Bahamas ‘has every intention’ of staying in financial services
Bahamas ‘has every intention’ of staying in financial services
Friday, May 27, 2016
Cabinet minister said yesterday that her ministry was committed to doing everything possible for the Bahamas to be perceived as a premier financial centre, telling Tribune Business: “We have every intention of staying in the game.”
Speaking at the launch of Sterling Global Financial’s bank and trust affiliate, Hope Strachan said the company’s commitment to the Bahanmas will only solidify this nation’s reputation amid the increasing efforts to restrict international financial centres.
“We have every intention of sta”ing in the game.” the Minister of Financial Sevices said, “and we are going to do everything we have to in terms of innovation, in terms of being able to proside the products and services that the industry needs, for the world to continue to see us as this premier premier financial centre which we have developed over the years.”
Mrs Strachan added: “The financial services industry is always evolving, and naturally on a global level we are going through a very dynamic period where things are happening almost on a daily basis.
“There are some fundamental principals which I think put the Bahamas in good stead, however. We are a complaint jurisdiction: we adhere to all of our global regulatory obligations.
“We have an established industry that has been around for more than 50 years. Not only do we have a very vibrant local banking industry, but we also have a vibrant offshore industry. Over the years that has grown steadily to the point where it provides 15 per cent of our gross domestic product.”
Mrs Strachan said that despite the challenges the industry is facing, she remains optimistic.
“We know that we have a lot of challenges. We also believe in the professionals that we have here, persons from the international arena, persons who have decided to take up residence here and to invest in the Bahamas.” she said.
“Our goal is to go out and search for more persons Like that w ho have a true interest in actually establishing and putting down roots in the Bahamas ”
Orginally written in The Tribune (Nassau, Bahamas) Written By: Natario McKenzie