Addressing the delegates at a Society of Trusts and Estates Professionals conference yesterday in the the Bahamas, Minister of Financial Services and Investments, Allyson Maynard-Gibson, gave further details of the 5-year overhaul of the country’s financial sector she announced earlier in the month.
‘My Ministry, said the Minister, ‘has invited all participants in our industry to sit at the table as partners in national development. We have requested that private sector bring to the table, their intimate knowledge of the industry and evolving trends. Imminently, we shall be unveiling a 5 year Strategic Plan. This is a first. It is the first time that private and public sector have come together to jointly agree a 5 year Strategic Plan for our industry. In so doing, and working in concert with private sector, regulators and policy makers, a Bahamas strategy has been formulated and will be continually refined.
‘Important to our success are the mechanisms to ensure transparency while providing privacy to your clients who operate within the ambit of Bahamian laws. You would have heard me define our jurisdiction as Blue chip, well regulated and co-operative.
‘The Bahamas joins hands with all countries in developing effective mechanisms to Know Your Customer. We do note that while the Act was passed in October last year, and owing to its significant impact on the industry, substantive discussion has taken place among all parties in the US to ensure a efficient and effective implementation. This is a policy resonates with the policy of my government. Full consultation on matters affecting the industry will be afforded interested parties. We will ensure that sufficient time is available by listening carefully to industry on all matters affecting the industry.
‘In particular, this conference is an opportunity to examine closely the requirements under the Patriot Act and the obligations imposed on those who chose to do business within the US (which I dare say is all of you) and benchmark these with the obligations for transparency and privacy of client information within Bahamian laws.
‘My government continues to urge cooperation between regulators and institutions in financial centers – including London, Singapore, Switzerland, N.Y. and our Caricom brothers – to ensure an appropriate and consensus driven response to the very real danger faced by us all – Terror Financing.
‘I take this opportunity to reaffirm the policy of my government to continue the fight against serious crime including terrorism and the use of funds gained or to be used for these activities. As you would recall, The Bahamas in June 2002 signed the Inter American Treaty Against Terrorism. We will be tabling legislation to give effect to our commitments therein.’
