The attorney general's (AG) office is currently reviewing the database of 1.3 million files leaked from The Bahamas' corporate registry that include names of directors and some owners of more than 175,000 Bahamian companies, trusts and foundations registered between 1990 and early 2016. The government plans to take necessary action to ensure the protection of its users.

The information was published last week by the International Consortium of Investigative Journalists (ICIJ) in the form of a free online searchable database.

These events come only a week after The Bahamas' financial services sector was attacked for its decision to implement automatic exchange of information (AEOI) for tax purposes under the Organization for Economic Cooperation and Development (OECD) Common Reporting Standard (CRS) in 2018 through a bilateral approach rather than signing onto a multilateral convention.

According to a statement from the AG's office, "all necessary action" will be taken to maintain the requisite data protection.

"We take this matter of an unauthorized publication by the International Consortium of Investigative Journalists (ICIJ) of data held by the online companies registry very seriously.

"The Bahamas remains committed to the transparency of its corporate registry," the statement said.

Earlier this year in the "Panama Papers" leak, more than 15,000 of the companies that appeared in Panamanian law firm Mossack Fonseca's files were incorporated in The Bahamas.

The buildup of international pressure on The Bahamas' financial sector has once again led the government to respond with a notice of public education.

"The government of The Bahamas officially launched its e-services business registration platform at the registrar general's department in January 2016 as a part of the government's ongoing strategy to improve ease of doing business.

"It is important to note that the data required by law to be maintained in the companies registry is available to the public.

"Further, since 2000, as a part of our compliance regime, it has been a legal requirement that a register of directors and officers be filed at the companies registry," the government's statement added.

Xian Smith, Guardian Business Reporter

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