader Bahamian economy.
The DPM added, “A critical part of our work, therefore, is to meet and exceed the expectations of FATF and other international organisations, and become a pace‑setter in how the industry is monitored, regulated and policed.”
He explained to the participants that their forum is aimed at bringing greater awareness of the need for mutual cooperation between the industry regulators, law enforcement agencies and other government agencies which play a critical role in the overall AML/CFT fight.
“It is imperative that we all, as heads of the various agencies, work collaboratively to achieve the country’s objectives.”
DPM Turnquest stated, “We must remember that while each of us has a statutory role to play, and the information that we gather is to achieve that objective, this information can also protect the integrity of the financial system and ultimately the people of The Bahamas.”
By Llonella Gilbert
Release: BIS
Photo Caption: Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brought remarks at the Financial Intelligence Unit’s (FIU) Public-Public Partners Forum held in the training room of Poinciana House, Wednesday, August 28, 2019.
(BIS Photos/Derek Smith)
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
