The Deputy Prime Minister as Minister of Finance Peter Turnquest has defended the efforts of the government in adhering to best practices in the financial sector. He was invited to participate in a high level panel discussion on the Role of Tax Transparency in Enhancing Domestic Resource Mobilisation and Fighting Illicit Financial Flows. His remarks came at the Eleventh Plenary Meeting of the Organization for Economic Cooperation and Development (OECD) Global Forum in Punta Del Este, Uruguay on Monday.
The Deputy Prime Minister was asked to give his view of international organizations such as the OECD Global Forum, and used the opportunity to again highlight how certain punitive measures used against small jurisdictions have a devastating often irreparable economic impact. He also pointed out that punitive measures are sometimes still imposed even after small jurisdictions, with their tight resource constraints, rush to implement new measures.
“The Bahamas is an international financial center and relies on foreign direct investment. Foreign direct investment makes up approximately 15% of the Bahamas’ Gross Domestic Product. The Bahamas has always adhered to implementing tax transparency laws as far back as 2000, when a suite of laws were passed. However, even when small jurisdictions like The Bahamas are adhering to international standards and best practices and have eliminated bearer shares there are still jurisdictions who have not removed or eliminated bearer shares from their legal framework,” said Deputy Prime Minister Turnquest.
The Deputy Prime Minister also highlighted that organizations such as the European Union should be mindful of the tight frames and the resources of jurisdictions when asking them to implement criteria adding that you don’t need a sledge hammer to kill an ant.
Other panelists included the Deputy Minister of Economy and Finance of Uruguay Pablo Ferreri, the Deputy Minister on Taxation of Paraguay FabiánDomínguez, PublicRevenueSecretary of Argentina Andrés Edelstein,Chair of the Global ForumMaria José Garde and Cahir of the Panel Pascal Saint Amans.
