Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

Bahamas competitiveness as financial centre to be examined at Nassau conference
Published on October 5, 2012 Email To Friend    Print Version

By Scieska Adderley
Nassau Guardian Business Reporter

NASSAU, Bahamas -- The Bahamas’ competitiveness in the financial services industry continues to be impacted by initiatives driven by powerhouses like the United States, an issue that will be discussed by hundreds of industry stakeholders.

Michelle Neville-Clarke, a partner at Lennox Paton law firm, said many in the industry question if jurisdictions like The Bahamas are on a level playing field.

Neville-Clarke will be moderating the “Spotlight on Financial Center, USA” session facilitated by David Schwartz from the Florida International Bankers Association and Bruce Zagaris of Berliner, Corcoran & Rowe LLP at a Nassau conference scheduled for October 10. She believes this session will seek to answer a number of pertinent questions related to the US as a financial centre.

“There are so many ongoing international initiatives with the aim of countering money laundering and terrorist financing. The Bahamas continuously has to adjust and respond to the growing demands placed on it. Sometimes you do question if there is a level playing field and I am excited to hear with this session what the effect of these international initiations are on powerhouses like the USA,” she said.

“Do they implement the same international requirements that are placed on jurisdictions like The Bahamas? Do they face the same sort of challenges and do they adapt to the changing international requirements in the same manner that jurisdictions like The Bahamas do?”

During that session, Neville-Clarke said issues like the Foreign Account Tax Compliance Act (FATCA) and the upcoming U.S. elections will also be addressed.

“I think they will touch on FATCA, which is very timely. It’s a US driven initiative and will have a far-reaching effect on other jurisdictions like The Bahamas, where an account or security balance is held by a US person. There will likely be significant effects of FATCA on The Bahamas. There are going to be significant demands placed on certain Bahamas-based financial institutions along with significant due diligence burdens,” she noted.

The Bahamas is currently discussing whether to sign the inter-governmental agreement.

“It will be interesting to hear the impact of FATCA and other international initiatives on US banks as well,” said Neville-Clarke.

All institutions will reportedly have to comply with American law, which will undoubtedly impact costs operationally. The deadline to meet that agreement with the US is June 30, 2013.

Beginning in 2016, the required reporting will be expanded to include income from US accounts.

Neville-Clarke said delegates would be able to walk away from the session with an understanding of how international initiatives affect the US and how that could impact The Bahamas.

“With these growing demands, Bahamas-based institutions have to be aware of different potential disclosure regimes that are arising,” she pointed out.

Republished with permission of the Nassau Guardian
Reads: 3540

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

Other Headlines:

Regional Sports: