NASSAU, The Bahamas – Stakeholders in the Financial Services sector have a 'serious' responsibility to ensure its survival and growth. To this end, Minister of Financial Services, the Hon. Hope Strachan said that the government through her ministry will make every effort to strengthen the sector. The Minister made the declaration during the opening ceremony of the 2015 Nassau Conference of the Association of International Banks and Trust Companies. The event was held at the British Colonial Hilton on Wednesday, September 23. Also in attendance at the conference was the Minister of State for Finance, the Hon. Michael Halkitis, who made a presentation during the afternoon session. Mr. Halkitis's topic was 'The Time is Now.’

The Minister said: “Notwithstanding the extreme challenges we have faced over the years, yet we stand. We are a premier financial centre. A sound, well-regulated, well-respected, compliant, sector! We have shown resilience and flexibility in dealing with adversity and we remain open for business. Today, I affirm my Ministry’s commitment to not only maintaining our reputational standing but to further development and growth of the sector.”

She said that the event was aptly held under the theme, “Strengthening Our Competitiveness – Securing Opportunities for the Next Decade,” given the current circumstances of the industry, such as increased competition and more regulation in recent times.

The Minister explained that as the government has recognized the need to remain on the cutting edge of developments in the industry, the Ministry of Financial Services is currently being restructured and staffed to monitor developments in the sector both regionally and globally.

“Monitoring market developments assists us in proactively addressing and adjusting to market changes that impact our industry,” she said. “The objective is to allow us to adjust policies, steer the creation and amendment of legislation for creativity and compliance and to keep pace with the fluid ever changing environment that is today’s Financial Services Industry. To a great extent the Global Regulatory Initiatives of recent times dictated a shift in focus from creativity and innovation in market and products to creating and innovating legislation for compliance, regulating compliance, training for compliance and executing compliance. To an extent we are now playing catch up. There is a critical need now to be ambidextrous; juggling many obligations all at once.”

She said that there is a need to be well-regulated and compliant, resilient and responsive, creative and innovative, and competitive all at the same time. She believes that these objectives can only be achieved through a 'true and sincere' partnership between the government and the Private Sector.

She noted that the competition for market share in The Financial Services Industry is fierce as countries across the globe are vying for the business from a limited pool of high net worth and ultra high net worth individuals. Bearing this in mind, she said that the government must be responsive to these elements.

“One proven formula is a strong well-regulated, compliant industry, undergirded by a strong, strategic marketing plan. This is why The Ministry The Financial Services along with the Bahamas Financial Services Board has continued its intense marketing program in promoting the sector,” she said. “In recent times we have expanded our reach to emerging markets such as Latin America, Asia and other European countries. We have participated in numerous promotional activities including, summits, conferences and meetings. Our objective is to highlight the products and services we offer and to promote The Bahamas as a jurisdiction of choice.”

In addition, the government has recently sponsored conferences put on by The Society of Trust and Estate Practitioners in Miami, San Diego, St. Martin, Brazil, London, Mexico and Cyprus. Other conferences included a return to Brazil and in November, the government is co-sponsoring the China Offshore conference and moving on to Singapore for several activities.

Other areas that the government plans to focus on include the creation of new financial products, such as our Bahamas Executive Entity, our Foundations, the SMART Funds and the recent Investment Condominium or Icon. In addition, the government has embarked on educational initiatives, including The Center for Excellence where The Government of The Bahamas through a grant from The European Union (EU) facilitated by The Caribbean Development Bank (CDB) is currently formulating a plan for the creation of a Centre for Excellence with a focus on Financial Services.

“The Ministry of Financial Services has also partnered with BFSB and The Ministry of Education to introduce The Rosetta Stone Language program in Spanish to our Public High Schools which began in September of this year. This program is being offered to over 200 students who at the end of successfully completing the program will have the opportunity to visit a Spanish Speaking country for language immersion, recognizing that the future of financial services and indeed for The Bahamas lies within our youth.”

The 2015 Nassau Conference featured professionals in the Financial Services sector hailing from various countries in the region. Topics during the one-day event included: Global Policymakers Tax Agenda; Market Dynamics and Solutions; Trends in Trust; and Business Continuity.