In addressing the business and financial community at a recent luncheon hosted by the Bahamas Chamber of Commerce, Governor Julian Francis of the Central Bank of The Bahamas claimed that the very real phenomena of globalisation created the new financial industry standards, by which we have to live today. Recent initiatives by various international agencies were seen as moves to seek cooperation in efforts to end fiscal abuses that distort competition in a global financial market.
There has been no indication that the economy in general, or the financial services sector in particular, have been impacted negatively by actions taken, or that the competitive position of The Bahamas has been jeopardised. In fact, the new financial services laws will serve to bring The Bahamas to “higher ground”, and at the end of the day The Bahamas will retain its position as one of the major financial centers in the world.
The Bahamas is operating on a global platform. “People need good professional services to manage their wealth” said the Governor, and strategies must be implemented to develop the professional resources — especially in the international securities market.