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BAHAMAS: Kwasi Thompson, Minister of State for Finance New Crowdfunding Regulations

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#TheBahamas, July 10, 2021 – Good afternoon. I am pleased to be here today to celebrate the ground-breaking transformation taking place with our financial landscape here in The Bahamas. From the start of our tenure, this administration has made it a priority to uplift Bahamian micro-, small, and medium-sized enterprises, also known as MSMEs. At every step of the way, we have focused on creating new opportunities for growth and support of this critical sector of our economy and society. 

Since we launched the Access Accelerator Small Business Development Center in 2018, this Administration has since injected over $60 Million into small businesses across the country in the form of grants and loan-guarantees.  By any reasonable metric, this administration has done more to support Bahamian Entrepreneurs and Small Businesses than any administration prior.   It is a track record that we are immensely proud of.

Today, we make another revolutionary step in the development of entrepreneurial and small business opportunities in The Bahamas.  

The Economic Recovery Committee, established by the Prime Minister, provided a number of recommendations to support more and more Bahamians getting into business so that we can have more dynamic and inclusive economic growth.   One of those recommendations was that the government:  “Implement legislation to facilitate and support crowd sourcing and junior stock markets to expand access to capital by Bahamian businesses.”

I am pleased to report that the government has heeded that recommendation.  As such the Cabinet of The Bahamas recently approved new regulations from the Securities Commission that establishes a legal framework to allow MSMEs to participate in what is commonly referred to as “crowdfunding”.  These regulations have been gazetted, released to the public and are now in effect. 

Crowdfunding is a modern form of business financing that allows small businesses to raise money from many small investors, typically using online platforms. These reforms represent a gamechanger for business ownership and entrepreneurship in our country. 

With these new and innovative crowdfunding regulations, we are furthering the potential of MSMEs to raise more investment money on the private capital market. We are breaking down the walls that were once only able to be traversed by big corporate players. A new wave of possibilities for Bahamian ownership and entrepreneurship is here. 

Crowdfunding is a relatively inexpensive way to raise capital for a start-up when compared to traditional means such as bank loans or initial public offerings. Over the last decade or so, crowdfunding has gained popularity in the start-up world. Particularly after the 2008 financial crisis, the cost of borrowing funds from banks became exorbitantly expensive. Pair that with the complexities and costs of debuting a public offering, entrepreneurs were left with little options to source the capital they needed to make their ideas reality. 

This is where crowdfunding has been incredibly useful. Entrepreneurs can avoid the expensive and often onerous processes involved with traditional fundraising and secure debt-free capital by selling a stake in their businesses, but yet while maintaining control of their companies. Through the advent of financial technology, or “Fintech”, crowdfunding has become even simpler. Online platforms can be developed to host businesses and investors alike and orchestrate crowdfunding with the click of button. 

The new rules are now in effect and they represent a game changer. Eligible entrepreneurs can raise up to $5 million to put towards the development of their start-ups or existing small businesses.  And better, the platforms allow them to raise this money from citizens and residents across the country who are interested in investing in promising businesses.  

This administration is streamlining the bureaucracy.  We are undertaking real structural reform. We are allowing Bahamian entrepreneurs and small businesses to have the same kind of opportunity to raise capital like the big businesses currently do. 

For example, interested individuals will not be required to file the typical prospectus with the Commission as would be needed for a public offering. Instead, they would file a streamlined ‘Crowdfund Offering Document’ or “COD” prior to conducting a crowdfund distribution. This is a significantly less expensive process when compared to the minimum $20,000 prospectus. . This is just one way that we are breaking down the barriers for Bahamian entrepreneurs and small businesses to raise capital in The Bahamas. 

The new crowdfund rules provide an appropriate balance between access to capital for entrepreneurs and, of course, provisions to ensure protection for potential investors. The rules also seek to minimize systemic and jurisdiction risks. 

These innovative regulations have already created space for the establishment of the nation’s first licensed equity crowdfunding platform, which goes by the name Arawak X.  I understand as well that The Bahamas International Stock Exchange (or BISX) has also been approved to establish its own similar platform to raise funding for Bahamian Small Businesses.  We expect to see even more innovators come forth as a result of the new framework highlighted today.

I thank the Securities Commission, the Economic Recovery Committee, and everyone who worked tirelessly to outline and implement the new crowdfunding rules. I am so excited to see the creative ventures that will grow as a result of this work. Thank you.

Bahamas News

Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

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NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

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Bahamas News

Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

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Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

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Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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