Prime Minister Perry Christie yesterday defended international financial centers in the region.
During the Third Caribbean Conference on the International Financial Services Sector at the British Colonial Hilton, Christie said it is ironic the anti-money laundering, anti-terrorism and anti-criminal regulatory regimes of many Caribbean international financial centers are more robust and effective than those in many of the countries that have been "leading the fight against us".
"Some have used their power either unilaterally or in small groups of high-powered nations to impose their will, arguing that there is something fundamentally immoral, something intrinsically sinister about the accumulation of wealth in offshore jurisdictions," said Christie, who quoted a part of a speech he made at the United Nations General Assembly last year.
"We reject that premise and we criticize in the strongest possible terms the efforts of some to maim and cripple, if not destroy the offshore economies within our region."
Christie said Caribbean countries and other territories should challenge the U.N. to take the lead in developing and refining multilateral global mechanisms that would govern offshore financial services sectors in the region.
"The destruction of these offshore financial services economies will destabilize the countries that depend upon them for their livelihood," Christie said.
He added that tens of thousands of people would slip into poverty if the sector is destroyed.
Christie said The Bahamas has done a lot to ensure it can be both competitive in offshore finance and responsibly regulated.
He told the more than 200 participants from 24 countries he has directed Financial Services Minister Ryan Pinder to work with all relevant institutions within and outside government to ensure Bahamians are prepared for the changes in the financial services sector.
He said the government wants to ensure that this region continues to develop quality financial services professionals to ensure that member countries' economies remain attractive.
The three-day conference ends on Wednesday.

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