The Bahamas Investor

...hompson delivers the keynote speech February 21. (BIS Photo/Andrew Miller) Minister of State for Grand Bahama in the Office of the Prime Minister Kwasi Thompson said yesterday that Grand Bahama is entering a critical period and local businesses should seize the opportunities presented. He made the comments during at the official opening of the Grand Bahama Business Outlook. The 21st annual Grand Bahama Business Outlook 2019 is being held under the......

Minister of Financial Services Ryan Pinder was the special guest speaker at the monthly business meeting of the Grand Bahama Chamber of Commerce , January 30, at the Pelican Bay Hotel , Freeport. Minister of Financial Services Ryan Pinder addresses the Grand Bahama Chamber of Commerce January 30, Freeport, Grand Bahama. (BIS Photo/Vandyke Hepburn) Minister Pinder spoke on the Copyright and Intellectual Property Acts that he will be presenting to......

Minister of Financial Services Ryan Pinder told participants in the recent Bahamas Bureau of Standards’ First National Standardization Forum and Formation of Technical Committees Workshop that the benefits of the standards bureau are critical to The Bahamas’ national development. “A standards system can enhance the reputation of locally made products by assuring buyers that such products meet specified levels of quality and safety, thereby permit......

...Caribbean Community. He was accompanied by Minister of Financial Services Ryan Pinder, and Minister of State for Investments in the Office of the Prime Minister Khaalis Rolle. Whilst in Cuba, the Prime Minister also attended the Fifth CARICOM-Cuba Summit yesterday. The Prime Minister (centre) and Ryan Pinder (left) arriving at Jose Marti International Airport in Havana December 7. (BIS Photos/Peter L. Ramsay) The Prime Minister (centre) is greete......

...arib director. “It is very secure and very reliable.” Finance in the cloud For financial services providers in an offshore hub such as The Bahamas, communication and confidentiality are key. Cloud computing lowers communication and data storage costs by offloading the burden to an external provider, eliminating the need for equipment, specialized IT staff or maintenance work, and reducing electricity costs. In addition, the virtual servers give bu......

...series will be held from 9 am to noon, with Minister of Financial Services Ryan Pinder and Chairman of the Bahamas Trade Commission Philip Galanis bringing remarks. The afternoon session will be held 2-5 pm. Today a workshop for the financial service stockholders in the private sector will be held. Participants will include bankers, accountants and other financial service providers. Public sector officials and regulatory agencies will be hosted du......

...nts’ Week is organized by the Bahamas Institute of Chartered Accountants (BICA) and runs through Friday 9 November at the Sheraton Nassau Beach Hotel. Speakers will include Minister of Financial Services Ryan Pinder, Minister of State for Investment Khaalis Rolle and chief executive officer and executive director of the Bahamas Financial Services Board Aliya Allen. cmorris@dupuch.com......

...s and Urban Development Philip Davis, Minister of Tourism Obie Wilchcombe, Minister for Grand Bahama Michael Darville, Senator Tanisha Tynes, national co-chairman of the Independence Committee Charles Carter, Grand Bahama co-chairmen of the Independence Committee Mary Culmer and Peter Adderley, Grand Bahama Christian Council (GBCC) president bishop Arnold Pinder, GBCC vice president pastor Keith Meadows and host pastor bishop Godfrey R Williams. P......

...he use of credit and debit cards and other financial instruments issued by foreign financial institutions and generally impose sanctions similar to those found in the Patriot Act. Recent events involving tax evasion in some offshore centres will no doubt be regarded as incontrovertible proof that offshore financial centres are aiding and abetting tax evasion and will have the effect of strengthening the resolve of the OECD countries to continue ex......

...en without such new and emerging threats, the fact is that the size of the financial services sector as a percentage of the gross domestic product has, over the last several decades, fallen to a mere 3 per cent of GDP based on the latest estimate of the International Monetary Fund, from historic highs of at least 15-20 per cent. While employment levels have remained fairly consistent in the sector over time, the unvarnished fact is that, while the......

...us risks which emerge within the sector. The Bank will also identify areas for reform that allow for collective cost sharing in the systems and platforms that financial institutions use to profile and monitor customer risk. An example of the kinds of solutions that have emerged is the possibility of shared information infrastructure for electronic customer due diligence. The solutions that are relevant for smaller standalone banks may have to span......

...secretary John Rolle recently met with more than 60 members of the Bahamas Financial Services Board (BFSB) at the Ministry of Finance for an open discussion on the proposed value added tax (VAT) government is recommending to raise revenue and better manage the national budget. For senior lawyers, bankers, asset and wealth managers and others, the two-hour face-to-face meeting with Financial Secretary John Rolle was an opportunity to seek answers t......

...e mission of BIFS is to “promote quality training and education programmes for the financial services sector, to be innovative and responsive to the expanding needs of the business and financial community, and to develop creative synergy to foster and enhance sustained growth within the industry.” Program G12 has been designed to equip high school graduates with knowledge and skills needed for entry level positions within the financial services se......

...known to the trustee, one would have to resort to searches on the Internet for information, or verification with the regulators and/or registrars in the country of domicile of the prospective beneficiary to validate its existence and purpose. It should be noted that the requirement for registration is not imposed by law in all jurisdictions. In The Bahamas, guidance for verification of the legitimacy of charitable and non-profit organizations is p......

...it held at Bimini Bay last weekend. The summit brought together around 140 financial services practitioners to discuss how the jurisdiction might position itself to “stay head of the game.” It included a focus on staying ahead of initiatives of impact to the industry, as well as a focus on collaborating with government to streamline business processes. Allen said the BFSB has revived its work on tax reform in The Bahamas. A sub group of BFSB’s Int......