The Washington-based Caribbean/Latin American Action (C/LAA) and the McHari Institute have announced plans for an important financial services industry seminar in the Bahamas. The one-day event is scheduled to be held at the British Colonial Hotel on June 16, under the heading "Offshore Finance in the Caribbean: Benefits & Challenges".
The first subjects to be addressed will include economic growth and development and money laundering, both of which are issues currently high on the agendas of Bahamian business and the national government alike. Only last week, the Bahamas International Securities Exchange (BISX) was launched amid great hopes and expections for a highly-developed and prosperous economy. The second part of the conference will move onto the controversial topic of the OECD's harmful tax initiatives on Caribbean offshore centre and the Caribbean response to such initiatives.
The C/LAA has played a key role in setting up and marketing the conference. A strong supporter of the development efforts of small economies in the Caribbean and Latin America and with an international network of business contacts, it is also keen to put on the table issues which are of direct concern to its member finance companies, such as the OECD tax initiative, which might well cause considerable damage to their business.
Numerous speakers have been enlisted for the seminar, including public and private industry officials from throughout the Caribbean, as well as representatives from the U.S. Federal Reserve System and the European Financial Forum. Local speakers include Julian Francis, Governor of the Central Bank; Bruce Bell, Chairman of the Association of International Banks and Trusts; and Dr. Peter Maynard, President of the Bahamas Bar Association. The Bahamas Financial Services Board (BFSB), co-sponsor of the seminar, is to provide three speakers: Chairman Ian Fair, Director Gregory Bethel, and Executive Director Barry J. Malcolm. McHari Institute's Executive Vice President Michaela Theophilus and C/LAA's Executive Director Amb. Donald J. Planty will be featured speakers as well.
Barry J. Malcolm, Executive Director of the BFSB, remarked on the tremendous impact the financial services industry has on the global economy, and the ongoing need for The Bahamas to promote its advantages as an internationally-established and well-regulated financial centre. Indeed, the Bahamas and other offshore jurisdictions have for some time now been trying to persuade the OECD that their hands are clean. Perhaps the seminar in the Bahamas may go some way to convincing them.
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