The Bahamas government must retain the ability to choose which tax laws, systems and level of regulation it will implement in the jurisdiction if the financial services sector is to sustain the growth realised over the last 50 years, according to a senior government official.
Making the case once again that un-elected, multilateral bodies from some developed countries not be allowed to exert undue influence on smaller economies, Foreign Affairs Minister Fred Mitchell said repeated calls for a level playing field are an important part of the governmentﾴs ongoing effort to defend the interests of The Bahamas and the financial services industry.
Minister Mitchellﾴs latest call came Saturday night during the Bahamas Institute of Financial Services 28th annual awards banquet and followed his address to the United Nations General Assembly last week where he made similar appeals.
ﾓWe came to office complaining that in our view legislation had shifted the balance away from the right of the individual to privacy,ﾒ said the Foreign Affairs Minister in his keynote address at the Sandals Royal Bahamian Ballroom.
ﾓOne does, of course, understand that norms changeﾅand one does not back away from the internationally accepted standards, but it is also important to protect our way of life ﾖ a balance must be struck.ﾒ
Minister Mitchell expressed disappointment that ﾓpublic opinion in The Bahamas is so easily destabilised by the slightest public move of the government which would seem to cause some discomfort in international relations.ﾒ
ﾓSometimes that discomfort is necessary if we are to win our point. The public at large and the financial services sector must therefore have faith that we know what we are doing,ﾒ he said.
ﾓThe question that we have asked a number of our developed partners who have come to us, for example, asking us to sign mutual assistance treaties is ﾑWhy should we agree to sign these treaties when, for example, you make it difficult or impossible for our citizens to enter your country to trade and to do business?ﾴﾒ
The Foreign Affairs Minister highlighted once again the delays which Bahamians who want to travel to some European countries often experience due to the ﾓvexing problem of the Schengen visa.ﾒ
The Eurovisa website credits the Schengen visa with simplifying travel in Europe. According to the site, visitors to any of the 15 Schengen territories will be able to take advantage of several visa provisions, including the ability to enter one country and travel freely throughout the Schengen zone.
The Schengen countries are Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Italy, Greece, Luxembourg, Netherlands, Norway, Portugal, Spain and Sweden.
ﾓThere is at present no consulate or embassy that is able to issue those visas in The Bahamas and often Bahamian businessmen and tourists have to wait for up to five weeks in order to get visas to enter countries in Europe,ﾒ Minister Mitchell said.
ﾓI was recently told by our ambassador in New York, for example, that it took five middle-aged Bahamian women, all of them professionals who wished to travel to a European country, five weeks without their passports to get a visa to go to this country.ﾒ
Also addressing industry professionals Saturday night, Bahamas Institute of Financial Services President Paul McWeeney noted the role which that organisation has played in the development of the financial services sector.
ﾓFor many employees, their studies through the Institute and the College of The Bahamas have prepared them for advanced educational development in specialised areas such as trust administration, compliance and mutual funds administration,ﾒ he said.
ﾓThe Institute is proud to be the hallway to this door of opportunity. This year, the Institute celebrates the 30-year milestone. Throughout this period, the Institute has been consistent in its provision of a panoply of quality training programmes. It is without doubt that this contribution forms the foundation for the sustained success enjoyed by the financial services industry.ﾒ
The institute awarded certificates, diplomas and special awards to more than 90 industry employees on Saturday.
Darrin Culmer, The Bahama Journal
