From:TheBahamasWeekly.com
Bahamas ‘Committed’ to Maintaining High Standards
By Betty Vedrine
Sep 23, 2016 - 1:27:51 PM
Nassau, The Bahamas –The Government of The Bahamas will continue to strengthen the Financial Services sector. To this end, Minister of Financial Services, Hon. Hope C. Strachan reconfirmed the government’s commitment to the sector. During the 2016 Nassau Conference, presented by the Association of International Banks and Trust Companies in The Bahamas, held at Melia Nassau Beach Resort on Wednesday, September 21. The event was held under the theme, ‘Strengthening our Competitiveness.”
After thanking the organizers for the invitation to attend the conference, The Minister said that only the highest of standards would be accepted in the sector.
“I would first like to make it absolutely clear that the Government of The Bahamas is fully committed to maintaining a Trustworthy, Competent and Compliant jurisdiction. We will not tolerate the use of The Bahamas financial services sector as a conduit for the conducting of illicit or illegal activities,” said Minister Strachan.
Minister Strachan said that the government is ‘keenly aware’ of the challenges faced by International Financial Centers globally and the efforts to undermine the importance of small, successful financial centers like The Bahamas.
“Some of these challenges are blacklisting, and de-risking in correspondent banking despite the individual and collective adherence of countries in the region to comply with global regulatory initiatives in anti-money laundering, corruption, the countering of financial terrorism as well as the tackling of tax evasion.”
She said that Global connectivity has increased the need for heightened security and effective controls to mitigate financial risks.
“While The Bahamas continues to demonstrate its cooperation and commitment, and while our current position and strengths are widely recognized, our country’s position as a respected and trusted international offshore financial centre is constantly being challenged and threatened. Now more than ever, we must not be discouraged, we must continue to display the resilience and strength that has brought us this far.”
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