Survey Shows Opinion Divided Over Bahamian Financial Services Law Review

by Amanda Banks, Tax-News.com, London

29 May 2002

A survey in the Nassau Guardian this week has revealed that public opinion is fairly evenly divided over a review of the jurisdiction's financial services laws promised by new Prime Minister, Perry Christie prior to the Progressive Liberal Party's success in the general election.

Responding to the question 'Did P.M. Perry Christie promise too much regarding reviewing the Financial Services laws during the election campaign?' 266 of the paper's readers said on Monday that they believe the PLP is unlikely to be able to deliver on its manifesto promises, while 205 applauded the planned move.

Speaking on national television earlier this month, PLP Deputy Finance Minister, James Smith promised that the new government would re-examine the laws tightening regulation of the offshore sector put in place by the previous Free National Movement government, in order to secure removal from the OECD blacklist. Mr Smith went on to explain that although the Bahamas recognises the necessity of internationally recognised standards, there have been complaints from businesses based in the jurisdiction that compliance with the new rules is costly and overly bureaucratic.

Although the new government has come in for some criticism as a result of the proposed review, several leading offshore commentators have come out in support of the PLP's stance.

Speaking last week, Dr Gilbert NMO Morris, head of the Nassau Institute, praised the plans, arguing that: 'I am not alone in suggesting that the 11 pieces of legislation with which we are concerned here are a riot of unconstitutionality; which I believe in all honesty the last administration themselves did not want to pass.'

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