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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.
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Bahamas Financial Services Board (BFSB) and Insurance Commission of The Bahamas (ICB) attended RIMS RISKWORLD 2023
The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) attended Risk Insurance Management Society (RIMS) RISKWORLD 2023 at Georgia World Congress Center in Atlanta, Georgia from April 30th – May 3rd, 2023. This four-day event brought together more than 10,000 risk management professionals for an opportunity to educate, learn, and connect with clients and other risk professionals. RIMS, founded in 1950, is a platform for risk management professionals to create a safer, more secure, and more sustainable world. RISKWORLD 2023, hosted under the theme of “The World of Resilience” is an event that provides attendees with the tools and connections to collaborate with other risk professionals and swap innovative strategies. RISKWORLD 2023 offered professionals in this field with insights and tools on how to respond to today’s challenges and tomorrow’s risks with in-depth education for all career levels. This took place in a dynamic marketplace filled with 400+ exhibitors and allowed for exclusive networking in the Global Studio and Wellness ZENter. There were groundbreaking insights in the Thought Leader Theater and Innovation Lab. The event also featured four keynote speakers, namely Johnny C. Taylor Jr., Josh Linkner, Evan G. Greenberg, and Danica Patrick. The topics featured at this event ranged from career development, claims management, cyber and technology risk. Specific sessions at the event included: Discovering and Managing ESG and Risk Relationships Cryptocurrency Risks: Challenges and Opportunities Climate Change and Catastrophic Property Loss: From Risk to Resilience Parametric Insurance: A Fundamental Pillar in a Resilient Risk Management Approach CaptiveLand: A Journey to Forming a Captive Captive Industry: Insurance Strategies to Address a Hard Insurance Market and Improve Risk Management Settlement of Underlying Claims When the Policyholder and Insurance Company Disagree The Bahamas delegation was primarily focused on promoting the growth of the captive insurance industry in The Bahamas. The representatives of The Bahamas that attended this year’s RISKWORLD conference are Dr. Tanya McCartney, CEO of BFSB, Ms. Rianna Sobiech, Marketing & Special Projects Associate at BFSB, Mrs. Michele Fields, Superintendent of Insurance at ICB, Mrs. Tiffany Moss, Analyst Intermediaries & Market Conduct at ICB, Ms. Phelice Jones, Deputy Manager of Supervision at ICB, Mr. Jermaine Williams, Vice President & Chief Risk Officer at Commonwealth Bank Ltd, Mr. Kencil McPhee, External Insurance Manager at J.S. Johnson & Company Ltd, Mrs. Candice Bain, Business Development Manager/Principal Representative at The Bahamas Co-operative League Ltd/Co-operative Assurance Ltd, and Mr. Larnest Brown, Group Procurement Manager at Cable Bahamas. RISKWORLD 2024 is scheduled for May 5-9, 2024, in San Diego, California.
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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.
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Ministry of Finance: Notice on Compliance with Section 7 of the Commercial Entities (Substance Requirements) Act, 2018 (“CESRA”)
The Competent Authority today issued a Notice on compliance with section 7 of the Commercial Entities (Substance Requirements) Act, 2018 (“CESRA”) as a consequence of COVID 19 related travel and/or other restrictions. PUBLIC NOTICE – Notice on Direction and Management (PDF)
BFSB To Host Annual International Business & Finance Summit (IBFS)
BFSB will host its 2018 International Business and Finance Summit (IBFS) under the theme “Hitting the Reset Button” here in Nassau on Friday March 2nd at The Baha Mar Resort. This event will give industry stakeholders as well as the general public the opportunity to gain insights into the initiatives impacting the financial services sector as well as strategies to reposition the industry for long term growth and sustainability. The financial services industry remains a key contributor to the economic development of The Bahamas, and there is potential for growth in the sector. Hence, we will look at how we can reposition the sector and chart a new course by embracing innovation and taking bold steps to remain a competitive international financial centre of choice. Speakers at this event will include: Mr. John Rolle, Governor of The Central Bank of the Bahamas who will speak on “Global Banking issues and the Impact on Financial Services”; Ms. Sara Venables, Assistant Director- Deloitte UK who will examine “Tax Strategies for The Bahamas as an International Financial Centre”; Mr. Philippe May of Arton Capital, Singapore who will look at – “The Anatomy of The Global Citizen: Residency Issues”; Mr. L. Ryan Pinder, Partner at Graham Thompson and Former Minister of Financial Services will speak to “Base Erosion and Profit Shifting: Implications for The Bahamas”; Mr. Dennis Deveaux, Head of Management Consulting and Data & Analytics – KPMG Bahamas who will provide insights into “How Data Analytics Can Grow Your Business”; Ms. Susan Fulford of Dynamic Legacy (Canada) who will present on “Family Offices – Governance and The Bahamas Advantage”; and Mr. Don Stubbs of Scotia Wealth will examine “The Role of IFCs in the Transparent World”. Other topics to be covered include Fintech Opportunities for The Bahamas and Refining the Bahamas Value Proposition. IBFS 2018 will bring together international thought leaders, key stakeholders and executives to discuss matters pertinent to the industry. Mark your calendar to attend IBFS 2018 for one day of dynamic discussions and networking. Registration opens on February 1st! For more information email: events@bfsb-bahamas.com