The Bahamas established a strong presence as the presenting sponsor at a major wealth planning conference held from September 3-5 in Mexico City.

The annual Society of Trust and Estate Practitioners (STEP) Latin America conference, staged at the Hotel Presidente InterContinental Polanco under the theme ‘Building knowledge across borders: Advising families today and tomorrow’, brought together more than 500 wealth advisors, attorneys, bankers, trust professionals and accountants, including 42 sponsors.

Delegates attended from more than 40 countries, with 27 hailing from The Bahamas including representatives from the Ministry of Economic Affairs. The strong Bahamian presence was designed to highlight this nation’s status as an international financial centre (IFC) offering trust, estate and wealth structuring solutions for global families.

Besides its status as a presenting sponsor, The Bahamas also hosted the Gala Dinner on September 5 at the El Paplote Museum. Several Bahamas-based companies provided speakers for the panel discussions.

Brandace Duncanson, director of financial services of the Ministry of Economic Affairs, said: “For The Bahamas, STEP holds particular importance. Despite our small size, our country has one of the largest STEP memberships in the world, which reflects the depth of expertise among Bahamian professionals and the centrality of financial services to our national development.

“STEP Latin America provides an important bridge connecting the various elements of this sector.” Aliya Allen, partner at Graham Thompson and one of the speakers during the panel discussion on public registers of beneficial ownership, compared and contrasted which entities are in and out of the scope of such a register, what information is made available, who is entitled to it, and the checks and balances related to privacy and confidentiality.

“STEP Latin America is one of the premier gatherings for the private wealth and fiduciary sector, and it gives The Bahamas a vital opportunity to contribute to global conversations that directly impact our industry,” Ms Allen said.

“The panel on public registers of beneficial ownership was especially important, as it goes to the heart of how we balance transparency with privacy, security and the competitiveness of international financial centres. I was honoured to highlight how our legislative framework delivers meaningful access for competent authorities, in line with FATF standards, while safeguarding clients from unnecessary risks.”

Paul Winder, senior vice-president for trust and business development at The Winterbotham Trust Company (Bahamas), spoke on the panel ‘Deep dive audits. Where in the world are the ultimate beneficiaries?’

He discussed the benefits of carrying out regular and extensive reviews of trust and foundation structures, including evaluating whether the structures comply with current requirements for a beneficiaries’ place of tax residency; whether they are in line with current family businesses; if there any US beneficiaries; and whether the necessary tax filings have been made.

Other Bahamians financial services companies in attendance included the Windermere Group led by director John Lawrence, who is also a current board member of the STEP Latin America conference, and chief operating officer Thomas Knowles, both of whom have attended the event for many years.

“STEP Latin America is about collaboration and forward thinking,” Mr Lawrence said. “As this year’s theme suggests, we are stronger when we work together. The Bahamas is proud to stand shoulder to shoulder with our Latin American neighbours, sharing insights that ensure families can protect, grow and transfer wealth for generations to come.”

STEP Latin America conference is an annual event organised by The Society of Trust and Estate Practitioners (STEP) to discuss the complexities of wealth management and estate planning in Latin America.