Deputy Prime Minister and Minister of Finance Peter Turnquest delivered good news in the House of Assembly yesterday, regarding The Bahamas’ position with the Organization for Economic Co-operation and Development (OECD). 

DPM Turnquest, while seconding amendments for a compendium of bills related to the financial services sector, said The Bahamas has passed the assessment of the OECD, which confirmed that the jurisdiction is a safe place for financial services and corporate investment activities. 

“The OECD concluded that the domestic legal framework is in line with international standards and therefore, not harmful which is a nod to a slate of legislative and regulatory reforms undertaken by the government since the New Year,” Mr. Turnquest said.

“On July 19, 2019 the Global Forum on Harmful Tax Practices, an exchange of information, through the inclusive framework on Base Erosion and Profit Shifting (BEPS), approved the latest results of the peer review of The Bahamas’ Domestic Law and Economic Substance.” 

Mr. Turnquest said “The Bahamas’ commitment to the enhancement of transparency mechanisms demonstrates it will not be a jurisdiction that encourages or facilitates financial crimes.

“This confirmation by the OECD that The Bahamas’ domestic laws are not harmful affirms The Bahamas as a premier partner in the global fight against harmful tax practices and reinforces to the international community that The Bahamas is a safe place for financial services and other investment activities.”
 
Mr. Turnquest said the Ministry of Finance will ensure that all participants in the financial services sector, including regulators, industry and stakeholders are doing their part to monitor full compliance with all provisions of the new laws. 

“The working group on Financial Service Sector Reform will continue to review our legislative framework and engage with the international organizations to ensure the interest of our financial services sector are represented and protected,” Mr. Turnquest said.