The Bahamas Investor

...tutions need to be able to justify their understanding of all significant transactions for PEPs that are a part of their clientele,” she said. “That was a particular point in the FATF 2012 recommendations. If you are going to have a relationship with these individuals, you need to have adequate monitoring of systems in place.” tblair@dupuch.com......

...the future of industry include: exchange controls; the Foreign Account Tax Compliance Act (FATCA); capital management; government policy; technology; internal/offshore expansion; and the convergence of banks and insurance companies, among others. Although the European Partnership Agreement (EPA) calls for a level playing field and free trade in some services inclusive of insurance, Cooper said the local insurance sector remains restricted by excha......

...articular to apply for financing through the bank which provides loans for companies seeking to import US goods. “We do not want to compete with banks; it is a supplemental tool,” Castillo explained. “We are creating jobs through export, that is what Ex-Im is all about.” “It is more flexible [than bank capital]–any industry, except military, and any size [of product]. We are open, as long as we have the right product. We are going to break the myt......

...ir estates. We want to be the first name. We want to show that we have the commitment to the industry, the dynamism and the innovative products that you need. ” The event in London was attended by around 100 leading international financial services providers, lawyers and wealth managers. From left: Commodore Davy Rolle, director and CEO, Bahamas Maritime Authority; Ian Fair, chairman, Bahamas Maritime Authority; Aliya Allen, CEO & executive direct......

...other markets,” Hunt said. “Is there intellectual capital here that could compete with other places? You need to arbitrage the talents of the island, of the economy and the people. There are certainly areas associated with financial services that you could possibly get a leg up on other markets.” Hunt also warned companies not to search out investment unless it is necessary, saying: “If you can build your business organically, you do not want a g......

.... Speaking at a recent seminar organized by the Bahamas Institute of Financial Services (BIFS) , Rolle said SMEs faced a number of challenges and said there needed to be more partnership and support in the private sector to help overcome them. “One of the challenges SMEs [owners] have is that they are so busy running the business, they do not have time to manage the business. This is the reality. We need to do a much better job of working together......

...ne-day seminar on fraud and anti-money laundering. Lewis said that persons committing fraud can be internal staff (or vendors) using IT access during day-to-day activities, internal staff (or vendors) using unauthorized access or other outside individuals using access gained through hacking or other methods. “With limited resources, companies often walk a tight rope, having to find a balance in their IT budget between security and anti-fraud type......

...wo areas: the issuance of electronic receipts and the creation of a proper comprehensive register of assets and liabilities. “Accountants take these activities as fundamental to sound business practice,” he said. “Unfortunately, these are areas which the public service, despite our best efforts, struggles. Success in these areas may not be as glamorous as introducing a new tax or creating a new programme, but they are equally important for sustain......

...est in the region, if not the world.” With Stage Two already underway, the complete overhaul of the international facility is due to be completed by fall 2013. Other features in the July-December issue include an in-depth look at emerging markets in Latin America. The LATAM market represents a golden opportunity for financial services providers to tap into a rapidly growing demographic of high-net-worth individuals looking for wealth management in......

...were in attendance representing the accounting, banking and insurance sectors, in addition to government agencies and utility companies. tblair@dupuch.com......

...always been closely connected with the sea. The Bahamas has a significant commercial fishery that provides high income employment.” The Bahamas’ fisheries account for around two per cent of the country’s gross domestic product and employ more than 12,000 people. According to figures from the Food and Agriculture Organization of the United Nations , 70 per cent of the world’s fisheries resources are in decline or overfished. “The Bahamas still enj......

...and equip them with better skills. The chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), Winston Rolle, has spoken out about the need to promote entrepreneurship in the educational system. “Education on entrepreneurship comes from the school level,” he said. “Life long learning is something we need to instill in people. They need to know how to develop a business plan, understand the market, deal with customers and......

...ed any new industries in The Bahamas since the 1960s,” he said. “We need a comprehensive plan to develop the economy. A longer term plan. The national budget is a short-term tool.” Several panelists called for further diversification in the economy, but economist Pinder warned that this too has its drawbacks. “There is a cost to diversifying the economy. It can cause harm to established businesses,” he said. Instead, he advocated extending the rea......

...inued. The City of Nassau Revitalization Act is part of an ongoing effort to rejuvenate the downtown Bay Street area, which has already seen the transfer of port operations to Arawak Cay and several cosmetic improvements. The government hopes to draw new commercial and residential facilities to the area to continue the facelift and develop local entrepreneurship. “The downtown revitalization is an important initative,” said Cooper. “I look forward......

...ailable to them. “We need to inspire business owners to invest. We need to communicate exactly what is available and we need to encourage and inspire business owners to put their money to work.” The Global Trade and Financing Seminar was organized jointly by the BCCEC and US Embassy and gave entrepreneurs information on access to financing opportunities and importing US goods. Other speakers at the event included BCCEC Chairman Chester Cooper, US......