During yesterday’s debate on amendments to the Banks and Trust Companies Regulations Act, Minister of State for Investments and Member of Parliament for Pinewood Khaalis Rolle announced his full support for the legislation that he said is geared towards the enhancement of banking services in the country.

Mr. Rolle, who referred to the legislation as part of the Christie administration’s “modernization agenda,” stated that the tabling of this bill will also establish trust in the Bahamas’ financial system.

“When you look at everything that this government has done in terms of legalizing the gaming industry, in terms of reforming our tax structure, (and) in terms of rebuilding our economy through strong foreign direct investments, (it) indicates that this government is surgically focused on modernizing the country,” Mr. Rolle said.

“This legislation seeks to ensure that we, as a financial and corporate services jurisdiction, provide the requisite infrastructure for sustainable growth and development. Implementing a suitable regulatory framework for non-compliance with Central Bank regulations sends a clear message to the global markets and the public that The Bahamas is on the move,” he added.

During his contribution, Mr. Rolle noted that the country’s banking sector is “under siege” and in need of modifications that will bring its operations into compliance with international banking best practices.

Mr. Rolle forecasted that amendments to this legislation will ultimately result in employment opportunities for Bahamians.

“The role of compliance in the financial services sector is central to increasing investment opportunities in our country.

The regulations and infrastructure that is proposed before us today is crucial to our mandate at the Bahamas Investment Authority and our performance. A stable financial culture with supporting legislation and regulations attracts business and investments to our country, and more business creates more jobs and more opportunities for the Bahamian people,” he said.

According to Mr. Rolle, the revisions to the bill, which seeks to improve requirements for controllers, directors, and officers of licensees, “is crucial to the future stability of our economy” and added that this endeavor will “ensure financial stability over time.”

“This legislation calls for the production of an improved financial culture and behavior amongst our service provider. It extends to identifying the wrongdoers and ensuring reasonable justice for contraventions. The demonstration of social values and the commitment this administration places on securing compliance with international best practice is evident today by the tabling of this legislation,” Mr. Rolle stated.