Categorized | National News

Bahamas Faces Burdens Of External Standards

Finance  Minister  Peter Turnquest said when it comes to the financial sector, The Bahamas, like any other small nation, must cope with the burden of external standards set by the world’s larger countries. 

The Deputy Prime Minister said this sometimes happens without regard for national sovereignty or international cooperation that should exist. 

Mr. Turnquest said that this is a challenge which the country must acknowledge and address. 

He said, “we cannot be satisfied to only anticipate or adapt to changes. Importantly, we must mobilize with our regional counterparts, and engage at the highest levels to shape the nature and direction of change in the industry. We must take a seat at the table when it comes to shaping international standard.”

The Deputy Prime Minister explained that much of this work is done at the inter-governmental level and requires strong leadership. 

Back in May, he said,  the government formulated a comprehensive strategic plan to secure the viability of the industry. 

Under ten categories outlined in the plan, he said strengthening international collaboration as an important strategic priority. 

To  enhance  the country’s  presence in the international arena, Mr. Turnquest expressed the need to strengthen its international capital with specialized skills. 

He  added that small jurisdictions like The Bahamas are committed to international standards not just because it’s  in their economic interest to comply, and not because larger international partners can deploy their influence to exert pressure over the entire industry.

The DPM said despite the country’s historical reputation, The Bahamas doesn’t make it easy for individuals or entities seeking to launder proceeds through criminality, or those who might expose our society to the risk of terrorism.

He said, “ This is  an international code of practice, but in a domestic context, we place our own value on an environment that has integrity, that is competitive, robust, well-regulated and safe.”

The spirit, of cooperation, he said, is based on shared values and outcomes, and respect for the sovereignty of nations which must underpin the system of international codes of conduct. 

Written by Jones Bahamas

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