The Bahamas Government is committed to providing a red carpet experience to international and Bahamian firms involved in all aspects of financial services.

The establishment of the Ministry of Financial Services and Investments was an important step in fulfilling this commitment and in repositioning the financial services industry for continued growth. As a country we recognise the vital importance of financial services to the Bahamian economy, and that it continues to represent a substantial opportunity for inward investment and employment. Consequently, my Ministry is focused on ensuring that the policy and legislative resources of the Government are brought to bear for the benefit of the long-term growth and sustainability of the industry.

The Foundations Act is another example of legislation designed to encourage the continued growth of the country’s financial services sector. While recent legislative initiatives, including foundations, are intended to enhance the jurisdiction’s product portfolio, the Foundations Act also reflects The Bahamas’ commitment to remain relevant to the needs of existing and new clients.

Constructive and continuous dialogue with the private sector is a fundamental operating policy at the Ministry of Financial Services and investments. The Foundations Act is a product of this policy. Not only do we seek input from Bahamian and international financial services firms, we also ensure that their thoughts on strategy formulation, legislation, service and productivity improvement initiatives and promotion opportunities are duly considered, and where possible, incorporated in our programmes and policies. This allows us to considerably enlarge our resources by drawing on the knowledge and perspectives of experts and interested parties. In an environment that encourages the full participation of stakeholders and for full discussion of policy and other development matters, we have a better chance for rapid response and getting it right the first time.

In the not-too-distant past, financial services operated in a quiet, unnoticed environment. Today it is the focal point for international attention and increased global competition. The end result is that people and capital move freely and instantaneously in an environment of unprecedented choice when it comes to where they want to do business. My Government is committed to working with the financial services industry to ensure that The Bahamas remains a viable choice for financial institutions and their clients.