The Office of the Prime Minister has confirmed that The Bahamas' package of new financial services legislation passed by parliament at the end of last month is now in force.
According to the Bahamas Financial Services Board (BFSB) the Prime Minister's Office has explained that the new legislative package has brought the regulations and supervision governing The Bahamas' financial services industry into line with international banking standards as set out by the Basle Committee on Banking. It also clarifies the processes to be employed by The Bahamas in reference to international cooperation to counter money-laundering, illicit drug trafficking and related crimes.
The new IBC Act removes the possibility for beneficial owners to conceal their identity, while provisions of the Criminal Justice (International Cooperation) Act permit cooperation in relation to criminal tax offences.
Speaking at his Christmas message address Prime Minister Hubert Ingraham commented on the fulfilment of his pledge to reform the financial services industry in the latter half of the year 2000 by strengthening the industry's regulations and supervisory structures. Mr Ingraham explained the aim of the new legislation was to enable The Bahamas' financial sector 'to survive the threats and continue to flourish in the evolving international environment.'
In November last year the IRS refused to grant the jurisdiction qualified status under its new withholding tax regime; the BFSB confirmed that this was because of doubts over the quality of financial supervision. Describing the new laws as 'very strong and robust', BFSB Chairman Ian Fair said he hoped that the introduction of the 'Know Your Customer' rules could change the situation.
The new laws now in force are:
Regulations under the Criminal Justice (International Co-operation) Act and the Financial Transactions Reporting Act also have entered into force.
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