When financial services stakeholders meet for their annual retreat in Freeport later this month they can be forgiven for feeling a tad smug. They have earned the right to bask, knowing what they knew all along but is finally being recognised – The Bahamas is simply the best IFC (in the region).
The recognition as the best International Financial Centre (IFC) in the Americas came in the form as the prestigious The Banker Award, given by the Financial Times Group publication The Banker.
“We are pleased to receive this award. It not only reflects our long history in providing financial services, which dates back to the 1930’s, but also recognises the many progressive developments in our jurisdiction as we continue to meet the requirements of an increasingly sophisticated financial services marketplace,” stated Wendy Warren, Chairman of the Bahamas Financial Services Board (BFSB).
According to a press release from the BFSB, The Bahamas was chosen as the leading International Financial Centre (IFC) after extensive research was undertaken to choose a jurisdiction to receive the coveted award.
The publication’s editor-in-chief Stephen Timewell said they looked at IFC “that offer banks and financial institutions the best locations and infrastructure to carry out their business and serve their clients”.
According to the press release, “The Banker says its editorial team was impressed with The Bahamas’ exceptional presentation of its activity and continuity in attracting financial clients.” Some of the criteria for selection include the rate of growth of the financial services sector, regulatory quality and supervisory standards, infrastructure and business support services and the political and economic stability of the country.
The BFSB said in a statement that those factors were superseded. It boasted of The Bahamas also having a “robust information communication framework, a wide variety of Class A office facilities and business support services, excellent flight connections and compelling lifestyle choices including world re-known residential communities, premier hotels and restaurants”.
According to Ms Warren, cooperation between the public and private sectors has also helped in making the jurisdiction a leader in financial services. The close ties between the two sectors have “played a crucial role in nurturing an environment designed to encourage the continued growth of the country’s financial services sector”.
She also pointed out that legislation, such as the Foundations Act, that has helped to enhance the jurisdiction’s stature and attractiveness.
The release also pointed out that The Bahamas was “the first jurisdiction to introduce foundations and the launch of SMART funds which typifies the emphasis on market-driven legislation”.
Source: The Nassau Guardian
