The Bahamas Investor

...ll delegate the authority to commercial banks (authorized dealers) to sell foreign currency for repatriation of residential real estate proceeds, on evidence that the beneficial owner of the sold property is non-resident. Commercial real estate investments will still require Exchange Control approval, but only at the development stage. Subsequent sales of subdivided residential units or constructed dwellings (whether attached or detached) would no......

...Prime Minister Dr Hubert Minnis has released a statement highlighting the recent efforts of the government to pass legislation to increase compliance with EU directives. Read/download the full statement here: Response to European Commission List......

...The Central Bank of The Bahamas Governor John Rolle brought remarks at The Bahamas Anti-Money Laundering and Countering the Financing of Terrorism Risk Management Conference held earlier this week in Nassau. Read/download the full speech here: How the Bahamian Financial System Serves Bahamian Society: Why Our AML/CFT Reputation is Important......

...evention of Money Laundering & Countering the Financing of Terrorism (the AML/CFT Guidelines). The revised AML/CFT Guidelines take effect immediately and outline the Bank’s mandatory minimum customer due diligence requirements for all banks, trust companies, co-operative credit unions, non-bank money transmission businesses and payment service providers (collectively referred to as Supervised Financial Institutions (SFIs)). Read/download the full......

...in relation to regulated persons and parties related to investment funds to protect investors, the public and the reputation of The Bahamas. Read/download the completed document here: INVESTMENT FUNDS BILL, 2019......

...P which it received from credit bureau operators. Read/download a PDF to see the Central Bank’s responses:  Credit Bureau consultation......

...The Minister of Financial Services, Trade and Industry, and Immigration Brent Symonette has launched the first round of World Trade Organization (WTO ) consultations. Read/download the launch statement here:  MINISTER OF FINANCIAL SERVICES, TRADE & INDUSTRY, AND IMMIGRATION LAUNCHES FIRST ROUND OF WORLD TRADE ORGANIZATION (WTO) CONSULTATIONS......

...degree to which credit policies ought to be adjusted. The main data source for this surveillance is financial institutions’ daily reports on foreign exchange transactions and weekly balance sheet statements. Therefore, monthly approximations may not coincide with calendar estimates reported in the Central Bank’s quarterly reports. The Central Bank will release its Monthly Economic and Financial Developments report on the Monday following its month......

...consider these costs too high. There’s also some confusion about the basis for these fees as many customers cannot distinguish between direct government taxes and a financial institution’s own charges. The Commercial Banks’ Customer Satisfaction Survey, which was carried out in January and involved more than 1,000 respondents, offers financial institutions a way to track customer satisfaction and strategise for better customer engagement and educa......

...inherent vulnerabilities. Heads recognised that the strength of the Commonwealth lay in the collaboration among its member countries, people-to-people organisations and the Commonwealth Secretariat. Read/download CHOGM documentation here:  CHOGM 2018 – Communique  CHOGM 2018 – Leaders Statement......

...The National Accounts Section of the Department of Statistics has released revised data series for the Gross Domestic Product (GDP) of The Bahamas, covering the period 2012 to 2017. Read/download the revised figures here:  THE DEPARTMENT OF STATISTICS RELEASES GROSS DOMESTIC PRODUCT (GDP) 2017 FIGURES......

...e adjustment impact of the end-2016 interest rate easing to take hold. A comprehensive breakdown of the Statement of Accounts for the year 2017, revealed that the bank recorded a modest decline in total comprehensive income, reflecting a slight decline in revenue, combined with an increase in expenses. Read/download the full report here:  2017 ANNUAL REPORT & Statement of Accounts......

...iday-related travel contributed to gains in tourism output, while foreign investment projects buoyed construction sector activity. Government’s budgetary operations featured a reduction in the fiscal deficit over the first eight months of FY2017/18, led by a decline in capital spending and an increase in tax revenues. In addition, owing mainly to net foreign currency inflows from real sector activities, both liquidity and external reserves expande......

...& Industry and Immigration and will take place May 16-18, 2018 at the Grand Bahama Chamber of Commerce , No. 5A East Mall Drive, Freeport, Grand Bahama. Read/download the schedule for the industry consultations here:  WTO PRIVATE SECTOR CONSULTATIONS......

...Indications are that the domestic economy sustained its positive growth trajectory throughout June, according to The Central Bank of The Bahamas latest report. Activity in the tourism sector continued to improve, supported by increased high-end room capacity, new airline routes and strengthened economic conditions in key source markets. Read/download the full report here: MEFD June 2018......