Financial Services Minister Says Bahamas To Compete With Europe, US

by Amanda Banks, Tax-News.com, London

24 June 2002

Speaking last week in the House of Assembly, Bahamian Minister of Financial Services and Investments, Allyson Maynard-Gibson gave details of her recent financial services promotional tour, and announced that the Bahamas should be aiming to compete with onshore financial centres such as the UK, and the United States.

The Nassau Guardian reported last week that on her visits to Zurich, Geneva, London, and Jersey, Ms Maynard-Gibson explained to institutions heavily invested in the Bahamas that the PLP government is aiming to develop the jurisdiction's financial services sector as a 'financial centre', rather than an 'offshore financial centre'.

'We are blue chip, well regulated and cooperative,' the Minister told parliament. 'We are not and will not be a centre where ill-gotten gains may be hidden.' She added that: 'As we develop our financial services sector, we must remember that our competitors in the 'offshore business' are not our sisters in the Caribbean but rather the US, the UK and many other European jurisdictions.'

The Financial Services Minister also revealed to parliament that those whom she had met on her trip had told her that they welcomed the 'new attitude' of the Bahamas government, and its willingness to assist in the international campaign for the prevention of money laundering, tax evasion, and terrorist financing.

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