BFSB News
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Post Hurricane Dorian Relief Continues for Ministry of Education Schools
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.”
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IMPORTANT MEMBER NOTICE: Update on Bahamas Delisting – European Union AML
We are pleased to advise that On Friday 7 January 2022, the European Commission adopted a new regulation to update the EU AML Blacklist, including delisting The Bahamas from the List of Third-country Jurisdictions which have Strategic Deficiencies in their AML/CFT Regimes (AML Blacklist). It has now been shared with the European Parliament and Council for formal consultation. After such consultation, the regulation will be published in the Official Journal of the European Union and entering into force 20 days after its publication. Please see attached press release issued by the Office of The Attorney General as well as the relevant EU Delegated Regulation. Press Release from the Office of The Attorney General, Bahamas (PDF) EU Delegated Regulation (PDF)
BFSB News, Latest
Attorney General Pinder: The Bahamas is Compliant with 18 Recommendations and Largely Compliant with 20 Recommendations
“Today, The Bahamas is Compliant with 18 Recommendations and Largely Compliant with 20 Recommendations, positioning the country in the top tier amongst FATF and FATF-Style Regional Body global network.” RE: THE BAHAMAS 4 TH FOLLOW UP REPORT The Bahamas has been under enhanced monitoring since the adoption of its Mutual Evaluation Report by the Caribbean Financial Action Task Force (CFATF) in 2017. In line with the CFATF Procedures for the Fourth Round of Mutual AML/CFT Evaluations, the country has reported back to the CFATF on the actions it has taken since its mutual evaluation and its 3rd Enhanced Follow up Report. Read Full Press Release (PDF)
BFSB News, Events, Latest
BFSB Sponsors Latin America ESG Summit In Miami, Florida
The Bahamas Financial Services Board sponsored the Latin America ESG Summit in Miami, Florida at the Conrad Hotel. The conference, which was held on September 23rd, was The Bahamas Financial Services Board’s first in person event since the start of the Covid-19 pandemic. The conference was well attended by over one hundred and fifty wealth management professionals across Latin America and South Florida, who were comprised of fund and asset managers, family office providers, and corporations interested in matters pertaining to Sustainable Investment. Globally, over the last decade there has been increasing importance placed on environmental, social and governance (ESG) practices due to greater demands from investors, governments and consumers alike. ESG investing today, focuses on companies’ performance when it comes to a range of socially and environmentally conscious issues including but not limited to, climate change, gender inequality, human rights and labour protection. It accounts for more than $20 trillion of all professionally managed assets worldwide. With a strong focus on Latin America, presentations and panels addressed a number of timely topics and themes related to environmental, social and governance related practices including: ESG, SRI, Impact Investing 101 The Rise of ESG in Alternative Assets Essential Climate Intelligence-ESG & Data Research Global Private Wealth, Family Office Discussion LATAM Pension Funds Roundtable
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BAHAMAS REMOVED FROM FRENCH TAX BLACKLIST
The Bahamas Removed from the French List of Non-Cooperative States and Territories in Tax Matters. Source: Central Communications Unit, Ministry of Finance Date: March 8, 2021 Contact: MOFcomms@bahamas.gov.bs The Government of France has removed The Bahamas from the French list of non-cooperative states and territories in tax matters. The list, which is updated annually by the French Ministry of Economics and Finance, was published in the Official Diary of the French Republic on March 4. The French Government has imposed a number of sanctions on blacklisted countries, including applying withholding taxes at a higher rate on financial transactions involving blacklisted countries. This serves as a disincentive to French taxpayers, both individuals and companies, wishing to conduct business in blacklisted countries. Blacklisting also carries reputational risks and may affect a country’s ability to access international markets. Minister of State for Finance, Senator The Honorable J. Kwasi Thompson stated: “The decision by France to remove The Bahamas from its tax blacklist is the culmination of extensive bilateral discussions with the French Government since we were first listed in December 2019. From the moment we learned that The Bahamas was listed, we set about to vigorously disprove France’s assumptions about our commitment to the international regulatory standards on tax cooperation and exchange of information for tax purposes. Our discussions with the French authorities have been fruitful and have fostered a deeper degree of cooperation between our two countries. We have aptly demonstrated that The Bahamas is indeed doing its part in the global effort to eradicate harmful tax practices.” Over the past year, The Bahamas has amplified its engagement in the international community to defend the integrity of the jurisdiction against the criticism that it is not doing enough to curb financial crimes. In March 2020, the European Union removed The Bahamas from its list of uncooperative jurisdictions for tax purposes and in December 2020, the Financial Action Task Force removed The Bahamas from its anti-money laundering and counter terrorism financing watch list.
BFSB PLATINUM SPONSOR OF 2021 WORLD CAPTIVE FORUM EVENT AND THE INSURANCE COMMISSION TO MAKE PRESENTATION
February 16th, 2021-The Bahamas Financial Services Board will once again be sponsoring the 2021 World Captive Forum (WCF) Event. This year BFSB will be a platinum sponsor. Celebrating its 30th year, the 2021 World Captive Forum will be hosted virtually for the first time on February 24th-25th, 2021. A domicile neutral conference, the World Captive Forum provides an in-depth educational, content rich experience for captive managers, investment managers, reinsurers, brokers as well as domicile regulators and officials. Mr. Carl R. Culmer Jr., Manager of Policies and Practices at The Insurance Commission of The Bahamas will be participating as a panelist in the Regulation Update Session on February 25th. He will be joined by other regulators including, David Provost, of the Vermont Department of Financial Regulation (Deputy Commissioner), and Travis Wegkamp of the Utah Insurance Department (Director of Captive Insurance). This global panel of regulators will share insights on current events impacting the captive insurance industry in their respective jurisdictions. The session will be moderated by prominent captive insurance attorney Joe Holahan, Partner, Morris Manning & Martin LLP, who will lead the discussion on topics including: COVID-19 Domicile response – waivers and other actions State bulletins and regulatory requirements Looking ahead – desire to exclude or segregate communicable disease risk, other developments? Independent procurement taxes and regulation Developments in Washington State and other states (CT, MN) Response from domiciles or industry groups? International financial centers – increasing cost of compliance for both regulators and insurers International financial centers – increasing cost of compliance for both regulators and insurers Cannabis Captive Benefits for this year’s attendees at the WCF include roundtable discussions, educational discussions, a virtual expo hall, on demand sessions as well as group and one on one networking opportunities. The Virtual World Captive Forum event agenda includes premium content designed to address the current and emerging risks facing global companies, showcasing how captives can offer solutions that may not be available in the traditional insurance marketplace. A number of Bahamian insurance professionals have registered to attend this event among them are members of BFSB’s Captives Working Group, Mr. Guilden Gilbert, CEO of CG Captive Managers Ltd. and Mr. Rayon Brown Managing Director and Consulting Actuary of Nassau Captives. Opportunities for Bahamian Captives Captives have been in existence for a long time as a means of controlling risks faced by organizations. Many of the risks on the balance sheet of a company do not align with its core business pursuits, so many companies transfer these risks to a captive via an insurance contract. In 2017, there were over 6,500 captives operating world-wide and over 1,000 global companies successfully using captives (per Deloitte review of the Bermuda Captive Market in January 2019). There is a common misconception that captives are only for and formed by large public companies. However, there is a growing trend for private companies to own Captives. Tanya McCartney, CEO & Executive Director of BFSB stated that: “There remain opportunities for us to capture a niche market in this captive space. Annually BFSB and the Insurance Commission of the Bahamas participate in the various Captive and Risk Management Conferences in the U.S. and Canada. However, service providers continue to state that we should seek to recapture the ground that was lost in this area by: Making a clear policy statement from the government that is going after growth in captive insurance and the allocation of resources to support this growth. A review of current legislation and regulations to ensure that The Bahamas is competitive Taking steps to attract a major broker to the jurisdiction; and Collaborating with the private sector to develop an action plan which focuses on growing captives in niche areas such as technology, FINTECH, property development, wholesaler etc. Through BFSB’s Captive Working Group industry stakeholders continue to engage with policy makers to ensure that attention is given to the opportunities presented by this particular area of financial services business.
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Bahamas Makes Significant Strides In Fight Against Financial Crime: Update On The Bahamas’ National Identified Risk Framework
BRIEFING DOCUMENT PREPARED BY: BAHAMAS NATIONAL IDENTIFIED RISK FRAMEWORK COORDINATOR SEPTEMBER 24th, 2020 Executive Summary INTRODUCTION There have been tremendous efforts made to address all concerns of the CFATF and the FATF Regarding The Bahamas’ Anti Money laundering, counter financing of terrorism and counter proliferation (AML/CFT/CFP) framework – legislative, regulatory and enforcement landscapes have been thoroughly reviewed and strengthened. The Bahamas is committed to ensuring that it maintains a high level of readiness in addressing regulatory and best practice challenges in the AML/CFT/CFP space on an ongoing basis. DOWNLOAD BRIEFING (PDF)