Addressing a conference of compliance officers last week, Bahamian Minister of State for Finance James Smith announced that it was crucial for jurisdictions in the region to maintain compliance with international standards whilst embracing reform in the financial sector, in order to ensure future prosperity.
“We can no longer rely on the tax policies of other countries, particularly the developed countries to provide the basis for our growth of the financial services industry,” Smith told the first Annual Caribbean Compliance Conference last Thursday. “We must reform, restructure and if necessary re-tool our financial services industry from within.”
Mr Smith also placed high emphasis on the development of the country’s technology-based services, as well as introducing faster methods to approve new products and services in the financial sector.
Meanwhile, Vice President of the Bahamas Association of Compliance Officers (BACO) and Director of Compliance for First Caribbean International Bank, Cheryl Bazard told the Bahama Journal that it was important for all the nations in the region to pool their knowledge in the financial services arena.
“As offshore jurisdictions we are all faced with the same issues, the same threats and the same sanctions from the FATF and other organizations,” she said. “We want to come together look at all the issues and plan the next best step for the region,” the Bahama Journal quoted the FICB compliance director as concluding.
By Amanda Banks, Tax-News.com
