The Tribune

A Cabinet minister told the Bahamas Financial Services Board's 2017 annual general meeting (AGM) that liberalisation is key to this nation's economic success.

Brent Symonette, minister of financial services, trade and industry, and immigration, acknowledged the need to transform areas that support the financial services industry, including Immigration, the ease of doing business, processes for permanent residency approvals, and the introduction of a tax residency certificate.

"Success of the economy is going to be the liberalisation of this economy," he concluded.

BFSB's chairman, Antoinette Russell, addressed global regulatory changes, plus the input and collaboration with the Government to address issues such as automatic tax information exchange implementation.

She added that 2016 saw a redefining and rearticulating of the Bahamas' value proposition based on three criteria - expertise, innovation and a strategic location.

"2016 was a productive year for the Bahamas Financial Services Board," said Tanya McCartney, BFSB's chief executive and executive director.

"BFSB focused on the strategic positioning of the sector, and addressing the systemic challenges that face financial services. We are pleased that we were able to achieve many of the objectives set for the year, and continue to work on our strategic priorities."

During her report to BFSB, members Ms McCartney said BFSB's 2016 work fell into four areas - the sector's strategic development; maintaining the Bahamas' profile as a premier International Financial Centre (IFC); working with stakeholders; and member engagement.