Maynard-Gibson Announces New Strategy For Bahamas Financial Services Sector

by Amanda Banks, Tax-News.com, London

04 June 2004

The Bahamas financial services industry is to embark on a new multi-pronged strategy in order to ensure its continued development and enable it to win favour with foreign investors, the Nassau Guardian reports.

Speaking after a promotional trip to Europe in conjunction with the Bahamas Financial Service Board and the Association of International Banks and Trust Companies, Financial Services Minister Allyson Maynard-Gibson stated that the new approach will consist of four facets: developing the jurisdiction as an international arbitration centre, renewing the focus on private trust companies, the establishment of an aircraft registry and the drafting of fresh legislation to expand the country’s securities industry offering.

The Minister also reported that the government’s promotional efforts in Europe were well received, particularly in the important banking centres of London and Switzerland. Specifically, much interest was expressed in recently enacted financial services legislation covering investment funds and segregated cell companies among other laws, according to Maynard-Gibson.

“What was very well received both in Switzerland and in London, was the fact that the presentation on this legislation really illustrated how products like foundations, investment funds, segregated cell companies, that might not normally be used in insurance or segregated cell companies or for hedge funds, could be used as private wealth management solutions for clients," she noted.

Further promotional visits are planned this year to both North and South America.

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