Agencies Achievements & Ongoing Initiatives
The consultant is presently working on the scheme of the bill (outline) and should be completed in
about two weeks
The portfolio responsibilities for the Ministry of Financial Services are the promotion of the Financial Services
Sector, International Trade, the Industries Encouragement Act, the Bahamas Bureau of Standards and Quality
and the establishment of an International Commercial Arbitration Centre in The Bahamas.
Annex H
G. Road Traffic Act
The consultant Mr. Francis Wilson was hired by the Attorney General’s Office has been appointed and
work. He has been working with members from the TPPU and other Road Traffic Staff attached to the
Ministry of Transport and Aviation.
FINANCIAL SERVICES UNIT
As the second pillar of our economy, Financial Services contributes approximately 15% to the country’s gross
domestic product (GDP) directly and 29% indirectly. It has been challenged, in recent times, with a series of
blacklistings, despite The Bahamas being assessed as fully compliant or largely compliant for anti-money
laundering and combating financial terrorism and tax transparency in peer reviews. My government is committed
to ensuring that this sector remains vibrant, strong and sustainable.
We will accomplish this through several initiatives. Firstly, we will be proactive in investing in human capital
through education and diversity. Achieving service quality that is second to none by improving efficiencies in the
ease of doing business in The Bahamas, and we must be innovative in our services and product offering while
also increasing the suite of services available in The Bahamas and putting in the framework that will foster
flexibility for the creation of new products and services as well as investment in new areas of financial services
strategically aligned with our national interests and goals. In doing so, we must also send the message that we
are a Trustworthy, Competent and Compliant jurisdiction. Paramount to my government’s efforts for
the long-term sustainability of The Bahamas’ position as the premier International Financial Services Centre in
the region is the establishment of a regional Centre for Excellence in Financial Services which was endorsed by
regional Ministers at the 3rd Caribbean Conference held in The Bahamas in April 2015. My government’s
strategy focuses on education at all levels. The Strateg y includes foreign language training and cultural
sensitization. I want to ensure that our Bahamian professionals have an equal opportunity to move from the
back office where their skills and talents have been focused and appreciated for a number of years – to the front
office where client interfaces and exchanges occur. That is why the Ministry of Financial Services has partnered
with the Bahamas Financial Services Board, the Ministry of Education and Rosetta Stone to develop a Language
Learning Initiative at the high school level. We are seeking to ensure that the relevant business languages are
offered at all levels. Our focus will be on Spanish, French, Swiss ,German, Mandarin and Portuguese.
Secondly, we must develop new products, seek out new markets and increase our promotion of The Bahamas
as a jurisdiction of choice for financial and business services. Last year the Ministry of Financial Services launched
a new fund product in Brazil called the Investment Condominium, or ICON. The ICON and the SMART funds
are products conceived in the spirit of collaboration and innovation and it is a perfect example of how the
sovereignty of a nation like The Bahamas allows it to be nimble, flexible and creative, all while operating within a
regulated regime and in accordance with international best practices. Last year, in addition to partnering with
The Bahamas Financial Services Board in its Landfall Programs, the Ministry of Financial Services participated in
several conferences and trade shows in the Caribbean, Latin America, North America and Asia. This year, we
intent to move even more aggressively with our marketing and promotional initiatives.
Thirdly, we must be very proactive in dealing with the changing global environment. International financial
centres are facing a volatile and unpredictable period.
International best practices are evolving at a rapid pace, particularly as it relates to automatic tax exchange
initiatives, tax transparency, anti-money laundering and financial crime, and e-commerce. We have seen the
convergence of the strategies of the Global Forum, OECD, G-20, G8, the EU and the United Nations on
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2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE