The Bahamas Investor

...idential, according to the former Attorney General. “It is not an easy landscape any more,” he said. “You need to ensure you are doing the right thing. You need to understand the scope of the disclosure compelled. If you step outside of that scope, you are in a danger zone.” Delaney warned compliance officers to “be alive to” the changes in the global industry. cmorris@dupuch.com......

...ernment of the Bahamas which confirmed that all fees due had been paid and company had complied with the terms of the licences. Chief executive Simon Potter said: “The first half of 2012 has been a busy period for both the company and the Bahamian people who have seen a new government elected to power. “The company continues to work closely with the new government especially on the environmental front as we progress our plans to drill an explorato......

...at there were several bright spots on the horizon in tourism. “The Warwick company just purchased the Paradise Island Harbour Resort . Atlantis is refreshing their properties. BahaMar is bringing in more rooms. We have the best airport in the region [and] the roads are being completed,” he said. “In 2014, we have the World Cup in Brazil. In 2016, we have the summer Olympics in Brazil. So we are poised, certainly from a tourism standpoint, to do ou......

...how to incorporate the Basel guidelines into everyday practices. “We have communicated with the commercial banks in a very strong manner about Basel III. They are aware of it, so they can start making adjustments.” The “Towards Basel III” seminar took place at the British Colonial Hilton , Nassau, and other speakers included the general counsel of the Grand Bahama Port Authority and commerical lawyer Tyrone Fitzgerald, as well as CFAL vice presid......

...financial services providers. “We have a history of a knowledgeable and respected professional base here in The Bahamas. Education initiatives are paramount to being on the cutting edge and ensuring our practitioners are able to respond to the demands of the international community.” Additional speakers at the event, which was themed “Preparing Ourselves in a Global Context with a Regional Focus,” included director of Credit Suisse Trust Ltd Franc......

...it is interesting because you have some stable rules to deal with. I feel comfortable in this environment, because you can address the matter in a proper way.” Vanacore said there are opportunities in the region in the insurance sector. He also noted that the focus is shifting from simple savings to “non bankable” assets. “Insurance for Latin America is becoming even more relevant. It is a very interesting wealth planning tool,” said Vanacore. “I......

...industry you have to adapt and overcome.” Fields predicts that within three to five years the industry will move entirely to e-commerce. cmorris@dupuch.com......

...g, senior partner at PricewaterhouseCoopers , warned that, with the global community demanding ever higher standards of compliance and transparency, The Bahamas would soon be forced to rethink its business model. “The goal posts continue to move and move towards full transparency. The rapid pace of change is upon us and if we do not react, and react strongly, we might lose business,” he said. Allen said The Bahamas should play to its strengths and......

...s to oversee the airport redevelopment of LPIA. With two terminals already completed, the airport management company and Canada-based general contractor Ledcor Construction have already begun work on the final stage of construction. More than 500 workers were on site at the peak of construction for Stage 2. The impressive three-story structure has barrel-vaulted ceilings and the curved roof design mimics ocean waves. “The new LPIA has a distinctiv......

..., a field trip to the Primeval Forest National Park and question and answer sessions with speakers. cmorris@dupuch.com......

...inal draft of the legislation, both panelists warned the audience not to become complacent, with Rodgers saying: “You know it is coming and you know it is not going away.” Under FATCA, Foreign Financial Institutions must register with the IRS and provide reports on all accounts held by US taxpayers or be subject to a 30 per cent withholding tax. The legislation will pass into law in January 2013, but the implementation will be phased in gradually......

...businesses in the country did not have the benefit of international parent companies and might therefore struggle to develop their own FATCA compliant policies, saying: “I am appreciative of how different institutions are preparing for FATCA. [Some have] directives and programmes in place by parent organizations, [while some do] not have the luxury of global infrastructure.” “We will work with the vulnerable areas of the industry to assist with th......

...estment and investing in education and training to make the workforce more competitive. “We are committed to making it easier to do business in The Bahamas [and] to ensure the strengthening of our financial system,” he said. Changes ahead include new legislation to establish a credit bureau and regulation to protect pensions, according to the Minister. “We want to improve the way that we do things. All of these reforms must be understood within th......

...amas as a jurisdiction, as new regulations such as the Foreign Account Tax Compliance Act and legislation requiring International Business Corporations to maintain records for a certain period of time come into force. He encouraged the sector to scrutinize itself and put in place effective means of self-regulation, saying: “It is very important that the accounting profession gets serious, and remains serious, about its peer review initiatives [and......

...hieve the types of returns they are looking for.” Accountants’ Week is hosted by the Bahamas Institute of Chartered Accountants and runs through November 9. Seminar topics include compliance issues, small- and medium-sized enterprise development, renewable energy, insolvencies and arbitration. cmorris@dupuch.com......