PM: Financial bills will keep sector competitive

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

A COMPENDIUM of financial bills passed in Parliament yesterday will ensure the country’s continued adherence to international standards set by the Financial Action Task Force (FATF), said Prime Minister Philip Davis. 

Mr Davis said this would ensure the financial services sector remains competitive.

During his contribution in the House of Assembly yesterday, Mr Davis said the financial sector must continue to remain complaint as the administration advocates for fairness from the international community.

“As we implement reforms, we do so with a clear vision to create a financial services sector that is modern, transparent, compliant, efficient and trusted by investors worldwide. To achieve this vision, we must keep our momentum going,” said Mr Davis.

“Let’s continue outperforming forecasts and avoiding blacklists. Let’s continue advocating for fairness in the application of standards and rules on a global stage to ensure that everyone is playing by the same rules and has the same opportunity for success. And most importantly, let’s continue building a sector and an economy that is ripe with opportunities for Bahamians. This compendium represents an important step forward in achieving these objectives.”

The compendium of legislation includes amendments to the Trustee Act, the Financial Transactions Reporting Act (FTRA) the Banks and Trust Companies Regulation Act, Nonprofit Organisations Act, the International Business Companies Act, the register of Beneficial Ownership Act, the Companies Act, and the Proceeds of Crime Act.

Mr Davis said his administration is “undeniably moving in the right direction through sound decision making and data-driven policies” which he said is demonstrated by the 3.4 percent growth rate for 2024 that exceeded international projections.

“We are addressing our fiscal and economic challenges our economy has shown encouraging signs of growth outperforming international projections. While international agencies are projected growth rates, for example, between 1.5 percent and two percent for 2024, the actual figures from the Bahamas National Statistical Institute indicate real Gross Domestic Product (GDP) growth of 3.4 percent for 2024,” said Mr Davis.

He noted that many other countries with a similar economic structure has not seen the same level of growth post pandemic and GDP numbers exceed those seen in 2019.

“This cannot be explained away as good luck, nor is It the inevitable outcome of a post-COVID growth. Many other countries with similar tourism and service-based economies have not been so fortunate. Yet, for consecutive years, we have outpaced the projections of analysts and experts,” said Mr Davis.

“It is clear that our approach to managing and growing our economy has yielded promising results. Our GDP now stands at $14.1bn in real terms, which is the largest our economy has ever been, exceeding pre-pandemic GDP figures in 2019 by over $1.5bn.

“There is nothing inevitable about this level of growth. Instead, what we see is the product of record levels of investment, widespread infrastructure development throughout New Providence and the Family Islands, expanded opportunities for employment and entrepreneurship for Bahamians and discipline stewardship for our major industries, including the financial services industry.”

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