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BAHAMAS: Small Islands Have to Grapple with the Imposition of External Standards Set by Larger Countries

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#Nassau, September 17, 2018 – Bahamas – Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said small islands like The Bahamas have to grapple with the imposition of external standards set by the world’s large countries when it comes to the financial sector.

“This sometimes happens without due regard for national sovereignty or the spirit of international cooperation that should exist. This is a challenge we must acknowledge and address,” DPM Turnquest said at the two-day AML/CFT Anti-Money Laundering: Countering the Financing of Terrorism 2018 Risk Management Conference at Baha Mar, September 17, 2018.

He also said small countries must participate in proactive international engagement.

“We cannot be satisfied to only anticipate or adapt to changes.  Importantly, we must mobilize with our regional counterparts, and engage at the highest levels to shape the nature and direction of change in the industry.  We must take a seat at the table when it comes to shaping international standard.”

The DPM explained that much of this work is done at the inter-governmental level and requires strong leadership.

“In May of this year, the government formulated a comprehensive strategic plan to secure the viability of the industry.  Under the 10 broad categories, covered in the strategic plan, we identified strengthening international collaboration as an important strategic priority.  We also specified the need for the Ministry of Finance to strengthen its intellectual capital with specialized skills to enhance our presence and representation in the international arena.”

He said small jurisdictions like The Bahamas are committed to international standards not just because it is in their economic interest to comply, and not just because larger international partners can deploy their influence to exert pressure over the entire industry.  He said, “In the case of the United States and Europe, they have required every country and every bank in the world to support their tax collection efforts.”

DPM Turnquest explained that the incentive provided for this work, with aggregate compliance costs amounting to many billions of dollars, is the risk of being shut out of access to US dollar clearing and the international financial markets.

He said this threat is not a survivable for a country such as The Bahamas, which imports more than 80 per cent of its food and nearly 100 per cent of its energy, and therefore needs greater access to such clearing mechanism than less open economies.

“We know our size and interdependence makes us more vulnerable to the threat of harmful economic sanctions; however, we are committed to a strong AML/CFT regime more fundamentally because we share a common set of values and desired outcomes with our bilateral and multilateral partners.”

The DPM said despite the country’s historical reputation, The Bahamas makes no home for individuals or entities seeking to launder proceeds through criminality, or those who might expose our society to the risk of terrorism.

“This is an international code of practice, but in a domestic context, we place our own value on an environment that has integrity, that is competitive, robust, well-regulated and safe.”

He said the spirit of cooperation based on shared values and outcomes, and respect for the sovereignty of nations must underpin the system of international codes of conduct.  History and experience demonstrate that there is need for more proactive engagement at the international level to ensure this is the case.  The DPM said therefore, the government is actively enhancing its capacity and performance in this area.

 

By Llonella Gilbert

Release: BIS

 

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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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