HOPE STRACHAN ADDRESSES FINACIAL CONFERENCE
viagra sale no rx times;”>FREEPORT, buy viagra Grand Bahama — Newly appointed Minister of Financial Services, the Hon. Hope Strachan, gave an overview of her Ministry’s agenda during the International Business and Finance Summit in Grand Bahama on Friday.
The four-day event is being held at the Grand Lucayan under the theme, “Creating a New Legacy,” and is presented by the Bahamas Financial Services Board.
Minister Strachan said the event is a constructive way to start the new year, and it is essential for the well-being of the industry for its partners to support and motivate each other.
She said, “I want to assure you, that under my leadership we will continue to create an enduring legacy for the Bahamas’s financial services sector. A legacy that has our sector positioned as the premier jurisdiction of choice for financial and business services. The ingenuity of our products, the skill of our people and the integrity of our institutions will assure this. Through partnerships, we can achieve this.”
The Minister continued, “We want long term investment in The Bahamas and we want to unblock barriers to that long-term investment, wherever practical. As a Ministry, we must always act for the common good, but we must also continue to be a facilitative Ministry. So I want to meet with all of you: the large international firms, the independent firms, smaller houses, family offices and firms or persons interested in establishing themselves in The Bahamas. The objective is to collaborate and to develop a think tank or task force if you will, so that we can remain on the cutting edge. It will also ensure continuity in our public/private partnership.”
Several issues, she said will be focused on as the Ministry safeguards the country against reputational risk: ” As we have been in the past, we will continue to be proactive on international initiatives. The Ministry is working hand in hand with the Ministry of Finance to complete the building of the FATCA system. Our world-class technology partners are in the final stages of building a simple, but effective system and solutions to ensure that we meet our international obligations under FATCA. I am pushing for this Legislation to be completed and finalized as soon as possible. We encourage all firms who fall under the FATCA umbrella to register and review the FATCA due diligence requirements. We want you to be ready for ‘FATCA Share Day.’
“As a model 1 jurisdiction, the government has taken on certain obligations that would be carried by the firms under a Model 2 IGA or a no 1 IGA situation. We must therefore implement this correctly and ensure compliance.
“Obviously the move towards a Global Account Tax Compliance Act (GATCA) for 2016 must be closely monitored. This initiative to widen the scope of compliance will have even more far reaching provisions and stringent regulations helping to further entrench the FATCA regime. The goal of one “single, common, global standard” as described by a particular writer ‘is imminent avoiding the need to have to deal with different FATCA regimes from different countries.’”
She continued, “In Barack Obama’s State of the Union address recently, he foreshadowed further incursions into an already strictly regulated tax system when he intimated the closing of existing gaps in the foreign Trust Accounts of American citizens. Again, this must be closely monitored to ensure that we are nimble and responsive to any changes necessary to protect our industry.
“The OECD has a consistent, fast moving approach in its actions against jurisdictions like ours. It would appear that our only crime is having a competitive tax structure and one which differs considerably from Europe’s.
“My Ministry will continue to be engaged in OECD matters as relates to the financial services sector. Shrewd negotiations on the part of my predecessor the Hon. Ryan Pinder, led us to the best possible outcome with respect to the Global Forum’s work on automatic exchange of information (AEOI). We have pledged to adopt certain measures in 2018
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. However, we have also advanced that the OECD must work out its rules with respect to ensuring that sharing of this personal information will only be appropriate for countries which can guarantee the security and confidentiality of that information. It is a position which is shared by many of the leading jurisdictions and I will endeavour to make sure that The Bahamas has strategic partners to influence the OECD’s positions.
“The Bahamas has many friends in the world and is prepared to call upon like-minded nations to have a truly global discussion on the future of international business and finance.
“I am committed to ensuring that this industry continues to be the engine of the middle class in The Bahamas. Studies reveal that the Financial Services Industry supports around 22,000 jobs and over 13% of total employment in The Bahamas. Moreover, it has been determined that some 27% of Bahamian GDP is directly or indirectly attributable to the Financial Services Industry where the average salary ranges between $42,000 and $48,000 according to the service being provided. This is between 75 and 100% higher than the national average of $24,000. I am committed to ensuring that the Financial Services Industry remains intact as the second most important industry in The Bahamas and the Bahamian people receive every opportunity for advancement.