Dr. Tanya McCartney, CEO & Executive Director Bahamas Financial Services Board
Any country heavily engaged in financial services bears the responsibility and a commitment to the international community of which it is intricately involved, the financial institutions operating within its borders, the clients which it serves and its citizens which rely on the sustainability of the industry for continued economic development. The Bahamas is such a country. The Bahamas has always sought to provide superior financial products and services and a world class client experience. It has proven itself to be nimble and responsive to global changes – always mindful of the need to adhere to international standards with respect to compliance, cooperation and transparency. This is complemented by the fact that the Bahamas is not only somewhere that offers bespoke private wealth management, it is also a beautiful place to live and work in. The need to be a responsible international financial service provider is
not seen as a heavy burden to those engaged in financial services. Rather, it is embraced as sacred pact with the many stakeholders who have come to rely on and recognize the
Bahamas for its financial services acumen over the years. Four vital features at the heart of what distinguishes The Bahamas as an international financial centre of significance are: Regulation, Expertise, Innovation and Location. Everything The Bahamas offers is defined by these four words. Everything that comprises The Bahamas value proposition and continued success as a leading international financial services centre is guided by these distinguishing factors.
GLOBAL REGULATORY COMPLIANCE
Regulation
The strong regulatory regime that characterises the financial services sector ensures that the Integrity of The Bahamas as an international financial centre is maintained. As a sovereign nation for more than 40 years, successive governments have consistently demonstrated the country’s commitment to international best practices, cooperation in the administration of justice, international tax transparency, anti-money laundering and the countering of financial
terrorism initiatives. Bahamian regulators are well regarded and active partners with international peer groups and agencies. There is collaboration between government and private sector to ensure that the Bahamas remains a well-regulated, blue chip international financial centre. In fact, The Bahamas Financial Services Board (BFSB) was established in 1997 to create a public-private partnership and forum for open dialogue about the challenges and opportunities facing the country’s second most important economic sector. The integrity of the jurisdiction is evidenced by the following:
(a) A Strong Anti-money laundering, counter financing of
terrorism / counter-proliferation financing regime with
The Bahamas being compliant with 40 out of the 40 FATF
Recommendations;
(b) Tax Transparency and Cooperation . The Bahamas was
among 136 countries who, in early October 2021, that indicated
its support for a 15 percent minimum global corporate tax rate
levied on the largest multinational enterprises under the BEPS
Initiative. The OECD/G-20 are hoping that all countries will
formally commit to the initiative in 2022, with implementation
targeted at 2023.
(c) US Foreign Accounts Tax Compliance Act
implemented (FATCA Compliance); and
(d) Commitment to Automatic
Exchange of Information/The
Common Reporting Standard
