The Bahamas Investor

...a draft edition of the revised Act. Public financial management With the reform of public financial management, the government is implementing the most sweeping changes of all the components. Component III covers every process related to government spending and collections. It requires a cultural shift in the way departments have typically planned and managed their budgets. These changes will help to control deficit spending and close gaps that ha......

...ngs are slightly up overall and volatility in ratings remains low. The top financial centres have performed well in GFCI 17. Nine of the top ten centres increased their ratings San Francisco being the exception. Mark Yeandle, Associate Director at the Z/Yen Group and the author of the GFCI said “The average rating of the top five Asian centres is now higher than the average rating of the top five Western centres”. The variance of the ratings is......

...atonia Symonette-Tinker addressed the importance of proper risk management for financial institutions to be in compliance with relevant laws and avoid being used as conduits for money laundering, terrorist financing and other criminal activities. She cited the Anti-Money Laundering & Anti-Terrorism Financing HandbooK and Code of Practice for Financial and Corporate Service Providers, and The Central Bank of The Bahamas’ adopted Guidelines for the......

...ing international tax enforcement developments in the US and the Caribbean for foreign government and corporate clients. He spoke Saturday at the ninth annual International Business and Finance Summit hosted by the Bahamas Financial Services Board (BFSB) . Zagaris told financial services professionals and regulators that this jurisdiction must seek to maintain a level playing field, so as not to be “unfairly penalized” when evaluators perceive tha......

...States Office, Geneva; Tia Hanna, financial and trade officer, Ministry of Financial Services; and Rita Kaufmann, financial and trade officer, Ministry of Financial Services at the Commonwealth Small States Office in Geneva. (Photo courtesy Embassy of The Bahamas, London) Government and diplomatic representatives from The Bahamas are attending the 26th Geneva Week at the World Trade Organization in Geneva, Switzerland, which runs April 29-May 3. R......

...d, have been selected as Bahamas Brand Ambassadors for 2012 by the Bahamas Financial Services Board (BFSB). The trio of Bahamas Brand Ambassadors will be the faces of the industry in The Bahamas to promote a cohesive message of The Bahamas Advantage, the branding theme for the country’s financial services industry. They will be involved in a broad range of communications programmes coordinated by BFSB to promote The Bahamas Advantage branding. The......

...management compliance, has over 30 years’ experience of innovations in the financial services industry and has ex-tensive experience in regulatory and legislative issues as they relate to financial services firms. The AIFMD, which entered into force July 22, 2013, collectively refers to a set of releases that comprise an European Union directive issued June 8, 2011, an EU regulation issued December 19, 2012, and additional guidelines from the Euro......

...vide a public sector infrastructure that also supports the mobile, digital financial services space. Blockchain applications of financial technology or Fintech solutions are one of many innovations that could impact the delivery of Bahamian financial services. The seminar will provide an update on international regulatory developments in this space and evolving standards that could also affect The Bahamas. Joel Telpner, a leading international exp......

...important as the corporate website, firewall and other network components. Financial services companies and law firms, for example, operate a wide range of web applications. These web applications are prime targets for attacks. Web applications are usually accessed via a web browser, such as Internet Explorer, Google Chrome or Apple Safari. Some web applications used by financial services companies give clients access to their portfolios and their......

...a presentation on the topic yesterday as part of the Bahamas Institute of Financial Services (BIFS) Bankers’ Week and reassured the audience that VAT would be good for consumers, good for businesses and good for the economy. “A VAT system will improve tax compliance. The system has to be very transparent,” he told the audience at the seminar held at the British Colonial Hilton, Nassau. “The real benefit of the tax reform will show up when the eco......

...home, but it’s also a very sophisticated base of operations, especially in financial services. The market has recognized the limitations of what used to be called “bank secrecy,” and tax issues raised by onshore jurisdictions. It has responded quite comfortably to the taxation issues of onshore jurisdictions and the need to share information to globally combat money laundering and terrorist financing. As long as an individual’s legitimate rights t......

...erate in an environment of constant change. To stand among the best in the financial services industry there is no room for complacency. Complacency makes you obsolete and can threaten your access to markets. As a jurisdiction, we must be highly engaged, we must be robust and we must be effective in our enforcement of standards.” Turnquest said strategic engagement was a priority for government as it seeks to have a say in international discussion......

...Bahamas; Christel Sands-Feaste, Higgs & Johnson; C James Schaefer IV, Old Fort Financial; Arthur Seligman, Lennox Paton; April Turner, McKinney, Bancroft & Hughes; and Paul Winder, ATC Trustees (Bahamas) Ltd. The board also consists of individuals who are elected to represent professional industry associations (PIAs). Those associations elected to serve on the new Board are: Association of International Banks & Trust Companies (AIBT) – Bruno Robe......

...s and improvements will bring development to this country and position the financial services sector as a well-regulated, compliant, international financial centre.” In her address, CEO of the Bahamas Financial Services Board , Tanya McCartney spoke further about the changes in the industry. She pointed to the growth of Fintech as an area of concern and said compliance officers should educate themselves on how technology will affect the sector. Mc......

...chart a course for the growth and development of a viable and sustainable financial services sector, having regard to the global initiatives impacting the way we currently do business,” says McCartney (pictured). She added “We are excited this year to refine our strategic plan which will frame all of our marketing activities. It is important that the experience of persons doing business in The Bahamas aligns with the expectations that we set thro......