Categorized | National News

PM Davis Discuss Country’s Financial Matters In London

By: Keile Campbell

During Prime Minister Philip Davis’ journey to the United Kingdom – England more specifically, for the Coronation of King Charles III and Queen Consort Camilla, it was not all pleasantries as Prime Minister Davis would conduct the country’s business despite the nature of the trip.

The leader of the nation held a courtesy call with the Lord Mayor of London Nicholas Lyons where he’d discuss a number of important financial matters of the Bahamas, with the Bahamas blacklisting by some financial institutions being among discussions.

“As you’d know, the Bahamas is one of the leading offshore financial sectors from [the] 60’s, 70s, 80s, up to the 90s. When the decision was taken to eliminate offshore jurisdictions and try to make most financial services on-shore, it impacted us greatly, so we have a cadre of experts – Bahamian experts, who have a skilled bank of financial service providers, but we don’t have the business because we are continually targeted”

Prime Minister Davis goes on to claim that the Bahamas is one of six countries in the world that is compliant of the Financial Action Task Force (FATF) forty recommendations, yet the European Union seeks to blacklist the Bahamas. 
Sitting in front of the annually designated international ambassador for the UK’s financial and professional services sector Lord Mayor Lyons, the Prime Minister sat side-by-side with the official Opposition Leader Michael Pintard and recently appointed High Commissioner of St. James Andrew Gomez – a role which will see him as a senior diplomat to the United Kingdom.

The nation’s leader continued to discuss matters of financial importance explaining to the Lord Mayor: “We are very agile in the space because it’s not going to take us long introduce legislation, regulations to address any issues that might arise. It gives us the ability to create new products in the market, which we have been doing in the last several years.”
This is not the first meeting during this trip of which the Prime Minister has spoken on the country’s finances. Earlier during the trip, Prime Minister Davis gave remarks to the Commonwealth Enterprise and Investment Council (CWEIC) roundtable emphasizing his concern that there is not enough discussion on implementing practical solutions when it comes to the matter of climate change and its disastrous effects on Small Island Developing States (SIDS).

Not to be mistaken as the Mayor of London – a political office controlling a budget covering the much larger area of Greater London, the Lord Mayor is the mayor of the City of London and leader of the City of London Corporation. One of the worlds oldest continuously elected civic offices, the Lord Mayor is given precedence over all individuals except the sovereign within the City of London.

Prime Minister Davis is expected to be in the U.K for King Charles III’s Coronation which takes place on the 6th May.

Written by Jones Bahamas

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