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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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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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