The FINANCIAL TRANSACTIONS REPORTING ACT, 2018 AND PROCEEDS OF CRIME ACT, 2018 were passed by Parliament and came into force on Friday May 15th, 2018. FINANCIAL TRANSACTIONS REPORTING ACT, 2018 AND PROCEEDS OF CRIME ACT, 2018 Appointed Day Notice – POCA & FTRA.May 25, 2018
Legal
The Bahamas Makes Progress in the Implementation of CRS
Minister of Financial Services the Hon. C.V. Hope Strachan reported today that [the Bill](http://www.bfsb-bahamas.com/news.php?cmd=view&id=3694&pre=y) to provide for the implementation of the Common Standard on Reporting and Due Diligence for Financial Account Information in Tax matters and for connected purposes now has been passed unanimously in both Houses of Parliament. A release from the Ministry notes … Read More
Equipping Lawyers in Fight Against Corruption
The OECD has joined forces with the [International Bar Association](http://www.ibanet.org/) (IBA) to form a task force to develop professional conduct standards and practice guidance for lawyers involved in establishing and advising on international commercial structures and recommended actions for governments. The OECD-IBA Task Force on The Role of Lawyers and International Commercial Structures is expected … Read More
Amendment Acts to Strengthen Trust Regulatory Regime
Minister of Financial Services, the Hon. C.V. Hope Strachan, M.P., today tabled in the House of Assembly amendments to The Trustee Act (CH. 176) and The Trust (Choice of Governing Law) Act (CH. 179). The amendment to the Trustee Act strengthens the existing law as it relates to the administration of trusts, while the second … Read More
Common Reporting Standard Implementation in The Bahamas
The Bahamas Financial Services Board (BFSB) and The Association of International Banks and Trust Companies (AIBT), along with industry stakeholders, today held a consultative session with The Official Opposition to review draft legislation for the implementation of the Common Reporting Standard (CRS). The Leader of The Opposition and his colleagues were updated on why The … Read More
IMF Law and Financial Stability Forum
The International Monetary Fund (IMF) has announced plans for a May 16-18 high level conference on law and financial stability. The event will examine the role that the law plays in contributing to financial stability, and the need to empower regulators and enhance transparency and accountability in the financial sector. Taking place at IMF Headquarters … Read More
Improving the Regulatory Framework for the Securities Industry
The [Securities Commission of The Bahamas](http://www.scb.gov.bs) announced today that two important pieces of legislation which will improve the regulatory framework for the securities industry had come into effect earlier this month. Specifically, The Securities Industry (Anti Money Laundering and Countering the Financing of Terrorism) Rules, 2015 (“AML/CFT Rules”) and the Securities Industry (Amendment) Regulations, 2015 … Read More
CIArb Bahamas Branch Up and Running – Internationally Accredited Mediators and Arbitrators
The Bahamas Branch of the Chartered Institute of Arbitrators (CIArb), under the Patronage of Dame Joan Sawyer, the now retired President of the Bahamas Court of Appeal and a former Chief Justice of the Commonwealth of The Bahamas, has seen a steady increase in its base of qualified and trained professionals who can ably champion … Read More
FATCA Compliance
On Thursday, April 16, the Ministry of Financial Services and Ministry of Finance co-hosted a FATCA Industry Briefing to highlight the progress made by The Bahamas in readying itself and the financial services industry for compliance with the Foreign Accounts Tax Compliance Act (FATCA) of the United States. The event was cosponsored by the Bahamas … Read More
Supreme Court Ruling on Perpetuity
Chief Justice Sir Michael Barnett in a recent ruling granted a Bahamas-based trustee an Order declaring that the Rule Against Perpetuities (Abolition) Act 2011 (RAPAA) applied to the disposition of a trust created before December 30, 2011. Law firm [Higgs & Johnson](http://www.higgsjohnson.com) represented the trustee in the application – and points out that [Legal precedence](http://www.higgsjohnson.com/resources/bulletins_pdf/H&J%20Successful%20RAPAA%20Application.pdf) … Read More