The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Changes to the Non-Profit Organisations Bill provide for a "light touch" regulatory framework, the deputy prime minister said yesterday, describing the reforms as a "reasonable compromise".

K Peter Turnquest, addressing Parliament on the revised legislation, acknowledged that concerns had been expressed by civic, religious and charitable organisations over the level of reporting and disclosure required under the previous Bill.

"Some have felt it was intrusive and may have identified individuals who may have wanted to give anonymous gifts; not for any nefarious reasons but their own personal reason," Mr Turnquest said.

"The amendments have made provision for what we call a sort of light touch regulatory framework where, rather than keeping a detailed list of everyone that has made a contribution, the only thing required is financial records including that information are maintained and available in the event that a request is made for that information based upon some investigation or question in regards to that organisation."

Mr Turnquest added: "We think we have struck a reasonably fair balance in respect to the need for regulation, and the need for a certain level of privacy with respect to these organisations. I know that it is not prefect in the eyes of some of our NGOs, but again there is always a ying and a yang with respect to regulators and industry participants.

"Sometimes those interests don't necessarily line up, but it is the obligation of the government to provide an environment that is unquestioned; that we have the ability to ensure that our jurisdiction is not used for any nefarious reasons, and we are able to account in the event we are called upon to provide the information. I think they would all agree that this is a reasonable compromise piece of legislation."

The reforms debated in the House of Assembly yesterday mandate that non-profits who fail to renew their registration will have their accounts frozen and be investigated by the authorities. Churches will also be required to maintain financial records and produce them upon request, although such disclosure is no longer automatic. Donations or disbursements of greater than $50,000 must be reported.

The reforms are designed to keep The Bahamas in compliance with international anti-financial crime standards set by the Financial Action Task Force (FATF) and Organisation for Economic Co-Operation and Development (OECD).

Mark Palmer, Civil Society Bahamas secretary, told Tribune Business last month that the government's proposed legislation to regulate non-profit organisations (NPOs) was no longer "the scary Bill that could have decimated the sector".

Concerns had been expressed concern that many NGOs would unable to meet the strict registration, accounting and record keeping demands set out in the initial Bill.