In his contribution to the 2016 2017 Budget Debate, Member of Parliament, the Hon. L. Ryan Pinder spoke to his commitment to the development of financial services in The Bahamas – an industry that has contributed so much to the advancement of Bahamians and the country as a whole. He spoke to the variety of international initiatives threatening the sector today, some having immediate impacts on its viability, and reinforcing the need for quick, innovative action to help create its value proposition in the *“changing and volatile times”*. He spoke specifically to automatic exchange of financial information; the correspondent banking threat; and revenue pressures on banking institutions
In terms of *“finding our new value proposition”*, Mr. Pinder provided recommendations relating to a number of initiatives, inclusive of residency for HNWIs, expanded structuring options for tax-declared funds, attraction of institutional business, and commercial and trade finance.
In the midst of these challenges, he concluded that going forward there is a path to growth and prosperity. This path, he said requires *“immediate attention and dedication by all stakeholders, progressive policy reforms, predictable and transparent initiatives and ultimately a business-friendly operating environment”* – to create an industry with value added features *“that make us second to none”.*
See pdf below for the MP’s full contribution in Parliament, including the remarks on the financial services sector.