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Bahamas FM Encourages Entrepreneurship In Compliance

Thursday, October 17, 2013

The Minister of Financial Services in the Bahamas, Ryan Pinder, said recently that there is growing opportunity in the territory for entrepreneurs to specialize in compliance as proposed international mandates have created a growing need in this area.

"In the face of what seems to be overwhelming changes, we should explore opportunities as well. We in The Bahamas have excelled in developing human capital and professionals in compliance. As such, we have looked to develop opportunities for entrepreneurism in compliance," Minister Pinder said during the Higgs and Johnson Annual Client Seminar.

He commended the step taken by the Securities Commission of the Bahamas to define the framework for the outsourcing of professional compliance. He said that the next step is "for Bahamian compliance officers to own their segment of the financial services industry. Through the finalization of the Guidelines on Outsourcing Compliance Functions, through the development and application of the international initiatives, the expertise of our domestic human capital in the compliance function will be given the opportunity to be entrepreneurs."

Speaking in the context of the United States' Foreign Account Tax Compliance Act, Mr Pinder acknowledged the need for confidentiality. "In many of our new markets, such as Latin America, confidentiality is important for personal safety concerns and a lack of confidence in their respective governments. This is an important distinction when we advance notions of confidentiality."

"My ministry forcefully and articulately advanced the Bahamas' concerns with the requirement that all trusts managed by professional trustees – even those without US interests – be required to register and enter into an FFI (Foreign Financial Institutions) agreement with the IRS (Internal Revenue Service)," Minister Pinder said. "This had significant confidentiality concerns to our number one segment of the financial services industry."

He added that the US Treasury amended its law to grant trusts with professional trustees exemption from the registration and FFI agreement requirements where the due diligence and reporting – where there are US interests – are carried out by the professional trustee which is an FFI under FATCA.

The minister said that it is necessary for the Bahamas to lose its reputation as a place to hide wealth. He said the territory must "demonstrate that we are a jurisdiction with a highly skilled workforce, a long history of integrity, a well regulated industry where wealth is managed and in turn positioned for international business and investment globally."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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