Over the past eighty (80) years The Bahamas has established itself as a leader in the international financial services arena. This leadership position can be attributed to the country’s strategic positioning to the United States and Canada, its continuous advancement in infrastructure and technology, its sound regulatory framework, and a large cadre of well trained professionals. As we continue to keep pace in this dynamic economy, the Ministry of Financial Services Trade & Industry, and Immigration (The Ministry) is committed to continually finding ways to stay on the cutting edge and maintaining our respect and integrity in this competitive global financial environment.
The Ministry will promote The Bahamas as a first-class financial centre which offers an array of services, such as: Commercial and Offshore Banking, Wealth Management and Trust, Insurance, Trade and Investments, and Arbitration Services. In addition, a priority of the Ministry is to keep abreast of international business developments, regulatory changes and adopting best practices while focusing on achieving steady business growth. Moreover, we remain committed to global regulatory and risk initiatives, such as, the implementation of robust Know Your Customer (KYC), Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) policies. Our recent successes have included the implementation of tax transparency regimes such as the Financial Account Tax Compliance Act (FATCA) with the United States and we are in the process of finalizing the implementation of the Common Reporting Standard (CRS) for the Automatic Exchange of Financial Account Information with the Organization for Economic Co-operation and Development.
The Bahamas remains committed to the maintenance and growth of first-class clientele, introducing creative ways to ease the transacting of business, while remaining steadfast on transparency and exploring innovative ways to structure our services in order to meet our clients’ diverse needs in a well regulated environment. Further, The Ministry will continue to promote The Bahamas as we pursue opportunities in Latin America, Asia and other prospective markets around the world.
As the new Minister of Financial Services Trade & Industry, and Immigration, I am committed to refocusing the strategies and initiatives of my Ministry toward building a strong foundation from which new business opportunities can be aggressively introduced and in turn strengthen The Bahamas’ position as the leading financial services jurisdiction in the region and beyond.
Hon. Brent Symonette
Minister of Financial Services Trade & Industry, and Immigration