BFSB Newsletter - Issue 03 - July 2020

New laws passed to Govern Banks and Trust Companies On July 6th, 2020 parliamentarians debated and passed a compendium of bills aimed at enhancing governance and the transparency in The Bahamas' monetary policy and fiscal responsibility framework. The Central Bank of The Bahamas Bill, 2020; The Banks and Trust Companies Regulations Bill, 2020 and The Protection of Depositors (Amendment) Bill, 2020 address financial sector crisis management and the acceleration of the development of the domestic payment systems.

It also modernizes the payment and settlement system while providing relief and recourse for the Central Bank to act in the event that financial institutions find themselves in difficulty. The Banks and Trust Companies Regulation Bill, 2020 and the Central Bank of The Bahamas Bill, 2020 have been posted to our website. Read more here.