The Bahamas Financial Services Board has announced that a number of financial services laws tabled in the House of Assembly this year have now been passed and are in the process of being gazetted.
According to the BFSB, the new legislation, designed to increase the jurisdiction’s international competitiveness, includes the Foundations Bill and the Segregated Accounts Companies Bill, plus amendments to the International Business Company Act, the Perpetuities Act and the Trustee Act.
The BFSB revealed that legislative priorities lined up by the government for the future include amendments to the Financial and Corporate Services Act, a new Domestic and External Insurance Act, new laws facilitating the use of Private Trust Companies and a statute to establish the Bahamas as an International Arbitration Centre.
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