Categorized | National News

No Revival for offshore banking, says analyst

Former Free National Movement MP and financial analyst, Lester Turnquest says  The Bahamas has not truly escaped the confines of the European Union’s daunted blacklist,  but its absence is only brief peace offering for what’s to come.

The Bahamas was spared from being blacklisted as a tax haven in the European Union’s (EU) December 2017 blacklist after months of waiting and speculation.

While appearing as a guest on the Love 97 program “On Point” Mr. Turnquest said the Bahamas is far from being in the clear.

“They were just giving us a kiss before they do what they intend to do to us

“If their goal is the ultimate destruction of international financial centers, of which we are one, there will be no revival.

“We could dance a bit, run through the backdoor and sneak back into the side door to sleep at night, but ultimately we will have to confront the monster.

“That monster is the crushing of a pillar of our economy and the challenge the Commonwealth of The Bahamas is going to face and that is how are we going to keep our young people who can’t find jobs at  home.

“ We must determine how to use their talents or otherwise.  We’re going to have a complete “brain drain”,” Mr. Turnquest  warned.

While The Bahamas was not named on the blacklist, the EU placed eight jurisdictions on watch that were impacted “badly” by hurricanes this summer, including The Bahamas. The EU said that these jurisdictions, which were given special consideration, have been given until early 2018 to respond to the EU’s concerns, suggesting that there is still work to be done.

Written by Jones Bahamas

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