The Bahamas Investor

...fied risks offences.” He congratulated all the regulatory agencies and the financial services sector upon their achievements to date in addressing perceived deficiencies. He also urged all stakeholders to redouble their efforts to attain and maintain the highest standards of compliance and sound business management. He said that it is important that all stakeholders, financial institutions and designated non-financial businesses and professionals......

...s work is essential to maintain our competitive position as a jurisdiction for financial services. [NEW FOCUS ON ENFORCEMENT] One of the major changes in recent times is the shift in focus towards effectiveness and outcomes. In other words, are we effectively indentifying those who fail to play by the rules, and are we successfully prosecuting those who engage in money laundering, fraud and terrorist financing. Legislative and regulatory reforms a......

...ries such as Sweden and Canada, who had successfully introduced monetary reform in the face of financial uncertainty. “In the mid ’90s Sweden saw themselves going rapidly downhill and they realized they were going to go the same way as Greece,” he said. “The left and right parties got together and changed course, downsizing government and cutting spending.” “In the US the question is really whether we are going to be able to make that shift. As lo......

...ut on what they believe are the critical changes needed for a successful reform effort. Recommendations focused on the need for greater emphasis on strategic human resource planning to ensure proper training in not only operation skills, but also clear delineation of functional roles to prevent interference in financial processes by stakeholders across National Institutions. Enforcement of existing as well as upcoming rules and regulations must al......

...Z/YEN has published its twenty-second Global Financial Centres Index (GFCI 22). This index is widely quoted as a source for ranking financial centres. The Bahamas saw a strong rise in its rank and ratings moving up two places in rank and increased its ratings by 32 places. Download or view a PDF of Global Financial Centres Index as provided by the Z/YEN, September 2017. (4.5 MB) Download/View......

...egotiations, it is time to look at exactly what this means to The Bahamas’ financial services industry, and how best we should position ourselves to deal with this new era of transparency. OECD colour coding On April 2, 2009, during the G-20’s meeting in London, the OECD Secretariat provided a detailed report on the progress that offshore financial centres around the world were making towards the implementation of an internationally agreed standar......

...ds from the Cato Institute; Professor Joel Stern, who teaches finance at five major universities, including Columbia, Carnegie-Mellon, Chicago, University of Cape Town, University of Singapore, and Universidad Francisco-Marroquin in Guatemala. The Global Financial Summit is geared toward wealthy investors, top financial experts, economists, business leaders, and government officials offering “market solutions to world problems.” It is billed as an......

...of Legal Affairs, Commonwealth of The Bahamas and deputy chair, Caribbean Financial Action Task Force 2012-2013, at the Caribbean Financial Action Task Force XXXVI Plenary Meeting in Tortola, Virgin Islands, November 15, 2012: As one of the founding Members of the Caribbean Financial Action Task Force (CFATF) , the Commonwealth of The Bahamas considers it an honour and privilege to be of service to the CFATF family of nations for a second time an......

...anagement capability and a highly efficient funding structure, is a recipe for success for many investors in today’s market,” Tiller continued. David Kosoy, Sterling’s Chairman and CEO added, “we are pleased to add this fund to our other real estate offerings available, and I believe it is a great complement to our platform.” Simultaneously with the first closing of the Fund, Sterling is also announcing the acquisition and further development of O......

...It was essential to identify an individual with relevant experience in the financial services industry and strong interpersonal skills to fill this dynamic position. We are delighted that Aliya will be joining BFSB and feel strongly that she will provide the management skills and industry experience that are required to keep BFSB at the forefront of industry developments both internationally and domestically.” Winder added that Allen’s background......

...chievements, whilst highlighting their contributions to the progression of financial services and the legal profession in The Bahamas. One of the profiles is of Pamela Klonaris, a partner at Klonaris & Co. A high-flying lawyer with specialist skills in financial services legislation, Klonaris was the recipient of the Bahamas Financial Services Board’s 2010 Development and Promotion Award in recognition of her development of the 006 SMART Fund or S......

...r offshore banking and investment, the next biggest economic driver is the financial services industry, which accounts for between 15-20 per cent of GDP. The construction industry drives 10 per cent. Agriculture and fisheries comprise less than five per cent of the economy. Mineral resources are salt and aragonite. Population: Estimated at 342,000 in 2009, with annual growth of 1.8 per cent. Nearly two-thirds of the population resides on New Provi......

...nd Colombia. This growth presents a golden opportunity for banks and other financial services providers that operate out of The Bahamas. “When you look at Chile, Peru and Colombia, for example, you see fast growing economies that are stable, have tremendous resources in terms of commodities and human capital,” says Beat Paoletto, managing director and chief executive officer at UBS (Bahamas) Ltd. “We believe that the conditions for ongoing rapid d......

...l became a target for promotional trips and trade missions last month. The Minister for Grand Bahama Michael Darville led a delegation of Grand Bahama based business executives on a trade mission to Sao Paulo. Comprising the delegation were the executives of the Grand Bahama Port Authority (GBPA) group of companies lead by chairman Ian Fair and GBPA vice president Henry St George; executives of Hutchinson Port Holdings; the Grand Bahama Shipyard;......

...chievements, whilst highlighting their contributions to the progression of financial services and the legal profession in The Bahamas. One of the profiles is of Pamela Klonaris, a partner at Klonaris & Co. A high-flying lawyer with specialist skills in financial services legislation, Klonaris was the recipient of the Bahamas Financial Services Board’s 2010 Development and Promotion Award in recognition of her development of the 006 SMART Fund or S......