BFSB Sub-Committee to Develop Recommendations To Ensure Industry’s Long Term Competitiveness

The Bahamas Financial Services Board (BFSB) has confirmed the establishment of a Strategic Development Committee which is actively engaged in evaluating and developing responses to the broad range of issues raised by the Financial Stability Forum, the Financial Action Task Force, the FinCEN Advisory by the U.S. Treasury Department, the OECD and other international initiatives that challenge The Bahamas’ status as a financial services centre.

“While present circumstances present formidable challenges for our financial services industry, they also provide a tremendous opportunity to refine and adjust our services to ensure that The Bahamas sustains its development as a highly competitive financial center, ” said Barry Malcolm, Executive Director, BFSB. Mr. Malcolm also noted that formal announcement of the Strategic Planning Committee “recognizes the establishment of a BFSB working group which has been engaged, for some time, in assessing and defining a strategy that, in current circumstances, would best assure a strong future for the financial services industry of our country.”

The committee will meet regularly to develop a comprehensive, strategic plan with short and long term recommendations to the Government, and actions that need to be taken by the industry to assure elimination of current advisories, and enhancement of our ability to compete successfully in the future.

“In the eyes of most people in the world of international finance, The Bahamas has rightfully achieved a pre-eminent status among international centers,” said Mr. Ian Fair, BFSB Chairman. “The Strategic Development Committee, drawing on the input of an excellent group of professionals, will define a plan for ongoing development of the financial services industry, in light of anticipated changes in the international marketplace.”

This BFSB working group will co-ordinate with Government and communicate the private sector’s views on:

-Changes to legislation;
-New legislation;
-New products;
-New initiatives;
-Sourcing of required resources;
-Ongoing strategic development.

Members of the committee include Ian Fair, Chairman; John Delaney, Deputy Chairman; Bruce Bell, Gregory Bethel, Carmen Butler, Maitland Cates, Gregory Cleare, Larry Gibson, Patricia Hermanns, Lynn Holowesko, Ishmael Lightbourn, Gregor Maissen, Barry Malcolm, Brian Moree, Betty Roberts, James Smith, Judy Whitehead, Ray Winder.