Financial Services

The Free National Movement recognises that the financial services sector provides The Bahamas with important exposure, increasing the profile of The Bahamas internationally, resulting in further expansion in the sector, but also creating new opportunities for increased upscale tourism.

Apart from the revenue flowing from licenses and permits required by the sector, financial services businesses have been important contributors to expansion in the construction industry, commercial and residential. Very importantly, the sector presents highly lucrative avenues for high value, quality jobs for professionally trained Bahamian nationals.

The financial services sector provides employment for some 5,000 Bahamian professionals.
The Free National Movement is convinced that one of the most important strengths of The Bahamas as a jurisdiction of choice for international business is the availability of well educated, trained and experienced specialists in all segments of the financial services industry - bankers, trust officers, investment analysts, accountants, lawyers and clerical support staff.

financial services

The Free National Movement is also conscious of the continuing concern and frustration within the ranks of Bahamian Banking and Finance professionals, with the existence of a virtual "Glass Ceiling" which limits the career development of competent and deserving Bahamian professionals.

While appreciating that by its nature the international financial services sector will always require the presence of a number of international executives in its operations in The Bahamas, the Free National Movement is committed to ensuring expanded opportunities for greater exposure and advancement for suitably qualified, trained and competent Bahamians. Having up-dated legislation affecting the financial services sector, including the Limited Partnership Act, the International Companies Act, and the Limited Companies Act; and having enacted new legislation, including the Mutual Funds Act and the Anti-Money Laundering Act, the Free National Movement Government has effectively relaunched the financial services sector.

Through a series of extensive overseas Missions to Asia, Western Europe, Latin America and North America, The Bahamas has been successfully re-established as the leading, clean and well-regulated international financial services centre in our region.

Having recently named an Ambassador for Trade and Investment, an FNM Government in its second term will:

  • Enact legislation (already drafted and in circulation among practitioners in the private sector) to update the Trusteeship Act.
  • Enact legislation (being drafted in consultation with a private sector Securities Market Task Force) for the introduction of a Bahamas Securities Market.
  • Enact legislation requiring all banks operating in the domestic market of The Baha-mas to produce and publish annual audited financial statements and reports on their Bahamian operations.
  • Support the creation of a joint public sector/private sector Financial Services Promotion Board of The Bahamas.
  • Put in place an advisory group, drawn primarily from the banking, insurance and trust sectors, to facilitate communication between the Board and the Governor of the Central Bank, and the financial sector.
  • Encourage the development of international and professional attachments and staff exchanges within the international network of financial institutions doing business in The Bahamas.
  • Require major international financial institutions to implement and/or strengthen meaningful and targeted training programmes and internships for Bahamian staff.
  • Encourage international institutions located in The Bahamas to appoint Bahamians to their Boards of Directors.

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