Today the Minister of Financial Services, the Hon. C.V. Hope Strachan, M.P., issued a press release (see pdf below) providing an update on currents efforts to ensure the timely implementation of the OECD Common Reporting Standard (CRS) using a bilateral approach. The Bahamas Financial Services Board (BFSB) is actively collaborating with the government in this regard.
The relevant legislation, regulations and guidance notes have been benchmarked already – both regionally and internationally. In order to effect the OECD Common Reporting Standards, the Government of The Bahamas and private sector legal experts are now in the process of finalizing the drafting of enabling legislation and the appropriate guidelines. Once this is completed, BFSB will be working along with the government to facilitate the dialogue and engagement with its members and other industry stakeholders considered necessary to the implementation process.
The Minister notes,*“As the project lead for the implementation of the Common Reporting Standards in the Bahamas, I am pleased with the current progress of the implementation plan. Through the co-ordination of my Ministry, with the Office of the Attorney General, the Ministry of Finance, the Bahamas Financial Services Board and other industry stakeholders, I am confident that we will meet the 2018 implementation deadline.”*