Financial Services MinisterSays Bahamas To Compete With Europe, US
by Amanda Banks,
Tax-News.com, London
Speaking last week in the House of Assembly,Bahamian Minister of Financial Services and Investments, AllysonMaynard-Gibson gave details of her recent financial services promotionaltour, and announced that the Bahamas should be aiming to competewith onshore financial centres such as the UK, and the UnitedStates.
The Nassau Guardian reported last week thaton her visits to Zurich, Geneva, London, and Jersey, Ms Maynard-Gibsonexplained to institutions heavily invested in the Bahamas thatthe PLP government is aiming to develop the jurisdiction's financialservices sector as a 'financial centre', rather than an 'offshorefinancial centre'.
'We are blue chip, well regulated and cooperative,'the Minister told parliament. 'We are not and will not be a centrewhere ill-gotten gains may be hidden.' She added that: 'As wedevelop our financial services sector, we must remember that ourcompetitors in the 'offshore business' are not our sisters inthe Caribbean but rather the US, the UK and many other Europeanjurisdictions.'
The Financial Services Minister also revealedto parliament that those whom she had met on her trip had toldher that they welcomed the 'new attitude' of the Bahamas government,and its willingness to assist in the international campaign forthe prevention of money laundering, tax evasion, and terroristfinancing