Bahamas news: Minister applauds Financial Services Board Partnership with Government

via The Bahamas weekly, an example of the close relationship between government and the financial services industry. Selected quotes below:

“Minister of Financial Services Ryan Pinder applauded the Bahamas Financial Services Board (BFSB) and all participating firms, on September 25, 2013, for continuing to work with the current administration — and more specifically his ministry — in being “a voice to the government on expressing both concerns and new opportunities in the industry that cause for the development of new products and joint promotional activities”.

“I want to encourage all member firms to be active in BFSB efforts to advocate and encourage the advancement of the financial services industry,” Minister Pinder said at the BFSB Annual General Meeting, held at the British Colonial Hilton.  “I also urge you to encourage other financial services firms and new entrants to the industry to embrace the membership benefits of the Bahamas Financial Services’ Board, to expand the network and expertise available to BFSB’s efforts.”

Referring to government plans to introduce VAT, the minister said that “the financial services industry could be either treated as zero rated or exempt, depending on if it is defined as a financial services firm by legislation or regulation, or if it is an export services firm.”

“We at the policy level are discussing the best way to advance this issue,” Minister Pinder pointed out.  “Once cabinet has approved the draft legislation and regulations, through the BFSB we will hold consultations with the industry explaining the agreed framework and get your input on how it will effect your business and any recommendations.”

“We hope to do this in the coming month,” he added.  “You will have full opportunity to review the draft rules and provide your input and recommendations to government.”

“With the Bahamas Financial Services Board comprising of lawyers, bankers, fund administrators, trust officers and other specialists, I applaud you on your comprehensive approach in governing BFSB,” Minister Pinder said.

“As you have volunteered your time and service to BFSB and that of the financial services industry, you have demonstrated your love for country and love for the industry as you ensured that there are new opportunities for the industry to grow and develop, in our plans to become the preeminent international financial services centre.”

“In conclusion, I applaud BFSB, its hard working board of directors and all of the member firms that are ensuring that BFSB advocates for the private firms within the industry,” he added.  “I encourage all member firms to actively and tangibly participate in all efforts of the government and BFSB to ensure that the industry grows”.

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