**Hon. Allyson Maynard-Gibson, M.P.
Minister of Financial Services and Investments**
Minister Maynard-Gibson addressed participants at the recent 3rd Annual Investment Funds Symposium sponsored by Ernst & Young. Her topic: **”The Current State of Our Financial Services Sector”.**
*”Financial Services in The Bahamas is a strong second pillar to our economy”*, said the Minister. *”The actions taken by The Bahamas government to strengthen the sector demonstrates clearly its commitment to the growth of the sector and to the sector as an instrument for the advancement of Bahamians.”*
Speaking to immediate goals, Minister Maynard-Gibson pointed out that The Bahamas has chosen the path of maintaining its position as a leading provider of private wealth management services while evolving to a full service centre. *”These goals will be achieved by continued adherence and upgrading of standards as well as close private sector collaboration to monitor, predict and serve growth areas. We shall continue to develop legislation that enables us to provide services to this growing market and enhance the lives of our citizens. Our objectives include the maximization of legitimate growth opportunities while working with our partners to minimize the risk of our system being used for criminal activities.”*
The Minister provided an update on the performance in the financial services sector, saying this indicates confidence in The Bahamas and its future. *(See link to full speech below)*
**Sector Growth**
The Minister’s presentation highlighted some key matters considered important to growth of the sector:
• Consultation and collaboration with the sector has been institutionalized
• Stability in the sector
• Bahamian intellectual expertise in the sector
• A strong regulatory regime
• Cooperation between regulators
• A strong anti money laundering and anti terrorism financing regime