New software solution to advance compliance measures for OECD

Rolls out Vizor AEOI software solution for cross-border information exchange under the OECD Common Reporting Standard In order to effectively fulfill its commitments for the Automatic Exchange of Information (AEOI) under the Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard (CRS) framework, the Ministry of Finance rolled out an international software solution from […]

Goldwynn project to spur economic development and revitalize Goodman’s Bay

The government broke ground on a $120 million condominium hotel at the old Gold Blossom Estate on West Bay Street Wednesday, which is expected to spur economic development through the creation of hundreds of construction and permanent jobs. The project, which Canadian-based real estate conglomerate Wynn Group is touting as a compliment to the Baha Mar, […]

D’Aguilar projects double-digit growth in Tourism with new forecasting tool

Tourism Minister Dionisio D’Aguilar said that his ministry is predicting double-digit increases in tourism arrivals before December 2018, with significant growth in cruise numbers. D’Aguilar shared that his ministry has recently employed a new computer-generated platform to assist it with monitoring current and projected tourist arrivals into the country. “We now have this program called […]

AG Bethel addresses financial services industry on Register of Beneficial Ownership Bill

The recent introduction of the Register of Beneficial Ownership Bill, 2018 in the House of Assembly, provided the Government of The Bahamas with an opportunity to take a proactive stance against certain global initiatives the country is currently facing with regards to the financial services industry. And also signaled “the urgency for the Administration to […]

FTRA 2018 to address country’s global compliance deficiencies

The Bahamas’ Financial Transactions Reporting Act, 2018 (FTRA), will address all of the deficiencies that were identified in respect to the country’s compliance with the recommendations of the Financial Action Task Force (FATF), according to Attorney General and Minister of Legal Affairs Senator Carl Bethel, QC. Addressing a stakeholder meeting with industry regulators and members […]

EU to remove Bahamas from blacklist

European Union (EU) finance ministers will remove The Bahamas from the EU’s list of tax havens next Friday, according to a draft agenda of the EU’s next meeting released to Reuters Business Friday. Back in March, The Bahamas was added to the blacklist, deeming The Bahamas’ “tax rules and practices” not in line with EU […]

Hansard to launch new Bahamas-based insurance company

London Stock Exchange-listed company Hansard Global is opening a new insurance company in The Bahamas. In a statement released Thursday, Hansard Worldwide Limited (HWL) was granted an external insurance license by the Insurance Commission of The Bahamas (ICB) Wednesday, and is expected to begin trading near the end of this year. According to the statement, the […]

Airspace negotiations continue, airlines to be taxed

The government and the United States (U.S.) resumed negotiations on the management of the country’s sovereign airspace on Tuesday. According to a statement released Wednesday, the purpose of the bilateral talks, is to formalize the current arrangement with an agreement that would detail the conditions under which the Federal Aviation Administration (FAA) would continue to […]

More public-sector layoffs possible

Public servants hired under the former Progressive Liberal Party (PLP) are now facing more possible layoffs, according to Deputy Prime Minister and Minister of Finance Peter Turnquest. The pending public-sector cuts are said to be a part of government’s efforts to streamline annual expenditure. Turnquest’s comments came on the heels of a recent report released […]