Addressing the introductory luncheon session of Banker’s Week on the subject of Challenges and Opportunities, Central Bank Governor Julian Francis yesterday indicated that The Bahamas should not follow the whims and ideas of other providers but, rather, should seek to become a market leader in the global financial services industry.
“The Bahamas should no longer content itself with being just a competitor in this industry, which in many real respects we helped to develop”, said Mr. Francis, indicating the ongoing need for financial services providers to adapt to changing global conditions and increasingly high standards. With particular regard to the banking industry, Governor Francis pointed to local business operations of many of the world’s top banks.
It is anticipated that joining these will be more than half of the 124 registered “managed” banks in The Bahamas, which will choose to remain in the country and comply with the broad-ranging legislative package that was passed by the Bahamas Government at the end of last year.
The Governor reiterated his view that the enhanced regulatory regime put in place as a result of these administrative and legislative changes served to strengthen the financial services sector, positioning The Bahamas to maintain its position as a leading international financial center.
The compendium of new and amended legislation provides for the effective supervision of the entire financial system, so that all entities engaged in the system are subject to regulation and compliance oversight.