BFSB News

The Bahamas Financial Services Board (BFSB) congratulates The Society of Trust and Estate Practitioners (STEP) Bahamas Board and Conference Planning Committee on a very successful inaugural conference under the themes “Succession Through Innovation”. The Conference brought together the world’s leading trust and estate practitioners in Nassau, Bahamas, to discuss ideas and innovations in the planning, structuring and management of wealth. BFSB was pleased to serve as a sponsor of the STEP Bahamas Conference. STEP is a unique professional body providing members with a local, national and international learning and business network focusing on the responsible stewardship of assets today and across the generations. It provides education, training, representation and networking for its members.  The conference was opened by Mr. Theo Burrows, STEP Bahamas Conference Branch Chair and Assistant General Counsel in International Trust Services at JP Morgan Trust Company Limited (Bahamas). Sen. Hon. Michael Halkitis, Minister of Economic Affairs then gave the opening address. Wide Range of Topics Covered The following trending topics relevant to trust and fiduciary services were discussed: Building Resiliency in a Disruptive World When Things Go Wrong – Problem Solving for Trustees Small Island Nations – Surviving the Constant Changing Requirements of International Bodies (EU/OECD/FATF) Exercising Trustee Powers Single Family Office – The Next Generation To Know Better is to Do Better – An Overview of the Bahamian Regulatory Environment LWP – Live, Work & Play – Enjoy the multi-benefits of The Bahamas as a Financial Centre STEP/EDLS Moot Competition The event concluded with the STEP/EDLS Moot Competition that stimulated a courtroom hearing and presented a Moot Question on an issue in trusts and estate planning. The plaintiffs and defendants were to provide written and oral responses to these issues by presenting opening submissions, substantive submissions, and rebuttal/closing submissions. The participants were students of Eugene Dupuch Law School. The representatives of the plaintiff were Ms. Diana Ferreira, Mr. Sanjay Kelly, and Ms. Tinarje Moxey from Higgs & Johnson, and the representatives of the defendants were Ms. Ava La-Roda, Mr. Calnan Kelly, and Ms. Dancia Knowles from Callenders & Co. The representatives of the judges’ panel were Sir Michael Barnett, Kt., President of the Court of Appeal, The Bahamas, Hon. Justice Loren Klein, Justice of the Supreme Court, The Bahamas, and Hon. Justice Rubie Nottage, Justice of the Supreme Court, The Bahamas. The STEP/EDLS Moot Competition’s winners were the Callenders & Co. team representing the defendants. About STEP Bahamas STEP, The Society of Trust and Estate Practitioners, is a unique professional body providing members with a local, national and international learning and business network focusing on the responsible stewardship of assets today and across the generations. STEP provides education, training, representation and networking for its members. About BFSB The Bahamas Financial Services Board (BFSB), launched in April 1998, represents an innovative commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international financial centre. The Board is a multidisciplinary body that embraces active contribution from individuals within government, banking, trust and investment advisory services, insurance and investment fund administration as well as interested legal, accounting and management professionals. BFSB represents and promotes the development of all sectors of the industry, including: banking, private banking and trust services, mutual funds, capital markets, investment advisory services, accounting and legal services, insurance, and corporate and shipping registry. In addition to its coordinated programs to increase confidence and expand knowledge of The Bahamas among international businesses and investors, the private sector-led BFSB will continue to consult with government to develop new initiatives to meet the rapidly changing demands of international financial markets

The Bahamas is pleased to announce that it has now attained technical compliance ratings of “Compliant and Largely Compliant” in 40 of the 40 Financial Action Task Force Recommendations – International Anti- Money Laundering, Countering of Terrorism and Proliferation Standards. The country becomes only the second jurisdiction in the Caribbean, South and North American Regions to attain such standing. The country’s 5th Follow-Up Report was released today by the Caribbean Financial Action Task Force.

The Financial Services Cares initiatives was established in 2015 by members of the Bahamas Financial Services Board (BFSB) and the Association of International Banks and Trusts Companies (AIBT) to support disaster recovery projects that benefit youth and education in particular. In the wake of Hurricane Dorian, the BFSB and AIBT with the support of its members committed itself to raising funds to assist with the relief and recovery efforts and bring aid to those negatively impacted by the hurricane, in particular the children in the most northern islands of The Bahamas. On November 17th, BFSB along with the AIBT presented the Director of Education, Mrs. Dominique McCartney Russell, with  computers and electronic items to meet the technology needs of all of the schools in the Abaco School District. The equipment included ninety (90) laptops, seven (7) printers and one hundred and one (101) document cameras to support immediate learning needs and to make the transition back to face to face learning easier for both teachers and students.  At the presentation, BFSB and AIBT shared with the Director that The Financial Services Cares Initiative has also secured playground equipment for all of the schools in the Abaco District. BFSB’s CEO and Executive Director, Dr. Tanya McCartney in making the presentation noted that : “Hurricane Dorian severely impacted the education system in the Northern Bahamas.  The Financial Services Cares Initiative strongly supports youth development efforts and enhancing the educational experience of our children. We wanted to ensure that students and teachers are supported as they recover from Hurricane Dorian and the COVID 19 pandemic.  We look forward to touring the schools in Abaco once the  playground equipment has been installed.  We will continue to partner with The Ministry of Education to support recovery efforts in Grand Bahama and the affected areas in need of resources.” Miss Anastacia Johnson , representing The Association of International Banks and Trust Companies echoed the sentiments of Director McCartney noting that: AIBT through its Code of Conduct, maintains a strong commitment to social issues with a particular focus on training local Bahamian staff and the promotion of Bahamas financial services. This means that we must start with our young bright minds as we seek to ensure the sustainability of the sector. Education is a critical social factor that we believe it is important to invest in.” The Director of Education, Mrs. Dominique McCartney-Russell upon receiving the computers and equipment  thanked BFSB/AIBT and The Financial Services Cares Initiative  for the generation donation. She stated that “The children in Abaco and the northern Bahamas have been severely impacted by Hurricane Dorian and the COVI-19 pandemic. Our team on the ground is eager to utilize the equipment to enhance learning. With respect to the donation of the playground equipment, Director McCartney noted that “In the wake of Hurricane Dorian and the pandemic, the children need an outlet, and the playground equipment will do well for development and pyscho-social support systems. It will provide a place for them to be children. The Abaco community at large thanks BFSB and AIBT for their generosity.”