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From:TheBahamasWeekly.com Bahamas Information Services Updates
Hon. Elsworth N. Johnson Minister of Financial Services, Trade & Industry and Immigration Wednesday 20 May 2020 10:00 am
I also echo the Prime Minister’s sentiments and commend the financial services sector for remaining open for business, responsibly. Years of technological innovation in the industry has made it resilient, even given the challenges that this global pandemic has presented.
At a time when so much of our daily activities are focused on creating distance to protect ourselves and our community from the spread of COVID-19, this Ministry is looking at redoubling our efforts and deepening our engagement.
In the past, this might have meant industry breakfasts and in-person stakeholder meetings. However, the current crisis means that we cannot go back to business as usual. Virtual events like the one we are participating in now are a great way to connect, even across borders. More than 350 people RSVPed for today’s virtual event. This digital platform facilitated that kind of commitment from a broad cross-section of industry stakeholders.
We are nearing completion of a modern website for the Ministry and the development of new Ministry branding and a social media presence. For the first time, a Ministry-wide communication strategy will guide the use of these and other public relations assets. We began the planning for this strategy by holding a visioning session involving critical internal stakeholders, regulators, and industry representatives. Industry stakeholders can expect increased and more strategic consultation in the coming months. To do this, we will continue to work closely with the Bahamas Financial Services Board in both their efforts to represent the domestic industry abroad and to promote The Bahamas as a niche provider in global financial services. I want to emphasize that this commitment to the financial services industry is not just an empty statement. We are mobilizing resources, especially as it relates to staffing-up the Ministry.
It has been 6 years since the Ministry has had Director of Financial Services. We have filled this vital position to ensure we have the internal capacity to support the industry. The Director is herself supported by a Deputy Director. There has NEVER been a Deputy Director in the Ministry of Financial Services and I hope this further demonstrates our commitment. Lastly, this team will soon include an officer specifically focused on guiding our policy on arbitration.
One of the needs we have heard echoed by many industry stakeholders is moving legislation vital to the continued advancement of the sector.
The Ministry of Financial Services, recognizing the importance of a modern, progressive “national development-focused” immigration framework for the growth of the financial services sector.
I am happy to inform you that we have begun making substantive progress on tax residency certificate legislation, working closely with the Law Reform Commission in the Office of The Attorney-General.
The issue of residency is an important matter given global developments on tax transparency. The OECD released its Standard for Automatic Exchange of Financial Account Information, which has a self-certification process for establishing residency for tax purposes, as the basis of information sharing.
In this regard, the concept of “residency” and specifically “tax residency” in The Bahamas has to be carefully defined, especially if The Bahamas is to remain progressive and ahead of the changing global dynamics in international financial services.
We have received proposals from industry, the benchmarking has been completed, and we are working closely with BFSB and their legal policy committee. Updates on this are forthcoming.
Finally, after the latest round of consultation, we have a working draft of the Nationality, Immigration and Asylum Bill 2019 that we intend to disseminate for industry’s comments.
“Digitization” has become a buzzword as we navigate through the COVID-19 crisis. But, with innovation and creativity we are working to transform our service delivery model through digitization.
Already the allows for the digitization of all of our record types; border crossings, permit application processing, arrests and detention etc., and complies with the government-wide digitization and transformation initiative.
We have formed a steering committee to give this project the focus it deserves. This steering committee includes government leadership, as well as members of the private sector with experience in project management and ICT, and who are regular customers of the Department of Immigration.
I cannot stress how vital tackling corruption in the Department of Immigration is to our agenda. It is a primary focus for us here at the Ministry, and I am happy to report that we have create a new position to specifically accept and investigate complaints, and to root out corruption. This is not just conceptual. The Cabinet has discussed the need for such an officer, and we are moving forward in the hiring process.
Finally, if this crisis has taught us anything, it is that the new frontiers of yesterday can very well come the necessities of today. For all the years of resistance to virtual meetings or working from home, we have no choice but to use these means to stay connected and productive now.
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