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The Bahamas Enacted New Financial Legislation to Ensure It Remains Globally Competitive

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#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)

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

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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

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CBC Supports Opportunities for Young Bahamian Basketball Players

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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.

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More Bahamians Accessing HIV, STI Care Through NHI

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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.

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