Survey ShowsOpinion Divided Over Bahamian Financial Services Law Review
by Amanda Banks,
Tax-News.com, London
A survey in the Nassau Guardian this weekhas revealed that public opinion is fairly evenly divided overa review of the jurisdiction's financial services laws promisedby new Prime Minister, Perry Christie prior to the ProgressiveLiberal Party's success in the general election.
Responding to the question 'Did P.M. PerryChristie promise too much regarding reviewing the Financial Serviceslaws during the election campaign?' 266 of the paper's readerssaid on Monday that they believe the PLP is unlikely to be ableto deliver on its manifesto promises, while 205 applauded theplanned move.
Speaking on national television earlierthis month, PLP Deputy Finance Minister, James Smith promisedthat the new government would re-examine the laws tightening regulationof the offshore sector put in place by the previous Free NationalMovement government, in order to secure removal from the OECDblacklist.
Mr. Smith went on to explain that althoughthe Bahamas recognises the necessity of internationally recognisedstandards, there have been complaints from businesses based inthe jurisdiction that compliance with the new rules is costlyand overly bureaucratic.
Although the new government has come infor some criticism as a result of the proposed review, severalleading offshore commentators have come out in support of thePLP's stance.
Speaking last week, Dr Gilbert NMO Morris,head of the Nassau Institute, praised the plans, arguing that:'I am not alone in suggesting that the 11 pieces of legislationwith which we are concerned here are a riot of unconstitutionality;which I believe in all honesty the last administration themselvesdid not want to pass.