The Bahamas Financial Services Board (BFSB) announced this week that the jurisdiction's financial services regulators have signed a Memorandum of Understanding (MoU) intended to assist with the harmonisation of regulatory standards and practices.
Present at the signing of the agreement last week were representatives from the Central Bank of the Bahamas, the Securities Commission, the Compliance Commission, the Office of the Registrar of Insurance Companies, and the Office of the Inspector of Financial and Coporate Service Providers.
According to the BFSB: 'It is anticipated that the harmonisation of practices by the various regulatory agencies will minimise duplication in the supervision of financial institutions, and enhance regulatory efficiency.'
By Amanda Banks, Tax-News.com
