Bahamas Financial Services Industry Needs Reconstitution

Ryan Pinder, PLP MP for Elizabeth pointed to the most recent publication of The Global Financial Centres Index as proof that the Bahamas Financial Services Industry has eroded.

In an article posted on Ryan Pinder was quoted, “The Financial Services Industry of the Bahamas as compared to other countries fell five spots in the rankings. What is more alarming, is that as compared to the top 10 Offshore Centres, the Bahamas lost more rating points than any of its competitors, and as much as twice as many rating points as some of its competitors.”

Pinder was quoted as saying, “This is supported by comments attributable to a Trust Fund Manager from New York when he stated ‘The Caymans and the Bahamas are just not places to be seen doing business right now – they still have (probably unfairly) a dirty reputation’.”

“In order for the Bahamas to put a halt in its drop in The Global Financial Centres Index and restore confidence, growth and expansion in the industry, the Government must provide focused leadership and an aggressive growth strategy,” Pinder was quoted in The Tribune article.

According to the article Pinder recommended immediate reconstitution of the Financial Services Ministry to bring focus and leadership to the industry and provide transparent policy for it’s future.

“It is important to develop strategy to redefine the industry so the Bahamas is no longer known as a Tax Haven, not solely an Offshore Financial Jurisdiction, but an International Business Jurisdiction,” he was quoted in The Tribune article.