EU and OECD: Wrong Impetus for Reform
- Jan 6, 2019 - 12:13:45 PM
The Bahamas' financial services industry has been under intense pressure
over the last year. During this period, we have seen The Bahamas placed
on adverse listings or blacklists by the European Union, Organization
for Economic Cooperation and Development (OECD), Financial Action Task
Force (FATF), United Kingdom, United States of America and The
Observers of the global landscape for financial
services are aware that the second pillar of the Bahamian economy has
been under assault for over two decades with the goal posts for
compliance being moved constantly and continuously...
DNA: Campaign Finance Reform Long Overdue
- Dec 22, 2018 - 4:20:01 PM
The Democratic National Alliance (DNA) notes the comments attributed to
the Attorney General that a draft bill seeking to regulate the financing
of campaigns for political parties in The Bahamas.
announcement comes on the heels of significant pushback and backlash
following the tabling of the Non-Profit Organizations (NPOs)
legislation. The legitimate concern of the populace that political
parties just like NPOs should not be exempt from scrutiny seems to have
forced the Government to finally propose campaign finance legislation.
We believe that it is extremely important that the Bahamian people are
aware of the sources of funding for political organizations...
Davis organizes a shipment of ham and turkeys for his constituency
- Dec 21, 2018 - 3:39:58 PM
Opposition Leader and the Honorable Member for Cat Island, Rum Cay and
San Salvador, Philip Brave Davis is demonstrating a spirit giving and
sharing good holiday cheer. Mr. Davis has organized his container loads
and shipments of ham and turkey to his constituents in the family island
communities of Cat Island, Rum Cay and San Salvador this week.
Manager of the holiday project is shown here moving the trailers to the various vessels.
Senator Hon. Jamal Moss contribution to the VAT exemption amendment bill
- Dec 14, 2018 - 8:00:42 AM
Once again, it is an honor and a pleasure to stand here to make my
contribution to this debate on this Value added tax amendment bill. As
always, I want to thank my God above, the ever Creator, most merciful
and loving God, for allowing me to be here and to speak in the service
of my people. Also, I wish to once again publicly thank my leader and
Prime Minister, the most honorable Dr. Hon. Hubert Minnis, for
entrusting me with this high honor to speak on behalf of the people
especially the youth of our nation.
We live in a world where powerful countries control certain markets. We
live in a world where powerful countries controls the prices and in this
case the cost of oil. According to CNBC.com published report Mon, 30
DNA: Government must address report on mass mail shredding
- Dec 12, 2018 - 4:07:21 PM
On the heels of the controversial leasing of the Town Centre Mall from a
company in which a sitting Cabinet Minister is a major shareholder, the
Government finds itself amid another controversy. According to the
President of the Bahamas Public Service Union, the General Post Office
has engaged in a mass shredding of mails belonging to individuals,
businesses and organizations.
It is further disturbing that the
Minister responsible for the postal system in the country seems unaware
of this reckless action or is unwilling to comment on this important
Senator Coleby-Davis on Compendium of Financial Bills
- Dec 10, 2018 - 2:59:05 PM
Madame President I stand today to bring a contribution to the following
compendium of Bills: The Register of Beneficial Ownership Bill, the
Commercial Entities (Substance Requirements) Bill, the Removal of
Preferential Exemptions Bill, the Penal Code Amendment Bill, the
Non-Profit Organizations Bill, and the Business License Amendment Bill.
avoid confusion throughout my contribution, I will go through these
bills one by one. Madame President, may I just state from the onset,
that I know that there is a need to act in an effort to avoid
blacklisting and protect the financial services...
Hon. Brave Davis on the amended VAT Bill 2018
- Nov 28, 2018 - 6:39:52 PM
Let me say from the onset that any relief is welcomed by us, however
small – even if it is a band-aid approach that will provide temporary
relief. Even though this amendment is a political ploy to veil
ineptness, we nevertheless support the relief in the form of a VAT
exemption because some Bahamians will benefit, however short term.
wish to point out, however, that until and unless the government
comprehensively and quickly addresses the challenges pointed out by the
member for Carmichael, this temporary relief will be just that – a
band-aid over a gaping bleeding wound that requires radical surgery...
Chester Cooper response to Government Fiscal Snapshot
- Oct 30, 2018 - 5:30:35 PM
Response to Government Fiscal Snapshot Chester Cooper, Exumas and Ragged Island MP Shadow Minster Of Finance 30th October, 2018:
The government yesterday released data on taxation and revenue collected for the first quarter of fiscal year 2018/2019.
The report shows VAT collections up by 19 percent even though the rate increased by 60 percent.
The collections for the quarter are significantly under budget...
Davis: Post Office Relocation A Financial Bailout
- Oct 29, 2018 - 10:25:48 AM
What is being presented to the Bahamian public as a way to have the
main Post Office relocated to the Town Centre Mall, is really a
‘financial bailout' allegedly for the benefit of Immigration and
Financial Services Minister Brent Symonette, whose company has
controlling ownership of the commercial building.
Opposition Leader Philip ‘Brave' Davis, this ‘scandal' is no new thing
as Symonette has a history of using the public purse to gain an
advantage for self- enrichment...
DNA: Post office saga, vision & transparency lacking
- Oct 21, 2018 - 1:38:03 PM
Total cost to taxpayers remains unknown
Selection process not transparent
No articulated long-term plan for modernization
It is no news that our postal system has been seriously challenged over the past couple of years. Postal workers have had to endure substandard and dangerous working conditions, businesses have been subjected to disruptions to the operations and Bahamians have been provided with poor service...
DNA: Approach to OECD list must go beyond semantics
- Oct 18, 2018 - 4:15:59 PM
The Bahamas and twenty other countries were recently singled out by the
Organization for Economic Co-operation and Development (OECD) on the
premise that their residence by investment (RBI) and citizenship by
investment (CBI) schemes pose a high risk to the integrity of the Common
Reporting Standard (CRS) regime. This adverse listing followed the
analysis of over 100 CBI/RBI schemes by the OECD.
In what was
termed as the clamping down on CRS avoidance through CBI/RBI, the OECD
asserted that it is seeking to equip financial institutions with tools
to help them identify accountholders that may misuse RBI/CBI schemes..
DNA - Disability Rights: Access Denied
- Oct 13, 2018 - 7:13:26 PM
For years we have toyed around with the words access, inclusion and
human rights, often dismissing them as if they were of little to no
importance in our country. Can we collectively now get serious about
The inclusion of all persons within our society in nation
building is essential for the success of our commonwealth. There is
absolutely no reason why in 2018, persons of all abilities should not
have access to all buildings within the Commonwealth of The Bahamas. It
was disappointing to witness the inconvenience and frustration that
individuals with varying abilities were subject to at a recent event
hosted at Mount Fitzwilliam...
Davis: No More Bad Deals, Hotel SPA Great Financial Loss To Taxpayers
- Sep 23, 2018 - 3:40:51 PM
Nassau - Opposition Leader Philip ‘Brave' Davis is seeking the rationale
behind the Government's move to purchase the Grand Lucaya property for
$65 million, only to flip it in the short term at a great financial loss
to Bahamian taxpayers.
Making his concerns known to the House of
Assembly this week, Davis said if it is correct that the Government is
entertaining potential purchasers and their proposals are under active
review, then why ‘flush' $65 million dollars down a ‘blackhole’,
incurring redundant financial loss.
“What is the Government's
rationale for refusing to simply put buyer and seller together without
having to acquire the hotel only to flip it in the short term at a great
financial loss to the taxpayers,” Davis said...
DNA - Grand Lucayan: Fundamental issues remain unaddressed
- Sep 22, 2018 - 4:51:50 PM
While many Bahamians have reservations about the Government's decision
to purchase the Grand Lucayan resort, all right-thinking Bahamians are
hopeful that this investment will bring relief to Grand Bahamians. There
is no victory to be derived from a failure of the Government insofar as
the economy of Grand Bahama is concerned. Therefore, many looked
forward to the Prime Minister’s communication in Parliament with much
Regrettably, the Prime Minister’s communication on
the Grand Lucayan purchase was disappointing and raised more doubts
about the Government's actions. The presentation provided no additional
or visionary details to the Bahamian people...
Davis criticizes Resort purchase; advises that cost-effective approach should have been taken
- Sep 21, 2018 - 6:10:33 PM
Given the fact that the FNM Government has no expertise or track record
of success in the hotel industry, Opposition Leader Philip 'Brave' Davis
advises that they should have taken a more cost-effective and
fiscally-prudent strategic approach in their move to purchase the Grand
Davis, who was speaking recently in Parliament,
pointed out that the proposed guarantee attached to the resolution that
was provided, reveals that Hutchison Whampoa covenanted to keep the
Lighthouse Pointe open until completion of the sale, provided that the
Government pay a subsidy to cover the operational losses of the resort...
Hon. I Chester Cooper House Contribution on the purchase of the Grand Lucayan
- Sep 20, 2018 - 6:03:33 PM
Contribution To Resolution On Grand Lucayan Chester Cooper, Exumas And Ragged Island MP September 20, 2018:
Mr. Speaker, before I embark on the meat of my contribution of behalf of
the people of Exuma & Ragged Island who I am grateful to represent,
I begin with two statements of concern:
Firstly, I am greatly
concerned about the state of Grand Bahama and her people. Grand Bahama
is hurting. Plagued with high unemployment, the island needs new
investment, new opportunities, new jobs and new growth...
Davis warns Parliament that Grand Lucayan Resort Sale is "A Bad Deal!"
- Sep 20, 2018 - 5:52:43 PM
Addressing the House of Assembly this week on the Government’s push to
purchase the Grand Lucayan Resort, Opposition Leader Philip ‘Brave'
Davis said not only is this move a ‘bad deal,’ but the FNM
administration still has not presented an Agreement Of Sale to show
publicly what is being done.
Davis noted that in 2016, the former
government, while cognizant of the expiration of the Hawksbill Creek
Agreement (HCA), took a fundamental decision to revise relevant
concessions based on bipartisan considerations and recommendations of a
six-member Review Committee. The intent of this effort...
Leader of the Opposition Statement at Monthly Press Conference
- Sep 5, 2018 - 12:04:43 PM
Good morning media and good morning to all. Thank you for coming and participating in this morning’s media briefing.
special welcome to all students to the new school year and it is our
hope that you will make this an academically productive year.
also had the pleasure of welcoming the students to the new primary
school in San Salvador constructed under our administration, the
finishing of which was slowed by this administration...
Affordable Home Program: Another case of poor planning & execution
- Sep 2, 2018 - 8:09:32 AM
Debt crisis at macro and micro levels
Not unexpected with increased taxation and stunted economic growth
Unemployment, underemployment and over leverage at root
Government out of tune with plight of the average Bahamian
Reminiscent of failed Mortgage Relief Program
Failing to plan is planning to fail
recent revelation that only fifteen percent (15%) of the 60 applicants
qualified for the serviced lots under the Government’s Affordable Home
Program is a classic case study on poor planning and deficient
execution. According to the Government,
Picewell Forbes Shadow Housing Minister on FNM Housing Programme
- Aug 29, 2018 - 3:26:44 PM
The picture of a Prime Minister and his Minister of Housing laying a
plaque to promote the sale of a mere ten lots shows how desperate this
government is for good news. Unfortunately there is no good news there
First their housing programme is woefully inadequate,
under resourced, if not non- existent. It is shameful that all the
Housing Minister can tell us is how the majority of people who applied
for their service lot programme could not qualify.
The FNM has
this unfortunate way of glorying in the misfortunes of its citizens. The
Minister should have instead been boasting about how they are working
with each applicant to ensure that they do qualify...