The Tribune

The Bahamas’ financial services director has hailed the Caribbean for being “among the most compliant regions in the developing world” while emphasising the importance of regional collaboration.

Brandace Duncanson, addressing the Caribbean Regional Compliance Association (CRCA) Conference 2025, held last week in St Kitts and Nevis, called for fair competition in financial services by demanding that the same regulations and standards apply to all countries.

Praising the Association’s role in uniting regional professionals, and for fostering a culture of transparency and co-operation, she said: “The Caribbean’s success in compliance will be defined by our ability to unite.

“When we work together as regulators with the industry, governments with the private sector, and islands with other islands, we not only strengthen our defences against financial crime, we also strengthen investor confidence and protect the integrity of our financial systems.”

Ms Duncanson further emphasised that collaboration must extend beyond compliance enforcement to collective advocacy for fairness in international financial services.

“The Caribbean is already among the most compliant regions in the developing world. What’s needed is for the same rules to apply to everyone. Decisions that affect our economies and reputations should not be made in rooms where we have no voice,” she added.

The conference brought together regional compliance professionals, policymakers, regulators and private sector executives committed to advancing compliance standards across the Caribbean.

The Ministry of Economic Affairs has been a sponsor for the conference over the past four years, in recognition of its vital role in strengthening the region’s financial integrity and promoting best practices in governance and compliance.

The conference saw significant participation from The Bahamas, including Fareda Sands, former president of The Bahamas Association of Compliance Officers (BACO) and one of the event’s co- chairs. The Insurance Commission of The Bahamas also participated, with Dana Munnings-Gray, superintendent of insurance, delivering a presentation. Valdez Russell, a Bahamian communications executive, served as the moderator for the event.

Attendees included Dr Terrance Drew, prime minister of St Kitts and Nevis; Marcella Liburd, governor general of St Kitts and Nevis; Rhondalee Braithwaite-Knowles, attorney general of the Turks and Caicos Islands; and Jay Saunders, minister of innovation, technology and energy for the Turks and Caicos Islands.

Ms Duncanson said collaboration through forums such as CRCA not only strengthens compliance but also contributes to economic resilience across the Caribbean.

“Each Caribbean nation on its own will always face size and resource constraints. But, together, we form a bloc that has already achieved results. When we link arms, share knowledge and open doors together, we go beyond meeting standards; we set them,” she added.

Following the CRCA conference, the Ministry of Economic Affairs will embark on an Asian tour during the first week of November, which will begin with the Bahamas Asia Forum on November 5. This will showcase the ‘Bahamas Advantage’ as the country seeks to tap into new financial services markets across Asia.

Private sector partners supporting this effort include Champion Spirit Country Club Bahamas; the Securities Commission; Baha Mar; Maran Global; Leno Corporate Services; Caystone Solutions; Liongate Bahamas; and Equity Bank Bahamas.

The Asian tour will also include attending and sponsoring the Society of Trust and Estate Practitioners (STEP) Asia conference in Hong Kong, and a financial services summit in Shanghai, which will feature a panel of Bahamian financial services executives. The Bahamian delegation will be led by Ms Duncanson.

The Ministry of Economic Affairs said its participation in the Asia tour underscored its ongoing commitment to expanding global partnerships and promoting The Bahamas as a world-class jurisdiction for financial services, innovation and investment.