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2010 To Be A Transitional Period For The Bahamas: BFSB,
by Phillip Morton, Investors Offshore.com
Monday, January 11, 2010
The Bahamas Financial Services Board has said that following the widespread adoption
of the Organization for Economic Cooperation and Development (OECD) standard on
transparency and information exchange to establish a ‘level playing field’
during 2009, 2010 will be a year of transitions for the territory. Privacy
concerns remain a high priority, however.
“Over a decade ago, the OECD sought to have the Bahamas implement its
standard for transparency and tax cooperation. The Bahamas’ response to
the OECD standard was to insist that all countries implement the same standard
at the same time as the Bahamas."
"As 2009 draws to a close, the Bahamas continues
to fulfill its commitment to clients and the OECD, as the OECD standard is being
implemented in all major countries providing financial services to a global
clientele,” the BFSB said in a statement, dated January 1.
The statement added:
“We expect 2010 to continue to be one of transition as the global economy
and the financial services industry adjusts to the new paradigm, and the financial
centers continue their journey towards a level playing field."
"BFSB remains unequivocally
engaged in the pursuit of an ever-improving platform for owners of capital to
conduct their international business, to manage their private wealth and to
make the Bahamas their home.”
The Financial Services Board continued: “The transformation of the global economy has not left the Bahamas’
financial services industry unchanged. With ten tax information exchange agreements
signed, and another two of the already initialed agreements scheduled to be
signed in the coming weeks, the Bahamas aims to meet the OECD standard well
in advance of the G20 deadline of March 2010. We are expecting this process,
aligned with global trends, to continue with the tabling in parliament of legislation
to bring the agreements signed in 2009 into force and a series of TIEAs being
negotiated over the coming years. BFSB believes the decision to endorse the
OECD standard reinforces the Bahamas’ unwavering commitment to be a trusted
jurisdiction for clients and to be a responsible member of the international
community."
Concluding, however, it reinforced its commitment to “the principle that persons
have a right to privacy with respect to the conduct of their affairs".
"Moreover, respect for the rule of law always has been fundamental to
the success and strength of the financial services industry in the Bahamas.
As such, clients can be assured that the Bahamas will only exchange information
on agreed and transparent protocols, in order to prevent so called ‘fishing
expeditions,’” the BFSB reassured.
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