The Bahamas honours its international obligations
By BARRY WILLIAMS,Guardian Staff Reporter
barry@nasguard.com
Although The Bahamas is doing its part with regard to international cooperation, its best efforts are only as good as a fair and equal playing field that has been set for each country involved.
Allyson Maynard-Gibson, Minister of Financial Services and Investments, addressed the International Cooperation Forum last Friday which was hosted by the Bahamas Financial Services Board (BFSB). The Minister emphasised how serious The Bahamas is in meeting its international obligations. "The Bahamas takes its international obligations very seriously and we are committed to cooperating with our neighbours in the global fight to ensure the integrity and security of the world's financial system," said Mrs Maynard-Gibson. The Minister pointed out that "information sharing and strong regulation of the financial services sector" were key to protecting the industry.
"In The Bahamas we have merged the best agreed international principles with our strong respect for the legitimate right to privacy to produce a blue chip well-regulated and cooperative jurisdiction," Mrs Maynard-Gibson said. However, she added that the success of these depend to a great extent on cooperation and fair standards between partnering countries that have agreed to exchange information in order to protect their respective financial systems and combat international crime that have the potential to threaten their economies.
"These international cooperative efforts have their best chance of success in circumstances where there is universal development of, acceptance of, adherence to, and enforcement of those initiatives or standards," said Mrs Maynard-Gibson.
In addition, the Minister pointed out that, "Inconsistencies in standards between large and small nations, OECD and non-OECD, can only be avoided where we sit at the same table, evaluate by the same measures and consistently apply penalties."
As part of its obligations under international agreements, Mrs Maynard-Gibson outlined some of those affiliations. "The Bahamas is a part of the Egmont Group; we comply with the stipulations of the Basle Committee, we are a member of IOSCO, we have a TIEA with the United States and an MOU with the U.S. Securities and Exchange Commission. [Additionally,] The FIU [Financial Intelligence Unit] has MOU's with six other MOU's [including Belgium, Guatemala, Australia, Panama, South Korea and Andorra. We have Mutual Legal Assistance Treaties with the United States, Canada and the United Kingdom," she pointed out.
Mrs Maynard-Gibson emphasised the importance of forums such as this one. She said it provided an opportunity for an exchange of views as well as for an update from the regulators on their work as it relates to The Bahamas' obligations under its international treaties.
