NASSAU, BAHAMAS — Prime Minister Philip Davis told Parliament on Wednesday that The Bahamas has restored confidence in its financial services sector and is now poised to compete on the global stage, as his government tabled three key bills designed to strengthen regulation, embrace innovation, and expand wealth management opportunities.
Contribution to the debate on the Automatic Exchange of Financial Account Information (Amendment), Decentralised Autonomous Organisations, and Usufruct Interest Bills, PM Davis reflected on the challenges his administration inherited in 2021, including a struggling post-pandemic economy, high unemployment, and the looming threat of blacklisting in the financial services sector. “Where our predecessors left us exposed, this administration restored confidence. Where others allowed our reputation to falter, we rebuilt it,” he said.
The Prime Minister said the government’s efforts have delivered tangible results. The Bahamas achieved “largely compliant” status with all forty Financial Action Task Force Recommendations, making it one of only six jurisdictions worldwide to reach that level of compliance. This achievement, he noted, underpins the country’s reputation as a transparent and reliable financial centre.
PM Davis framed the three bills as part of a forward-looking strategy for the financial services sector. The amendments to the automatic exchange of financial account information aim to ensure full transparency and compliance with international standards, while the Decentralised Autonomous Organisations Bill introduces one of the world’s first regulatory frameworks for blockchain-based entities. The Usufruct Interest Bill, meanwhile, creates a legal structure for sophisticated wealth management and inheritance arrangements, including modern assets such as digital assets and intellectual property rights.
“These Bills strengthen our financial services framework. They position The Bahamas to compete successfully in a rapidly evolving global marketplace. And most importantly, they expand opportunities for Bahamian professionals and institutions,” PM Davis said, emphasizing that the sector provides high-paying jobs and economic growth for the nation.
