Govt announces new financial services framework

Fri, Jan 4th 2019, 08:28 AM

The government announced a new framework yesterday that took effect January 1, aimed at leveling the playing field for financial institutions operating in The Bahamas, and further moving this country toward compliance with international standards imposed by the likes of the European Union (EU) and the Organisation for Economic Cooperation and Development (OECD).
Deputy Prime Minister and Minister of Finance Peter Turnquest said at a press conference announcing the changes yesterday, that the new framework will allow all financial institutions to offer services to both domestic and international clients “provided that the financial institution meets the prescribed regulatory requirements in respect of the services offered”.

The government announced a new framework yesterday that took effect January 1, aimed at leveling the playing field for financial institutions operating in The Bahamas, and further moving this country toward compliance with international standards imposed by the likes of the European Union (EU) and the Organisation for Economic Cooperation and Development (OECD).

Deputy Prime Minister and Minister of Finance Peter Turnquest said at a press conference announcing the changes yesterday, that the new framework will allow all financial institutions to offer services to both domestic and international clients “provided that the financial institution meets the prescribed regulatory requirements in respect of the services offered”.

 

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