The government and  the official opposition have agreed to work together  to  limit reputational damage to The Bahamas in the  Financial Services Industry. 

Attending a  meeting on behalf of the government were Attorney General Carl Bethel and Minister of State for Legal Affairs Ellsworth Johnson who met with Opposition Leader Phillip Davis and Deputy Leader Chester Cooper. 

It was agreed  in the meeting that there would be enhanced cooperation and consultation on all steps necessary to address the challenges being faced by the industry, caused by the increasing demand of international organization. 

Both sides also agreed  to ensure the preservation of a vital sector of a diversified Bahamian economy. 

This joint effort comes just two day after Mr. Cooper in a press  release said that the PLP is prepared to work with the government to help save the financial sector. 

He noted the outcome of the recent financial action task force plenary in Paris where The Bahamas is listed in its compliance document with implied threats of further action. 

Mr. Cooper added that the PLP looks forward to speaking with the government inside and outside of parliament to address the complexities inherent with the proposed legislation.    

Therefore, he said, “the protectionist  nature of the punitive measures taken against international financial centers such as The Bahamas is compounded by the fact that most of the countries subjected to punitive measures are non-members of the OECD, despite The Bahamas in particular having been responsive in addressing these threats against our sovereignty for years on end.”

The PLP’s Deputy Leader added, “ we  must continue to act, and we must do so hastily and prudently. The action plan adopted by the plenary calls for The Bahamas to produce implementation of the vigorous measures taken to address AML/CTF threats.”

He said that the PLP looks forward to speaking with the government inside and outside of parliament to address the complexities inherent with the proposed legislation.