The Bahamas Makes Progress in the Implementation of CRS

December 21, 2016By @BahamasFSBBusiness, Industry News, International Issues, Legal, Tax Co-operation, The Economy

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

December 14, 2016By @BahamasFSBAML, Industry News, International Issues, Legal

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

Common Reporting Standard Implementation in The Bahamas

November 24, 2016By @BahamasFSBBFSB News, Industry News, International Issues, Legal, Tax Co-operation

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

May 10, 2016By @BahamasFSBIndustry News, International Issues, Legal

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

December 24, 2015By @BahamasFSBAML, Industry News, Legal, 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

Supreme Court Ruling on Perpetuity

June 20, 2013By @BahamasFSBIndustry News, Legal, Members in the News

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

International Bar Association and OECD to extend collaboration

October 10, 2012By @BahamasFSBInternational Issues, Legal

The [International Bar Association](http://www.ibanet.org/) (IBA) has announced that it has committed to extend collaboration with the [Organisation for Economic Co-operation and Development ](http://www.oecd.org/)(OECD) on improving legal frameworks, expertise, and development across a number of sectors. Sectors highlighted include employment, energy, environment and natural resources, financial services, migration, trade and investment, and the rule of law … Read More