NASSAU, BAHAMAS—The Ministry of Finance, the Central Bank of the Bahamas, the Securities Commission of the Bahamas, the Insurance Commission of the Bahamas, and the Deposit Insurance Corporation have signed a landmark Memorandum of Understanding (MOU) to formally establish the Bahamas Financial Stability Council (BFSC).
According to the central bank, this agreement represents a unified effort to enhance the Bahamas’ domestic financial stability framework through strategic coordination, information sharing, and proactive risk management.
The BFSC will function as a collaborative platform for key regulatory and oversight bodies, enabling a comprehensive approach to identifying and addressing emerging risks and vulnerabilities in the Bahamian financial system. The Council’s scope of oversight includes domestic banks, money lenders, credit unions, securities markets, insurance companies, and the payments system.
By coordinating policies and implementing measures to bolster financial sector resilience, the BFSC aims to ensure the domestic financial system can effectively withstand disruptions. This initiative aligns with international best practices, modeled after frameworks in countries such as the United Kingdom, Canada, Australia, and the United States, and underscores Bahamian regulators’ commitment to maintaining global standards.
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