The Bahamas Investor

...nessman Craig Symonette serves as chairman. Working from a report drawn up by a committee opposing a development at Lighthouse Point and a previous government strategy for the island, the board has now written an extensive three-year master plan. “We had two very good reports to refer to, but we needed a vehicle that could implement the shared vision.” One Eleuthera has become that vehicle. Working under its three core principles of strengthening,......

...ahamian laws, are based on the English common law tradition. In order to become more competitive internationally, Cooper-Rousseau wants to see the legislative framework amended to incorporate the civil law system, which is followed by most Latin American countries, as well as many European nations. Cooper-Rousseau would also like to see government waive the requirement for all international arbitrators to obtain a work permit to practice in The Ba......

...ntages for Bahamian importers who can now access a new market more readily for goods for prices quoted in RMB-BSD. • The creation of jobs, through settlement centre operations, ancillary financial services, and indirect job creation through increased trade and investment with China. • Positive impacts on goodwill, business cooperation, trade and investment between China and The Bahamas. Direct trade advantage How close The Bahamas is to realizing......

...commercial.” “We want the region to know that The Bahamas is a viable seat for international commercial arbitration where critical matters of both international and domestic concern can be arbitrated. We have a highly trained and skilled professional body, including members of the judiciary, accountants, architects, engineers, lawyers and such, and we are as well-equipped as any arbitration centre in other financial centres around the globe.” The......

...rement, overseeing Royal Caribbean’s finance, supply chain, strategy and information technology functions. Rice has been with Royal Caribbean for more than 20 years, serving as Chief Financial Officer since 2006 and Vice Chairman since 2012. In a related move, Jason Liberty (right) has been appointed as new Chief Financial Officer, effective immediately, and will continue to report to Rice. Liberty joined Royal Caribbean in 2005 and most recently......

...hes to legislation drafting,” she said. The tools, she added, were perfect companions for the recently launched Commonwealth Office for Civil and Criminal Justice Reform (OCCJR), which provides technical assistance and an online platform with best practice guides, model laws, standards, templates and legal insight on climate change, human rights and a range of other issues. Law ministers will deliberate on legal frameworks to support the smooth op......

...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 Prevention of Money-Laundering and Countering the Financing of Terrorism, saying that a documented risk-based know your customer (KYC) process is required. According to Symonette-Tinker, no single risk rating methodology exists for all reporting entities.......

...he ease of doing business in The Bahamas and added that the government has formed a committee to address this issue. Another item on the agenda is gearing up for the implementation of the Common Reporting Standard (CRS ), as mandated by the Organisation for Economic Co-operation and Development (OECD ). The Bahamas is due to implement CRS in late 2018 and has drafted guidance notes which are currently being reviewed by the industry. Speaking about......

...s of The Bahamas’ regulatory reform. In 2000, we eliminated bearer shares, for example, and a year later, created a public register of directors and officers. The law mandates that financial institutions have Know Your Client/Client Due Diligence as well as counter financing of terrorism processes. Further, regulators continue to enhance guidelines to industry outlining best practices for verifying customer identity and for developing anti-money l......

...es. Prime Minister Christie made the statement during the opening ceremony for Accountants’ Week organised by the Bahamas Institute of Chartered Accountants (BICA), at Melia Nassau Beach Hotel , November 14, 2016. “In your professional capacity, you assist our firms to diagnose their challenges and, if we are wise as owners and managers, we listen to your advice on the ways to mend our businesses to become more successful or to make the requisite......

...e.” Attorneys Adrian Gibson, Crispin Hall and Pearline Ingraham joined the Freeport firm headed by Fred Smith, QC, though Gibson works out of the Nassau office. Syneisha Bootle, Garth Philippe and Marissa Pyfrom have joined the Nassau office. According to Roberts, it was the first time in the history of the firm that nearly every new associate had received at least part of his or her pre-law or legal education in The Bahamas, either at The College......

...wise, it signals to the outside world that our jurisdiction is not a haven for, nor does it intend to be known as a haven for illicit financial flows. My expectation is that as the critical mass of skills in the industry increases, The Bahamas will demonstrate more in practice, and in the experience of customers, that it is applying risk-based principles, which do not undermine the quality of services on supply. I believe we still have gaps in how......

...Investment Corporation (IIC ) approved a total of 241 financing operations for $11.7 billion during 2016 for projects in Latin America and the Caribbean. Turner Jones says the move reflects the bank’s understanding of the region’s vulnerability and the urgency to not only recover from natural hazards but, more importantly, to adapt and build resilience. “These issues are not going away,” said Turner Jones. “They are becoming more and more serious.......

...several of the NBA stars expressed their gratitude to the Bahamian people for welcoming them with open arms. Bahamas Minister of Tourism, Obie Wilchcombe, said the Miami HEAT’s return to The Bahamas highlights the country’s strength as a premier sports tourism destination. “The Miami HEAT’s decision to hold its fall training camp in The Bahamas, for a second year, is indicative of something very special going on in our destination. We are honored......

...ntages for Bahamian importers who can now access a new market more readily for goods for prices quoted in RMB-BSD. The creation of JOBS Mr. Speaker, through settlement centre operations, ancillary financial services, and indirect job creation through increased trade and investment with China. Positive impacts on goodwill, business cooperation, trade and investment between China and The Bahamas. Minister Strachan said the People’s Republic of China......