The Tribune

The Bahamas Institute of Chartered Accountants (BICA) has been involved in a series of meetings over follow-up mechanisms for the Implementation of the Inter-American Convention against Corruption (MESICIC).

The most recent meeting took place on Friday, September 26. The Government has signed two conventions, which seek to promote and facilitate co-operation between Inter-American states to fight corruption.

The Bahamas became a state party to the Inter-American Convention against Corruption in March of 2000. The Convention establishes a set of preventive measures that provide for the criminalisation of certain acts of corruption, including transnational bribery and illicit enrichment, and contains provisions to improve the tracing, seizure and forfeiture of property or proceeds that are obtainedor used in acts of corruption.

To promote the implementation of this convention, the Organisation of American States (OAS) established MESICIC. As a state party to this convention, one of the Bahamas’ obligations is to establish a task force with the responsibility of local oversight.

BICA was represented on the Task Force by its president, Darnell Osborne, who presented on BICA’s investigation and discipline process, as well as the way deficiencies in legislation governing the accounting profession are being addressed.

BICA is the self-regulatory body for the accounting profession in the Bahamas, with 500 members and more than 300 licensees.