The Bahamas Financial Services Board (BFSB) is at the heart of the industry in The Bahamas, uniting a large body of professionals with the common goal of promoting and developing the financial sector and ensuring The Bahamas' reputation as a premier investment destination.
Founded in 1998, "BFSB was the first of its kind," says Wendy Warren, CEO and executive director. "If you look at many of the other (financial) centres, there are no equivalents. Other jurisdictions are looking at the BFSB model."
When The Bahamas came under attack from the Organization for Economic Cooperation and Development (OECD) and other financial organizations in 2000 for what they deemed to be regulatory weaknesses, the BFSB acted as a liaison between industry and government as it responded to demands for massive legislative changes, notes Warren.
"BFSB took on the role of almost coordinating a response to government during 2000," she says, and then spent months reviewing and helping refine the new legislation.
"We probably worked for about five months on that, in terms of communicating with government, ensuring that all parties understood the intricacies of the law and how it actually impacted the different segments of the business, with the result of legislation being passed in August 2001 that I believe most people in the industry would say addressed the business critical issues that the 2000 legislative restructuring brought to the surface."
One positive development to come from all of the upheaval was the creation of a Ministry of Financial Services and Investments, which the BFSB suggested in a development plan drafted in 2001.
"We strongly felt, along with others in the industry, that there was a need for greater attention at the Cabinet level to be given to the industry," says Warren.
New outlook
Now she is happy to finally be getting back to her core mandate of promoting the sector to the international market, starting with a series of "briefing visits" to areas of high potential.
"There is a lot of work to be done on that end," she says. "While (The Bahamas) is recognized to be one of the premier financial centres, we believe our potential remains largely untapped. We are very excited about 2003 and the opportunity to pour all of our resources (into moving) The Bahamas forward."
BFSB's strategy also involves "product-specific marketing," says Warren, including a series of individual product guides.
"We want to be able to hand someone something specifically for mutual funds, so we're transitioning the marketing from a Bahamas perspective to now a products perspective. Hopefully we'll see some results from that as well," she says.
In January 2003, Warren also outlined plans by BFSB to directly target intermediaries who "heavily influence decision-making in the selection of an international financial centre" by clients.
While she avoids comparisons with other centres, there are factors that set The Bahamas apart from the rest. These include a wonderful environment - whether it's the depth of professional services or the sun, sea and sand - and a location just off the US east coast.
"We try as much as possible to have persons visit The Bahamas, because we usually find that The Bahamas sells itself," says Warren.
"The Bahamas continues to be unique in its ability to offer a full-service jurisdiction. We do provide a tax-neutral environment which is consistent across other centres. The Bahamas, I believe, continues to show a very strong commitment to privacy. The centre is certainly committed to having a very clean, credible and quality base of business, but the commitment to our clients and to maintaining their personal privacy is very strong," says Warren.
Add to this a large, educated workforce, a reasonable cost of doing business, government's attention to the industry, and excitement by the private sector about the potential for growth, "and I think you are really putting together a dynamic group of factors that can move the industry forward," says Warren.
"The industry has been through its challenges. I think to the extent that we are here, and we are still a robust financial centre, really speaks to the commitment and the strength of our industry, and the country as a whole," says Warren.
"I think now we have the ability to transition that strength from a defensive posture to a growth momentum. With the energy and the commitment we have here, both from Bahamians and non-Bahamians, institutions that are home-grown and institutions that have moved to The Bahamas, we have a great dynamic for future growth."
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