In an effort to enhance the Financial Services Sector, the Government of The Bahamas is developing a new framework aimed at strengthening industry regulations and protecting revenues to the Public Treasury.
By demonstrating our commitment to global standards, we are working to maintain The Bahamas' competitive edge as a global leader in the financial services industry and ensure that the country's second economic pillar remains vibrant over the medium and long term.
The establishment of this new framework follows broad consultation with industry representatives in both the private and public sectors, some of whom are represented here this morning. We also sought input from international tax advisors.
Under the framework, all financial institutions will now be permitted to offer services to both domestic and international clients, provided that the financial institution meets the prescribed regulatory requirements in respect of the services offered.