In a radio interview last weekend, the Bahamian Prime Minister Perry Christie reaffirmed his commitment to review and reform the Financial Transactions Reporting Act and the International Business Companies Act enacted by the previous government “in a hurry”.
“My position has not changed,” assured Mr Christie. “Very clearly, what we have as a government decided to do was to create a specific ministry with a minister responsible for financial services, therefore giving it full-time attention.”
The responsibility of reviewing the jurisdiction’s financial regulation regime has been bestowed upon Allyson Maynard-Gibson and one of her main briefs is to look at legislation passed “in a hurry” by the previous administration.
However, the Prime Minister acknowledges that the government is treading a fine line between ridding the financial sector of unnecessary red tape whilst still maintaining a strong regulatory environment.
“We have been trying to make our financial services sector very competitive as quickly as we possibly can. But to ensure that we get it right, there are organisations like the OECD, and the US that are watching us and there is no question that when we argue that we have been overregulated, we have to do so with great care,” Christie told the ‘Parliament Street’ radio programme.
By Amanda Banks, Tax-News.com
