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BFSB Hosts Annual UK Breakfast Briefing Under the Theme – The Bahamas 360: The Complete & Compelling Choice

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The Bahamas Financial Services Board partnered with Global Fund Media Group/Hedgeweek to host our annual Bahamas Spotlight event in London (U.K.) at Six Park Place on Wednesday, June 28th, 2023. The briefing was held under the theme: “The Bahamas 360: The Complete & Compelling Choice”. It provided an opportunity for London-based service providers and advisers to hear from regulators and expert Bahamian practitioners on the full range of wealth management services offered in The Bahamas. Mrs. LaTonia Symonette-Tinker, BFSB Chairperson welcomed the audience by anticipating The Bahamas Value Proposition. Director of Finance Ms. Brandace Duncanson, Ministry of Economic Affairs who represented Minister Halkitis, shared with delegates that: “We continue to adapt to the evolving requirements. In the past year, we are able to demonstrate compliance with EU AML standards, as well as the Financial Action Task Force standards. We expect to do the same for EU Economic Substance Reporting standards in the near future. Just 6 months ago, we were deemed Largely Compliant with all 40 of the 40 Financial Action Task Force recommendations, making us the 6th jurisdiction in the world – out of 206 jurisdictions in the FATF’s network to attain this status. Our Business Licence (Amendment) Bill, 2023, brings us in compliance with OECD standards related to IBCs, ensuring that business done inside and outside of The Bahamas are clearly identified and differentiated for taxation purposes.” Balancing Innovation with Regulation The first session entitled “Balancing Innovation with Regulation” was moderated by Dr. Tanya McCartney, BFSB CEO & Executive Director. She engaged in a dialogue with Superintendent of Insurance Mrs. Michele Fields and Ms. Theominique Nottage, Arbitration Consultant in the Ministry of Economic Affairs. The discussion focused on the updates to the legal and regulatory regime for insurance. In addition, Ms. Nottage spoke on the key provisions of the new International Commercial Arbitration Act, 2023, and the position of The Bahamas as an international arbitration hub. . The Bahamas Value Proposition: Product and Services Deep Dive A roundtable discussion on “The Bahamas Value Proposition: Product and Services Deep Dive” was then facilitated by Tony Griffiths, Head of Content at Global Fund Media. The industry participants included Dr. Iyandra Smith-Bryan, COO of Quantfury, Mr. Paul Winder, Global Head of Wealth Planning at Deltec Bank & Trust, and Mr. Ricardo Evangelista, CEO of ActivTrades Europe.   The topics covered included: The Key Advantages of The Bahamas as an international financial centre The Bahamas as an Ideal Global Hub for Fintech Wealth Management Strategies Private Wealth Management Offerings The Types of Investment Funds under Bahamian Law

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International Investor awards the Bahamas Financial Services Board and CEO & Executive Director for “Best Regional Finance Centre 2023” and “CEO of the year 2023”

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Recently, The Bahamas Financial Services Board and Dr. Tanya McCartney, CEO & Executive Director were awarded this year’s “Best Regional Finance Centre” and “CEO of the Year” by International Investor. International Investor is both an online and printed publication providing information and news on topics such as world markets, industry analysis, breaking trends, investing opportunities, and c- suite level interviews. International Investor’s awardees are nominated by industry experts using a wide range of criteria and multiple research platforms. The criteria include leadership, innovation, proof of development, digital transformation, CSR, tax regulations, banking system (country), financial system stability (country), and accessibility to international markets. Upon receiving the awards, CEO and Executive Director, Dr. Tanya McCartney noted that:  “The Bahamas has always sought to provide superior financial products and services and a world-class client experience. It has proven itself to be nimble and responsive to global changes – always mindful of the need to adhere to international standards with respect to compliance, cooperation, and transparency. This is complemented by the fact that the Bahamas is not only somewhere that offers bespoke private wealth management, but also a beautiful place to live and work in. We see this as a winning formula for the jurisdiction as we strive to enhance our competitive advantage.” About Dr. Tanya McCartney Dr. Tanya McCartney, a UK-trained barrister and chartered banker, has served as the Bahamas Financial Services Board’s CEO and Executive Director since 2016. Tanya currently plays a critical role in facilitating collaboration between the private sector and policy makers in The Bahamas with respect to all the global regulatory initiatives impacting the financial services sector. She serves as an advocate for over 250-member financial services institutions that are members of The Bahamas Financial Services Board. Since 2016, Tanya has organized and led contingents of Bahamian professionals to promote the Bahamas as an international financial centre in The United States, Canada, Europe, and Latin America. The primary objective is to increase international awareness of the Bahamas value proposition as an international financial centre. She is playing a central role in rebranding the jurisdiction as an international business centre. Tanya is intimately involved in the development of a strategic plan for sustainability of the Bahamian financial services industry. She has presented at conferences in Africa, South America, and the United States. 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. 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. About International Investor The subscribers of International Investor include institutional investors, family offices, private banks, CEO’s and COO’s of global corporations and so our main goal is to develop the best content dedicated to this global investment community. A community that must have a quick and straight forward view of the global microeconomic environment. International Investor has the main objective to provide a platform that is simple to understand whilst engaging them with the vast opportunities the inspiring panorama of constant change provides. By adopting this approach, we hope to help inspire our investor base to more easily define their strategy and reach their development and investment goals. To read more about this award click here.

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Bahamas Financial Services Board (BFSB) and Insurance Commission of The Bahamas (ICB) attended RIMS RISKWORLD 2023

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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 Financial Services Board (BFSB) sponsors Captive Insurance Companies Association (CICA) 2023

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The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) attended the Captive Insurance Companies Association (CICA) International which was held at The Westin Rancho Mirage Golf Resort & Spa in Rancho Mirage, California on March 5th to 7th 2023. The 3-day event served as an opportunity for captive and risk management professionals to explore new uses of captives, engage new talent, and outline best practices. The Bahamas Financial Services Board was a bronze sponsor at Captive Insurance Companies Association (CICA). CICA was formed in 1972 to foster and support the development of captive insurance companies around the globe. Through the years, CICA has evolved along with the industry to offer alternative risk professionals the latest, most up-to-date viewpoints on captive insurance, and more recently, risk retention groups. This was the 51st, year of the conference’s existence. The Bahamas delegation attended as part of the jurisdiction’s continuing efforts to attract captive insurance business to The Bahamas. There were over 540 participants in attendance at the conference representing the captive industry which was hosted under the theme “Accelerating Captive Innovation”. Participants at CICA 2023 were comprised of internationally recognized expertise, exhibitors and regulators representing 24 states (USA) and 25 captive domiciles. The CICA conference was opened by award-winning keynote speaker, Don Yaeger, who began his career as a reporter for San Antonio Light and today an author of  eleven New York Times Best-sellers. The conference hosted several sessions throughout the day and were labeled as either “101: All Audiences”, “201: Intermediate”, and “301: Advanced” for each attendee to identify which topic is recommended for their level of expertise. Some of the topics covered included: Captives 101 – New to Captives – Expand your knowledge here The Impact of Inflation and Other Economic Trends on Captive Programs Captive Investments – Back to the Future Integrating Your Service Providers for a Stronger Captive Navigating Fronting and Reinsurance – Keys to Success Captive Collateral Damage: Preventing and Mitigating Harm to the General Public Small Captive Tax Audits and Litigation – Today’s Status, Tomorrow’s Changes The representatives of The Bahamas that attended this year’s CICA conference are Dr. Tanya McCartney, CEO and Executive Director of BFSB, Ms. Rianna Sobiech, Marketing and Special Projects Associate of BFSB, Mr. Darrin Rodgers, Senior Analyst of Supervision Unit at the Insurance Commission of The Bahamas, Ms. Jamell Bodie, Manager of Insurance Company Supervision at the Insurance Commission of The Bahamas, Mr. Hilton Bowleg, Director and Assistant Treasurer at Co-operative Assurance Limited, Mr. Dexter Brooks, Treasurer at Co-operative Assurance Limited, and Mr. Guilden Gilbert, CEO of Chandler Gilbert Captive Managers. The CICA 2024 International Conference is scheduled for March 10-12, 2024 at The Westin Kierland Resort & Spa in Scottsdale, Arizona.  The next captive insurance conference on the calendar for this year is RIMS 2023 Annual Conference & Exhibition from April 28- May 3 in Atlanta, Georgia.

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Bahamas Financial Services Board (BFSB) Congratulates STEP Bahamas On Its Inaugural Conference 2023

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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

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Bahamas Financial Services Board (BFSB) Sponsors 32nd Annual World Captive Forum

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BFSB was once again a Gold sponsor of the 32nd Annual World Captive Forum which was held at Trump National Doral in Miami, Florida from February 1-3, 2023. This 3-day event, hosted by Business Insurance, is an educational opportunity on the captive industry with educational sessions, roundtable discussions, exhibit hall, and networking opportunities. Captive insurance is a cost-effective alternative of insurance for business owners to have complete financial control and manage their own risks. With the captive industry evolving, events such as the World Captive Forum presents a platform for trending topics to be discussed by CEOs, managers, and regulators of the captive insurance industry. Some of these topics covered included: Hybrid Captives Asset Management Outlook Protected Cell Captives Cyber Captives Reinsurance & Fronting Strategic and Innovative Captive Uses Using Captives to Support ESG Improvements Medical Stop Loss Captive The representatives of The Bahamas attending World Captive Forum included Mrs. Michele Fields, Superintendent of Insurance, Mr. Carl Culmer, Manager of Policies and Practices, and Mr. Gerard Lightfoot, Supervision Unit of Insurance Commission of The Bahamas, Dr. Tanya McCartney, CEO and Executive Director, and Ms. Rianna Sobiech, Marketing and Special Projects Associate of Bahamas Financial Services Board, and Mr. Guilden Gilbert, CEO of Chandler Gilbert Captive Managers.

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Bahamas Attains Technical Compliance in 40 of the 40 Financial Action Task Force Recommendations

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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.

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