The Bahamas Financial Services Board which continues to be a voice for the industry while promoting the sector overseas held its Annual General Meeting on September 20th, 2017 . BFSB’s work for the 2016 financial year was described as strategic and focused on key issues crucial to the industry.
BFSB’s Chairman, Ms. Antoinette Russell spoke to the change in the global regulatory landscape and the input BFSB provided with the support of members and through collaboration with government to key issues such as the implementation strategy for the Automatic Exchange of Information. She went on to note that the year saw a redefining and rearticulating of the Bahamas’ value based on three vital features Expertise, Innovation and a Strategic Location.
“2016 was a productive year for The Bahamas Financial Services Board. BFSB focused on the strategic positioning of the sector and addressing the systemic challenges that face financial services. We are pleased that we were able to achieve many of the objectives set for the year and continue to work on our strategic priorities.” stated Tanya McCartney, CEO & Executive Director of BFSB.
During her AGM report to members Ms. McCartney summarized BFSB’s work for the year 2016 in four (4) areas:
- Strategic Development of The Sector
- Maintaining the Bahamas’ Profile as a Premier International Financial Centre
- Collaboration with Key Stakeholders; and
- Member Engagement
Following Ms. McCartney’s address was the keynote from the Minister of Financial Services, Trade, Industry and Immigration, the Hon. Brent Symonette. Minister Symonette emphasised the need for strategic transformation in key areas that support financial services including immigration, the ease of doing business, processes concerning permanent residency, and the introduction of a tax residency certificate. Minister Symonette encouraged industry stakeholders to engage with his ministry as feedback is crucial to the advancement of the desired priority items. “Success of the economy is going to be the liberalization of this economy” he concluded.