Privatisation of BATELCO Nearing Completion

November 17, 2000By @BahamasFSBE-Business & ICT, Industry News

The Hon. Carl Bethel, Minister of Economic Development, commented on the increasing role of telecommunications companies in service-based economies such as The Bahamas as he reported on The Bahamas Government’s plans to privatise the state-owned Bahamas Telecommunications Corporation (Batelco). The Minister was addressing participants at a “Privatisation and Competitive Government” conference sponsored by the United … Read More

New Service Industry – Information Technology

November 17, 2000By @BahamasFSBIndustry News

Information Technology -Preparing to Compete in the Global Marketplace A worldwide survey conducted by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI) earlier this year emphasised the importance the corporate world attributes to electronic commerce and its transformation of the business scene. In terms of the financial services industry (the sector expected to be … Read More

BFSB Moves To Establish Best Standards and Practices Committee

November 10, 2000By @BahamasFSBIndustry News

BFSB’s Board of Directors has adopted a recommendation for the establishment of a Best Standards and Practices Committee, a mechanism intended to ensure self-oversight of the financial services industry. The new Committee’s mission will be to promote and encourage adherence by members of BFSB to best international standards and practices generally, and, in particular, in … Read More

Prime Minister Ingraham Promotes “Big League” Quality of Financial Services

November 9, 2000By @BahamasFSBIndustry News

As we review the bright spots in the financial landscape we remain mindful of the tremendous challenges confronting international financial services providers and centres. My Government has sought since coming to Office some eight years ago, to build on the foundation of an international financial services industry established in The Bahamas more than 50 years … Read More

Financial Intelligence Unit

November 2, 2000By @BahamasFSBIndustry News

Financial Intelligence Unit Act 2000 …part of ongoing review of legislative and regulatory regime On October 18, the Bahamas Government presented to Parliament a bill providing for the establishment of a Financial Intelligence Unit (FIU). The second reading of and debate on the Financial Intelligence Unit Act 2000 commenced this week in the House of … Read More

New Financial Architecture

October 16, 2000By @BahamasFSBIndustry News

NEW WORLD ORDER – Bahamas Financial Intelligence Unit Part of Compliance Efforts On his return from a month-long trip to Europe, Prime Minister H. Ingraham reported that the Government delegation had “discussions with the major groupings in the European capitals about the new financial architecture being developed by the developed world, and to see the … Read More

Insurance Industry Driving Economic Growth

October 10, 2000By @BahamasFSBIndustry News, Insurance

The insurance sector in The Bahamas contributes strongly to the nation’s economic expansion, and is ranked as the third largest industry here. The Bahamas Association of Life & Health Insurers (BALHI) points out that Bahamian insurance policies account for “millions of dollars”, while the Bahamas General Insurance Association (BGIA) estimates that insurance on buildings alone … Read More

US Withholding Tax Regulations — New Rules Slated For 2001

September 29, 2000By @BahamasFSBIndustry News

QJ/QI Status The Bahamas is in discussions with US officials concerning application for Qualified Jurisdiction (QJ) status under new rules expected to be implemented next year. As of January 1, 2001 it is expected that changes in the procedures governing withholding tax will become effective in the United States. The measures are targetted at US … Read More

Financial Services Industry Developing Strategic Plan

September 7, 2000By @BahamasFSBIndustry News

The Financial Stability Forum, the Financial Action Task Force, the U.S. Treasury Department (FinCen Advisory), the OECD and other international agencies and initiatives have raised a range of issues that challenge the status of The Bahamas as a financial services centre. During August, the Bahamas Financial Services Board (BFSB) established a Strategic Development Committee to … Read More

Enhanced Regulatory & Supervisory Regime

August 23, 2000By @BahamasFSBIndustry News

Expanded Role for Central Bank of The Bahamas The Prime Minister of The Bahamas has announced that the Governor of the Central Bank will have his powers expanded in terms of deciding which companies transact trust and banking business in The Bahamas. That is, the Governor will have the authority to deny bank and trust … Read More