The Bahamas Financial Services Board partnered with Global Fund Media Group/Hedgeweek to host our annual Bahamas Spotlight event in London (U.K.) at Six Park Place on Wednesday, June 28th, 2023. The briefing was held under the theme: “The Bahamas 360: The Complete & Compelling Choice”. It provided an opportunity for London-based service providers and advisers to hear from regulators and expert Bahamian practitioners on the full range of wealth management services offered in The Bahamas.
Mrs. LaTonia Symonette-Tinker, BFSB Chairperson welcomed the audience by anticipating The Bahamas Value Proposition. Director of Finance Ms. Brandace Duncanson, Ministry of Economic Affairs who represented Minister Halkitis, shared with delegates that:
“We continue to adapt to the evolving requirements. In the past year, we are able to demonstrate compliance with EU AML standards, as well as the Financial Action Task Force standards. We expect to do the same for EU Economic Substance Reporting standards in the near future. Just 6 months ago, we were deemed Largely Compliant with all 40 of the 40 Financial Action Task Force recommendations, making us the 6th jurisdiction in the world – out of 206 jurisdictions in the FATF’s network to attain this status. Our Business Licence (Amendment) Bill, 2023, brings us in compliance with OECD standards related to IBCs, ensuring that business done inside and outside of The Bahamas are clearly identified and differentiated for taxation purposes.”
Balancing Innovation with Regulation
The first session entitled “Balancing Innovation with Regulation” was moderated by Dr. Tanya McCartney, BFSB CEO & Executive Director. She engaged in a dialogue with Superintendent of Insurance Mrs. Michele Fields and Ms. Theominique Nottage, Arbitration Consultant in the Ministry of Economic Affairs. The discussion focused on the updates to the legal and regulatory regime for insurance. In addition, Ms. Nottage spoke on the key provisions of the new International Commercial Arbitration Act, 2023, and the position of The Bahamas as an international arbitration hub.
The Bahamas Value Proposition: Product and Services Deep Dive
A roundtable discussion on “The Bahamas Value Proposition: Product and Services Deep Dive” was then facilitated by Tony Griffiths, Head of Content at Global Fund Media. The industry participants included Dr. Iyandra Smith-Bryan, COO of Quantfury, Mr. Paul Winder, Global Head of Wealth Planning at Deltec Bank & Trust, and Mr. Ricardo Evangelista, CEO of ActivTrades Europe.
The topics covered included:
- The Key Advantages of The Bahamas as an international financial centre
- The Bahamas as an Ideal Global Hub for Fintech
- Wealth Management Strategies
- Private Wealth Management Offerings
- The Types of Investment Funds under Bahamian Law