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CHESTER COOPER ON FINANCIAL SERVICES LEGISLATION

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Speaking on 1 March on the Proceeds Of Crime Act and the Financial Reporting Transactions Act, the Deputy Leader of the PLP Chester Cooper said this: “I don’t plan to spend my time in this place during this term opposing just for opposing’s sake. This administration believes that these bills will help curb, corruption, money laundering and terrorism; I am on record as supporting those ideals.

“And, if the laws prove ineffective, over-reaching or infringe too deeply on the rights of Bahamians, then when the PLP retakes the government in 2022, we can and will amend them if necessary, with the benefit of practical experience.

“But until that time Mr. Speaker, let me urge the government to consider the sound and practical advice of practicing professionals in the industries impacted so as to not risk over-regulation.
We must not simply accept lock, stock and barrel the suggestions of international bodies without localizing them in our best interest as a jurisdiction.

“Yes, we must address international concerns as we operate in a global environment, but we can’t do that at the expense of killing businesses and industries that are the lifeblood of thousands of Bahamians.”

You may click here for the full statement to the House.