Legislative Updates
New Industry Legislation
..conforming to international best practices and standards
Following his return from meetings with G-7 representatives in Europe, the Prime Minister in October launched a wide ranging programme of legislative and administrative changes, designed to bring The Bahamas' financial services sector into full compliance with international standards and practices
Of particular importance is the impact which the legislative changes will have on reducing opportunities for anonymous use and/or abuse of Bahamian entities for unauthorised purposes either within The Bahamas or internationally.
This initiative by the Government of The Bahamas has included the amendment and/or enactment of relevant legislation and the introduction of new administrative steps to strengthen and enhance the supervision of the financial services sector. Each piece of legislation was "benchmarked" to ensure compliance with acceptable practices in multiple jurisdictions
