The financial services industry is examining whether Foundations created and managed from this nation should have unique Bahamian product features to differentiate them from international competition, Andrew Law, head of the Association of International Banks and Trusts (AIBT), said yesterday.
With the passage of the Foundations Bill expected to take place by the end of this summer, Mr. Law said the financial services industry was determining whether to replicate legislation that has already proved successful in other jurisdictions or create a product that is uniquely Bahamian.
In an interview with The Tribune, Mr. Law said that it would initially be difficult to measure impact Foundations would have because much of the time would be spent on the production of sales literature, and training of staff and the actual development of client confidence that resulted in the purchase of a new product. He added that it took Panama six years, following the passage of legislation, to begin to see a substantial growth in Foundations product demand.
Source: Yolanda Deleveaux, The Tribune
