NASSAU, BAHAMAS- Attorney General Ryan Pinder has refuted Opposition accusations of policy drift, affirming that the Davis administration has a clear, proactive strategy for growing The Bahamas’ financial services sector through legislative reform, international compliance, and targeted market engagement.
Speaking in the Senate during the debate on the 2025 Compendium of Financial Services Bills, Pinder declared, “Our administration has a clear legislative agenda for facilitating growth and innovation in financial services. We walk the walk. The Opposition merely talks — and when they talk financial services, it’s just not believable.”
He emphasized that the PLP has a proven track record of leadership in the industry, noting, “It was the PLP administration that created the Investment Condominium, the SmartFund 007, and developed Brazil as a key market for The Bahamas’ financial services industry. This is not theory; it is demonstrated action.”
Highlighting the industry’s critical role in the economy, Pinder said, “Financial services remains the second most impactful sector contributing to our GDP. More importantly, it has been the backbone of the middle class and upper-middle class for at least three generations. Over 90 percent of employees in international financial services firms are Bahamian — primarily professional women — with salary scales that reflect true middle-class livelihoods.”
The bills under debate, he explained, are designed to modernize the regulatory framework and enhance The Bahamas’ competitiveness as a premier international financial center. Among them are measures to regulate Bahamas Executive Entities — important legal vehicles in wealth management — in line with OECD standards. “These amendments ensure we maintain our compliance with global best practices,” Pinder noted.
He further detailed the administration’s strong commitment to anti-money laundering and counter-terrorism financing compliance, stating, “Under the Brave Davis administration, we achieved 40-for-40 compliance with FATF standards — one of only six countries globally to do so. We exited the EU’s tax non-cooperative list. We exited the French blacklist. No other administration can demonstrate such a focus on global regulatory compliance.”
Pinder described the proposed amendments as “highly technical but vital to our continued compliance with global AML standards prescribed by the FATF.” He explained that these reforms include expanding definitions in the Proceeds of Crime Act to facilitate international cooperation, improving the Register of Beneficial Ownership to require timely and accurate information, and increasing transparency around nominee directors and shareholding.
On trust law reforms, he underscored the importance of confidentiality in maintaining the industry’s competitiveness. “The Arbitration Act as presently drafted does not lend itself to the resolution of trust disputes. Our amendments will promote private arbitration and provide for court appeals on points of law while preserving confidentiality,” he said.
Beyond compliance, Pinder stressed the government’s focus on innovation and market development. “We have passed amendments to allow Investment Condominiums to convert to International Business Companies or Exempted Limited Partnerships. We introduced the concept of demergers for IBCs — all designed to attract new business and restructuring opportunities.”
He pointed to strategic international markets where The Bahamas is actively promoting its services: “London is a key market given recent changes in non-domiciliary residency rules and the concentration of family office advisors. We have supported multiple business development trips to London, with more focused on family offices to come.”
Regarding Brazil, Pinder said, “Despite recent tax law changes, Brazil now legally recognizes trusts. We are one of the most attractive trust jurisdictions in the world, a natural fit for new business opportunities.”