The current state of the country’s financial services industry was the focus of an in-depth briefing by the Bahamas Financial Services Board (BFSB), the Association of International Trust Companies in The Bahamas (AIBT) and other industry stakeholders to Bahamian Prime Minister Perry Christie and his Cabinet recently.

In addition, recommendations were put forward as to how The Bahamas repositions itself as a jurisdiction for long term growth and sustainability. These included improved ease of doing business; immigration policy and process; product innovation; financial services as a lever for FDI; jurisdictional branding; and a review of the country’s current tax structure.

“The industry enjoys a very open relationship with the Government with respect to what’s important for the sustainability and growth of financial services,” said Tanya McCartney, BFSB’s CEO. “We have a true and open public-private partnership that has served us well in the past and will continue to be the basis of nurturing a vibrant, responsive industry designed to meet international obligations and the needs of global clients.”

The industry will also be briefing the Government’s Opposition party to ensure the full government spectrum in The Bahamas is aware of the issues and opportunities facing the jurisdiction. A new domestic public relations campaign also has been put in place to sensitize the general public on the importance of the sector.