Attorney General Calls Bahamas’ Financial Services Model 'a Success’

Wed, Feb 8th 2023, 10:44 AM

The model used in the country's Financial Services industry has been touted a success by Attorney General and Minister of Legal Affairs, the Hon. Ryan Pinder.  While speaking at the Ministry of Economic Affairs’ regulator round table and industry briefing held February 6, Mr. Pinder said that despite the many challenges that have plagued the sector, the country has successfully managed.

“In order for our jurisdiction to be a pre-eminent player in the financial services industry with a reputation of regulatory compliance there must be confidence of a nimble regulator, a regulatory regime that is respected worldwide and incorporates real time best practices, and a commitment of government policy to advance the growth of the industry, assuring the jurisdiction is a safe place to do business that will do what is necessary to keep the bad actors out.  Despite challenges, I am proud to say The Bahamas is an example of the success of the model,” said Minister Pinder.

He said that over the years, the Bahamas has established itself as a country with a history of regulatory excellence and compliance.  He said an example of this is a the completion of the certification by International Organization of Securities Commissions (IOSCO). At the time, he noted that the country became the sole sovereign and independent country in the Caribbean Region that had achieved IOSCO A status.  “This is a significant commitment to international best practices and transparency in securities regulation,” said the Attorney General.

He also discussed regulators’ move towards compliance and said that it is important that regulatory compliance and a progressive approach not be left to government or to private industries.  “Regulators must also be involved in leading the way.  We see this in our regulators and they should be commended for their leadership,” he said. 

In addition, he said that the recent Anti-Money Laundering Conference hosted by the Central Bank of the Bahamas is also a key indicator of the country’s commitment to the highest level of service and transparency in the industry. 

“This was an exciting opportunity in front of the highest level of leadership in the FATF to dialogue.  But more than that, the Central Bank-hosted AML Research Conference has developed a reputation as being one of the pre-eminent research conferences in the world when it comes AML matters, and is now an annual event attracting the preeminent scholars and researchers in the areas,” said Mr. Pinder. 

He also discussed areas that need more attention including the management and infrastructure for Digital Assets -- especially following the fallout with the collapse of  FTX; regulations for the Financial Action Task Force (FATF) and Legal arrangements for trusts and tax reform. 

The Attorney General concluded by reiterating the government’s commitment to strengthening the sector:  “We will continue to have regulatory challenges and implementation in current areas, new areas and evolving areas.  We must continue to stay ahead in developing the regulation, but just as, if not more, important, implementing the regulatory requirements and testing for effectiveness.  These latter two areas should be of significant focus going forward as these are where the valuation of compliance will be focused.”  

The model used in the country's Financial Services industry has been touted a success by Attorney General and Minister of Legal Affairs, the Hon. Ryan Pinder.  While speaking at the Ministry of Economic Affairs’ regulator round table and industry briefing held February 6, Mr. Pinder said that despite the many challenges that have plagued the sector, the country has successfully managed.
“In order for our jurisdiction to be a pre-eminent player in the financial services industry with a reputation of regulatory compliance there must be confidence of a nimble regulator, a regulatory regime that is respected worldwide and incorporates real time best practices, and a commitment of government policy to advance the growth of the industry, assuring the jurisdiction is a safe place to do business that will do what is necessary to keep the bad actors out.  Despite challenges, I am proud to say The Bahamas is an example of the success of the model,” said Minister Pinder.
He said that over the years, the Bahamas has established itself as a country with a history of regulatory excellence and compliance.  He said an example of this is a the completion of the certification by International Organization of Securities Commissions (IOSCO). At the time, he noted that the country became the sole sovereign and independent country in the Caribbean Region that had achieved IOSCO A status.  “This is a significant commitment to international best practices and transparency in securities regulation,” said the Attorney General.
He also discussed regulators’ move towards compliance and said that it is important that regulatory compliance and a progressive approach not be left to government or to private industries.  “Regulators must also be involved in leading the way.  We see this in our regulators and they should be commended for their leadership,” he said. 
In addition, he said that the recent Anti-Money Laundering Conference hosted by the Central Bank of the Bahamas is also a key indicator of the country’s commitment to the highest level of service and transparency in the industry. 
“This was an exciting opportunity in front of the highest level of leadership in the FATF to dialogue.  But more than that, the Central Bank-hosted AML Research Conference has developed a reputation as being one of the pre-eminent research conferences in the world when it comes AML matters, and is now an annual event attracting the preeminent scholars and researchers in the areas,” said Mr. Pinder. 
He also discussed areas that need more attention including the management and infrastructure for Digital Assets -- especially following the fallout with the collapse of  FTX; regulations for the Financial Action Task Force (FATF) and Legal arrangements for trusts and tax reform. 
The Attorney General concluded by reiterating the government’s commitment to strengthening the sector:  “We will continue to have regulatory challenges and implementation in current areas, new areas and evolving areas.  We must continue to stay ahead in developing the regulation, but just as, if not more, important, implementing the regulatory requirements and testing for effectiveness.  These latter two areas should be of significant focus going forward as these are where the valuation of compliance will be focused.”  

 

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