The Tribune

BY DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT – Minister for Grand Bahama Dr Michael Darville says there is a need for an autonomous governing body, like the Bahamas Association of Compliance Officers (BACO), with a complete focus on compliance and regulation in the industrial sector.

Minister Darville was speaking at the 8th Annual Northern Bahamas Conference for BACO on Thursday at the Pelican Bay Resort.

He said compliance is not only crucial to the financial services industry but to almost every industry that impacts the growth and development of the country.

Dr Darville said that the maritime and industrial sectors on Grand Bahama are now equally important as the financial services industry.

He said that the three oil spills on Grand Bahama has highlighted the need for compliance and regulation in that sector.

“As we focus on expanding our industrial investment profile on Grand Bahama Island and encourage large scale developments and anchor projects across our archipelago, now is the time to ensure that this sector is regulated and properly monitored by professional and qualified personnel, who are supported by legislation and vested with authority to freely inspect and hold these companies accountable if they are non-compliant with local and international laws,” he said.

Minister Darville said legislation is required to elevate the standards of how business is conducted across all sectors, and to ensure that international requirements are being met.

He stated that new and modern day policies are required to regulate the maritime and industrial sectors on Grand Bahama to protect the environment where business is conducted.

“Today, I am proud to announce that the Ministry for Grand Bahama and the Ministry for the Environment are in the process of bringing to parliament amendments to the 1965 Freeport Bye-Laws,” the minister said.

“Perhaps BACO will lead the way in determining how the industrial sector can operate and flourish in a properly regulated atmosphere and encourage these businesses to use the best practices in environmental protection, health and safety.”

Minister Darville believes that compliance must be the concern of everyone and viewed as an integral part of industry.

He said it must create a culture that is embraced not only by the government through improved legislation but by senior managers with the implementation of new and improved policies that promote a compliant friendly workplace and the willingness to work with the regulatory body.