Keeping Pace
The Bahamas will stay at the forefront of the increasingly competitive global environment for the conduct of international financial services by keeping pace with evolving trends for appropriate transparency and co-operation with onshore centres. This is consistent with the historic views and legislative actions of The Bahamas with respect to criminal activities and counter money laundering, and its determination to be recognised for its professionalism and attraction of blue chip business.
The Bahamas now has one of the most well regulated financial systems in the modern world, capable of successfully meeting international standards for supervision and oversight. This is expected of a first class financial services sector. Indeed, The Bahamas should now be able to accede with considerable ease into WTO and the FTAA processes, and by so doing take its rightful seat on the globalisation train to improved living standards, expanded trade opportunities and sustainable economic growth and development.
Tax Neutrality & Commitment To Client Confidentiality
Long-established as one of the foremost international financial centres and a key operational base for many of world's most recognised and respected banking and financial organisations, The Bahamas retains both its crucial tax neutrality and its commitment to client confidentiality.
The Bahamas' response to the multinational initiatives has been based on the principle of constructive cooperation, with robust defence of legitimate national interests. Insisting on a process that is fair and transparent, The Bahamas believes there should be a common standard adopted by all providers of international financial services, including onshore and offshore centres.
Adherence to this principle is designed to ensure that cooperation with any initiative preserves The Bahamas' competitive position in the international market for financial services. Accordingly, while cooperation with various initiatives resulted in important changes in the local legislative environment, The Bahamas is resolute in its commitment to maintain its leading role in the global market for financial services.
The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.