Financial Services Legislative Agenda
The Bahamas Government introduced two additional Bills in the House of Assembly on Tuesday, November 7:
– The Central Bank of The Bahamas Bill
– Banks and Trust Companies Regulation Bill
It is intended that the new Central Bank Act will repeal and replace the existing Act, ensuring that legislation governing the Central Bank is in line with global financial regulatory requirements.
The new Banks and Trust Companies Regulation Act will make fresh provisions relating to the operation of banks and trust companies; specifically, these will include enhanced regulation, and cross-border supervision by external banking regulators of those foreign banks and trust companies with branches or subsidiaries licensed in The Bahamas.
House of Assembly debate on the two Bills should commence on November 13.
The remaining package of new and amended legislation, all slated to be presented before the end of the year, includes: The International Business Companies Act, The Mutual Legal Assistance Act, the Trustee Act, The Financial Services Providers Regulation Act, and The Financial Transactions Reporting Act. Already approved by Parliament were the new Evidence (Proceedings in Other Jurisdictions) Act 2000 and the Money Laundering (Proceeds of Crime) Amendment Act 2000. The Financial Intelligence Unit Bill and the Criminal Justice (International Co-operation) Bill were introduced on October 18.