The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemeia.net

THE Bahamas must develop new and innovative financial services products to build on its traditional roots, a Cabinet minister said yesterday.

Brent Symonette, minister of financial services, trade and industry and Immigration, told an anti-money laundering/counter terror financing conference: "We must remain focused on what worked for us in the past and capitalise on those successes.

"We must bring new and innovative products and services into the market. We must increase our base of intellectual capital, and shift gears on finding ways to become more productive and efficient in how we conduct business."

Mr Symonette reiterated that The Bahamas remains committed to compliance and transparency. "The Bahamas is committed to maintaining a jurisdiction that is clean, compliant and transparent in meeting and complying with international regulatory standards, and ensuring that our national expectations are no less," he added.

Mr Symonette said The Bahamas has signed on to 34 Tax Information Exchange Agreements (TIEAs) to-date, adding: "We are complying with FATCA; with OECD we are largely compliant; CRS compliant; and we are currently implementing BEPS and the EU initiatives.

"The goal is for us to keep the Bahamian financial services sector stable and maintain public confidence and trust in the financial sector."