BFSB continues to refine and add new resources to assist advisors with their information needs.
The BFSB website - www.bfsib-bahamas.com - now has a more user friendly interface and will undergo further refinements over the next several months. Usage is up more than 100 per cent on the popular site, which includes a wide range of downloadable industry sector guides, contact information for BFSB member firms who provide a broad range of services, articles and presentations.
It also includes an electronic version of the Bahamas Financial Services Review (BFSR), a publication which was reintroduced by BFSB this year. The magazine style publication incorporates a number of set features - such as Professional Briefs, Legislative Summaries and Industry Profiles - along with other topical articles written by industry professionals.
BFSR Vol. 7 to be released next month in conjunction with the Annual Report 2006, will include:
- A profile on The Bahamas Financial Intelligence Unit
- Jurisdiction Developments relating to Insurance as a Wealth Management Tool; and Private Banking
- Legislative Summaries and Articles on Foundations; International Business Companies; and Segregated Accounts Companies
- Industry Snapshots featuring regulators and industry practitioners
BFSR Vol. 6, released mid year, featured among other items Updates on Investment Funds and Limited Liability Partnerships; a profile on Senator James Smith, Minister of State for Finance; and Legislative Summaries on Professional Funds, Standard Funds, Smart Funds and Exempted Limited Partnerships.
A new guide to Maritime Services in The Bahamas is available on BFSB’s website as well, recognising the increasingly closer ties between the country’s maritime and financial services industries. One of the reasons for the popularity of The Bahamas Ship Register is that the legislative and judicial systems in The Bahamas are closely modelled on that of the United Kingdom, and are therefore familiar to most ship owners, banks and lawyers. At the same time, Bahamian sovereignty which came with independence in 1973, assures a national approach without compromising legal security.
Likewise, with major improvements in financial services legislation over the past 20 years and keen attention to the requisite regulatory requirements, The Bahamas is an important player in delivering international financial services to shipping groups.
With Private Trust Company (PTC) legislation now passed in Parliament, a guide on PTCs in The Bahamas also will be published shortly.