The Bahamas has challenged this Report, telling OECD Officials that the Report lacks balance and discriminates against countries whose tax regimes are unilaterally declared by the OECD to be harmful. The Bahamas’ reaction is one of the first challenges to the OECD’s legitimacy in making its allegations. The Bahamas told the OECD that it is … Read More
The Chart above provides an overview of the current state of the Industry
A Bill for The Telecommunications Act was introduced in the Parliament at the end of 1999 and passed early in the New Year. The Act will create a new legal regulatory framework for telecommunications in The Bahamas, remove the monopoly rights of the Bahamas Telecommunications Corporation (Batelco) and establish a licensing regime for telecommunications. This … Read More
The BFSB Y2K plan is available for download as an Acrobat PDF file. Click the link below to download the document.
The year end report for 1999 is now available for visitors to download. The file is in Acrobat PDF format and can be downloaded using the link below.
As a direct result of recent initiatives by the OECD on harmful tax competition, the Caribbean Financial Action Task Force has appointed a Working Group to address relevant issues. In addition to The Bahamas, the Working Group comprises representatives from Barbados, the British Virgin Islands, Cayman Islands, Jamaica, and Panama. Established in the early 1990s, … Read More
Now an integral part of the United Nations Office for Drug Control and Crime Prevention, the GPML works closely with the industry to define and upgrade standards for the proper regulation of offshore financial services. The Bahamas is a participant on a special focus group created by the GPML to shape a “code of conduct” … Read More
The Bahamas Vacation Plan and Time-Sharing Act 1999 came into force earlier this year. The legislation provides for the creation, regulation, and management of time-sharing and vacation projects, and for the protection of purchasers of time-sharing and vacation plans. There are some 28 time-sharing projects with more than 900 time-share units and more than 48,000 … Read More
Rapidly increasing technology will have a profound affect on all commercial activity, making it impossible to erect the traditional boundaries that have contributed to how commerce is conducted. Minister of Finance William Allen has referred to the world wide web as a boundary-less, unregulated, omnipresent medium challenging the present legal and commercial frameworks. One, he … Read More
Cited as a valuable tool in the fight against international crime, The Money Laundering (Proceeds of Crime) Amendment Act was passed in the House of Assembly during 1999. The amendment brings the Act in line with the tracing and forfeiture of proceeds of the Drug Trafficking Act (Section 21). It provides for the enforcement of … Read More