Speaking at a meeting of the Bahamas Association of Compliance Officers (BACO) last week, new Financial Services and Investment Minister, Allyson Maynard-Gibson elaborated on the concerns which prompted the Progressive Liberal Party to promise a review of financial services legislation enacted under the previous administration.
Inviting comments from organisations within the finance sector on amendments needed to restore the jurisdiction's banking industry to its former glory, and suggestions for streamlining the provision of financial services in the Bahamas, Minister Gibson announced the government's intention to provide a 'red carpet' experience for businesses located in the region, both international and domestic, according to a report in the Nassau Guardian last week.
'As you would be aware, the platform of my government identified a review of the financial services legislation. This view will be broad in scope to ensure that the legislation supporting the industry fits within the five year plan to be formulated by my government in partnership with industry,' she told delegates, continuing :'Further, there will be a particular emphasis in the short term to remove those provisions ruled unconstitutional by our courts and to streamline the administration of the anti-money laundering framework.'
Although the Minister announced that the PLP government supports the tougher KYC regulations brought in by the Free National Movement in the wake of OECD pressure and the September 11 attacks, she qualified this by adding that:
'What we wish to examine more closely is the nature of the financial services provided...what are the risks associated with the particular business areas?' By way of an example, the Financial Services Minister asked: 'Should an account that has had annual transactions not exceeding $20,000 and an average balance less than $250 be subject to the same review as persons operating, say, a number of seven figure accounts in a number of foreign currencies?'
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