August 2024, Member Update
Advocacy
The Bahamas Financial Services Board continues to be at the forefront of advocacy efforts and legal reviews, demonstrating an unwavering commitment to addressing the needs of our members. From engaging with government officials to amending foundational documents, BFSB’s comprehensive approach is designed for proactive governance and advocacy. Beginning with the business license renewal process, the Board actively engaged with relevant authorities to enhance system functionality, streamline procedures, and advocate for effective resolutions to identified issues. The Board remains committed to these ongoing efforts. The Corporate Administrative Registry Services (C.A.R.S.) has presented opportunities to enhance the jurisdiction’s offering. The Board is actively collaborating with stakeholders on the initiative. We have shared insights and feedback received with the Registrar General, confident that, where pragmatic, recommendations will be addressed in the best interest of the industry. We will keep you updated on this exercise. Attention is also being given to tax-related matters, notably the impending implementation of corporate income tax and the VAT treatment of certain professional and financial services. A focus group has been established to evaluate these matters and provide recommendations. We appreciate the urgency for clarity on these topics and are in dialogue with policymakers. Additionally, the Board’s work included a thorough review of the Budget Bills 2024. BFSB meticulously analyzed relevant bills to understand their implications for the financial services industry and prepared a comprehensive legislative review document outlining the industry’s impact. We are pursuing discussions with relevant government ministers and departments.
August 2024, Member Update
Industry Development
The year’s first half has been marked by impactful events designed to advance the financial services sector and foster professional growth. Highlights include: On February 22nd, 2024, BFSB hosted its 4th Annual Industry Development Series at Margaritaville Beach Resort in Nassau. This seminar, organized with Kostelanetz LLP and AlixPartners, attracted industry professionals eager to learn about the latest trends in combating financial crime. The event emphasized the importance of remaining abreast of international regulatory requirements, reinforcing The Bahamas’ dedication to preventing financial and tax crimes. It also emphasized the nation’s unwavering commitment to upholding its reputation as a transparent, cooperative, and well-regulated international financial center.
August 2024, Member Update
Marketing & Promotion
At the start of the year, the Board intensified its promotional efforts for the jurisdiction through strategic partnerships and sponsorships with international media outlets and financial organizations. This collaborative approach enhanced visibility and reaffirmed The Bahamas’ position as a leading jurisdiction for financial services. The Board actively engaged in prominent international conferences, leveraging these platforms to showcase The Bahamas’ strengths in wealth management, its robust regulatory framework, and its stable political and economic environment. Notable events included: The Bahamas Landfall in London, UK, and Executive Club Lunch Briefing in Geneva, Switzerland. These events provided excellent opportunities for knowledge exchange and valuable insights, which will be shared in our upcoming Landfall Review. Other key conferences attended by BFSB included: World Captive Forum in Orlando, United States Captive Insurance Companies Association (CICA) in Scottsdale, Arizona Risk Insurance Management Society (RIMS) in San Diego, California Posidonia in Athens, Greece
Letter From The CEO
Dear Colleagues,As we advance into the second half of the year, I reflect on our progress and the journey so far as CEO. I wish to extend my sincere gratitude to LaTonia Symonette-Tinker, Chairperson; Antoine Bastian, Deputy Chairman; and Dr. Tanya McCartney, former BFSB CEO, for their unwavering support and guidance during my transition. Transitions are not easy, and I am blessed to have been championed by them throughout this process.My acclimation has been even smoother because of BFSB’s dedicated team: Fredericka Bowe, Office Manager; Jasmine Turnquest, Office Assistant; Rianna Sobiech, Marketing and Special Projects Associate; and Tonesa Munnings, the newest addition as Legal and Policy Officer. I am deeply grateful for their patience and support during this period.The first half of the year presented its challenges, including a demanding marketing calendar and key industry reforms; these experiences provided valuable insights and a deeper understanding of BFSB’s objectives and environment. Our commitment remains steadfast as we take proactive measures to support its growth and sustainability.At this six-month mark, we wish to take the opportunity to provide an update on our activities. The Board’s mandate focuses on three core areas: Marketing and Promotion, Industry Development, and Advocacy. These pillars drive our efforts as we work to advance the industry. We invite you to take a moment to discover what we have been up to.As I settle more fully into my role and look to the future, we recognize the need for a strategic marketing plan to address the new landscape of the financial services industry. The pressures of international competition, the cost of doing business, and regulatory changes require us to act intentionally as we shape the journey ahead.In the coming weeks, we will engage with our members through various channels to inform our strategic planning. Our industry is at an inflection point, and your support and input are critical as we reimagine financial services in The Bahamas. We aim to identify key themes, target markets, and opportunities to develop a comprehensive marketing plan and industry development program. Our goal is to optimize our resources and enhance the value we provide to our members.As we move forward together, I remain committed to leading BFSB with dedication and a collaborative spirit. Let us work together to build a stronger, more resilient financial services industry for The Bahamas.
Opalesque Roundtable Series ’23 – BAHAMAS
On July 10th, 1973, The Bahamas achieved a historic milestone by transitioning from a 300-year-long colony to an Independent Nation. As the country commemorates its 50th anniversary of independence, this Roundtable conversation starts with an examination of the factors that have elevated it to the forefront as an international financial center. “Already back in 1936, The Bahamas was at the forefront of private wealth management, although we didn’t use that exact term,” says Christina R. Rolle, Executive Director of the Securities Commission of The Bahamas. Today, The Bahamas has become one of the most established trust jurisdictions from a legislative and depth of bench of trust professionals worldwide. Its revamped Digital Assets and Registered Exchanges (DARE) Act is now also repositioning The Bahamas at the forefront of global digital asset regulation.