Govt.’s 2018/2019 budget guided by stringent fiscal requirements

NASSAU, BAHAMAS — Acting Prime Minister Peter Turnquest said the Government’s 2018/19 Budget was a watershed budget, as it was guided by the stringent fiscal requirements of the then-pending Fiscal Responsibility Act. The subsequent Fiscal Strategy Report of November then set the stage for the medium-term framework that will underpin the development of the 2019/20 […]

DPM: Moody’s deficit assessment “reasonable and responsible”

Moody’s projects 2-2.5% deficit for 2018/2019; govt. targets 1.8%   NASSAU, BAHAMAS – Deputy Prime Minister and Minister of Finance Peter Turnquest yesterday called Moody’s assessment that the government will likely not meet its deficit projections based on conservative projections “reasonable and responsible”. Turnquest adopted a softer tone in response to the international credit ratings […]

DPM: “No End to OECD/EU demands”

The Bahamas will remain a “clean and compliant” jurisdiction regardless of how many times the nation is blacklisted, Deputy Prime Minister and Minister of Finance Peter Turnquest reinforced yesterday. Speaking at Royal Fidelity’s Business Economic Outlook, Turnquest expressed concern that no matter how cooperative the nation is or how compliant with demands to become more […]

Up to $300k in penalties with stricter guidelines under Substance Requirements Act

NASSAU, BAHAMAS – The government is ready to crack the whip on non-compliant companies with the release of more stringent guidelines to the Financial Services sector yesterday, detailing penalties up to $300k and the outright removal of entities breaching these new rules. The new parameters are structured to ensure The Bahamas is removed and stays […]

Minnis administration making strides in energy sector reform

Public schools and buildings in New Providence will be outfitted with energy-efficient retrofits and solar PV installations as part of the Government’s energy sector reform strategy said Prime Minister Dr. Hubert Minnis. The first two public schools – Anatol Rodgers High School and T.G. Glover Primary School – are expected to be completed this year, […]

Butterfield Bank restructuring will not affect Bahamas Trust office

NASSAU, BAHAMAS – Butterfield Trust Bahamas is assuring that any cost-cutting measures in line with its group internationally will not involve the restructuring of any of the 19 positions at its local office. Instead, Managing Director Craig Barley said the Bank would be implementing a reorganization that will integrate greater technology into its daily operations […]

Bahamas’ credit outlook improves

DPM: Moodys ‘Stable’ outlook reflects nation in strong position   NASSAU, BAHAMAS – A move by credit ratings agency Moody’s to shift The Bahamas’ credit outlook to ‘stable’ from ‘negative’ yesterday was hailed as a “milestone” by Deputy Prime Minister and Minister of Finance Peter Turnquest. In an update released Thursday, the international agency also […]

Financial services sector rebranded as “Clear Choice” for wealth management

NASSAU, BAHAMAS – The Bahamas Financial Services Board chief yesterday announced “Clear Choice” as the new brand for the financial services sector, reaffirming a commitment to compliance following a recent EU listing of The Bahamas as non-cooperative with Anti Money Laundering and Countering Financing of Terrorism (AML/CFT). Outlining in full detail how the nation has […]