NASSAU, BAHAMAS — Prime Minister Philip Davis stated that the 'assault' on offshore financial centers, which began in 2000, significantly reduced The Bahamas' financial services segment contribution to GDP from 30 percent to 15 percent, as he highlighted the impact of 'blacklisting' on offshore financial centers.
During a press briefing in Botswana on Monday, where he will spend the next few days engaged in high-level bilateral discussions, Davis noted that blacklisting has arisen due to actions by the global North, including the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD).
"They are the ones taking unto themselves the right to be the authoritarian and the police of the world in financial services matters. The Bahamas was a leading financial services center in the world for many years," said Prime Minister Davis.
He noted that financial services contributed to roughly 30 percent of the country's GDP before the 'assault' on offshore jurisdictions began in 2000, with the sector's GDP contribution now hovering around 15 percent.
"I'm fighting back because of this black and greylisting imposed by the EU and OECD without even consultation with the states targeted," said Prime Minister Davis.
He added: "If you look at the countries targeted, there are commonalities. They are either small island developing states or former colonies of that grouping. They are all black-governed, and they are all continuing to be attempted to be exploited by the north. It is for us to get together and respond to what is going on."
Prime Minister Davis also highlighted that The Bahamas voted in support of a United Nations (UN) resolution aiming to shift decision-making on global tax policies and rules away from bodies like the EU and OECD to the intergovernmental organization. Last November, 125 UN member nations supported the United Nations Resolution on the Promotion of Inclusive and Effective International Tax Cooperation. Notably, the United States (US), United Kingdom (UK), and all EU member countries were among the 48 that voted against the resolution, while nine nations abstained.
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