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As International Financial Centre, Bahamas Must Keep Up with Constant Change

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#Nassau, September 17, 2018 – Bahamas – Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said The Bahamas operates in an environment of constant change when it comes to the international financial sector, particularly when it comes to international codes of conduct.

“In the region, when it comes to keeping pace with the ever-evolving standards, we know the challenges all too well,” DPM Turnquest said at the two-day AML/CFT Anti-Money Laundering: Countering the Financing of Terrorism 2018 Risk Management Conference at Baha Mar, Monday, September 17, 2018.

The DPM said, understandably, the sector is reliant upon international standards to safeguard the integrity of the financial system.

“These are important components of the industry’s necessary infrastructure. At the foundation, there are international financial reporting standards that govern financial accounting.”

He explained that there are international codes governing the effective regulation and supervision of banks, insurance companies, and pension funds.  There are codes related to correspondent banking, financial crime, and tax compliance.  DPM Turnquest said as the industry matures, new threats emerge and new risks are assessed.

“This means codes of conduct change. And change can be extremely consequential in the financial services sector.  The Financial Action Tax Force (FATF) Recommendations on Money Laundering, first introduced in 1990, were momentous for the entire industry.

“Similarly, the Foreign Accounts Tax Compliance Act, a 2010 law enacted in the US, had far reaching effects in The Bahamas and across the entire industry.

“Of course, we are all familiar with the most recent Common Reporting Standards (CRS) implemented by the Organisation for Economic Co-operation and Development (OECD), and how consequential they have been.”

He said in light of this, international codes and compliance mechanisms simply cannot be taken for granted by any country or institution, much less small island nations like ours.  The DPM said to stand amongst the best in the international financial services sector there is simply no room for complacency.  “Complacency makes you obsolete; it can threaten your market access.”

He explained that it is the government’s desire is to maintain the country’s status as a premier International Financial Centre (IFC); and to set a gold standard in effective management of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) risks.

“To kick off this conference today I want to affirm the government’s serious commitment to a high-quality AML/CFT regime, and to emphasize this message: To all of the stakeholders gathered here today – legislators, regulators, members of private financial institutions and law enforcement – as a jurisdiction, together we must be highly engaged at the international level; we must be robust in our domestic actions; and we must be effective in our enforcement of standards.”

He said, “This message is relevant to all IFCs, because to remain competitive we simply must have a safe financial system that is resistant, across the board and within each relevant institution, to any facilitation of financial crime such as money laundering and terrorist financing.”

 

By Llonella Gilbert

Release: BIS

Photo Caption:  Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest opens the two-day AML/CFT Anti-Money Laundering: Countering the Financing of Terrorism 2018 Risk Management Conference at Baha Mar, Monday, September 17, 2018.

(BIS Photo/Kristaan Ingraham)

 

 

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Bahamas News

Bahamas economic growth

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Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

 

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Bahamas News

C&W COMMUNICATIONS PROUD TO BE ASSOCIATED AS ATHLETES “CHASE THE SUN”

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World Relays to be title sponsored by BTC, one of C&W’s local brands.

 

In just a few days, athletes from over fifty countries will converge in The Bahamas for the BTC World Athletic Relays Bahamas 24. C&W Communications, the parent company of BTC, is proud to be associated with this major event, which will see athletes from The Bahamas, Barbados, Jamaica, and Trinidad & Tobago competing for a place in the upcoming Olympic games in Paris.

Inge Smidts, CEO of C&W Communications, who also serves as Chair of the BTC Board of Directors will be in the stands to witness the highly anticipated relays. Smidts says, this was an event that she simply could not miss. “We are proud to support our Caribbean athletes, and we wish them well as they vie for a spot in the Olympic games.

The relays will be held one of in our markets, The Bahamas, and we are honoured to be the title sponsor of the event. The world relays represent the spirit of relentless courage and the willingness to succeed of the Caribbean people and of our business. Through partnerships like this we demonstrate our unwavering commitment to connect communities and change lives.”

In addition to its sponsorship of the event, Smidts says it was important that athletes, officials, and fans stayed connected during the games. “As a business we are focused on ensuring that our customers have access to faster, stronger, and more reliable connectivity, and we worked with our partners to make certain that athletes and guests remain connected.

We have offered e-sim cards, and we also worked with the major hotels to set up care centers to ensure that we address any connectivity concerns on the spot. Additionally, I am pleased to announce that BTC will provide free Wi-Fi at the stadium giving patrons and athletes the opportunity to share every riveting moment.”

BTC has hosted a special event just for the Caribbean athletes, at the newly renovated Queen’s Staircase in Nassau, a recently renovated historic landmark visited by thousands of tourists each day. This event gave athletes the opportunity to unwind, mingle, and to learn more about each other right before the competition.

This is the fourth time that BTC and its parent company C&W Communications have title sponsored the world relays. The BTC World Athletic Relays will be held at the Thomas A. Robinson Track & Field Stadium from May 4-5, under the theme, “Chase the Sun, from Paradise to Paris.”

 

 

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RBC appoints new Country Manager and Area Vice President for Turks & Caicos 

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RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

 

 

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