Halkitis: Bahamas continues to be a safe harbor for financial services19 Oct 2021

Bahamas safe harbor for global financial services

Minister of Economic Affairs Hon. Michael Halkitis

Minister of Economic Affairs Hon. Michael Halkitis

The Bahamas continues to be a safe harbor for global financial services, Minister of Economic Affairs Michael Halkitis told attendees of the annual STEP (Society of Trust and Estate Practitioners) LATAM Conference on Friday, explaining that the industry continues to produce talent in the financial services sector that rivals the rest of the world.

Halkitis told the group that this jurisdiction continues to take a “measured approach” to the development of new financial instruments and employs “unparalleled expertise and jurisdictional strengths”.

“What we have in The Bahamas is some of the strongest trust-specific legislation in the world,” said Halkitis.

“We are well-regulated, globally compliant and universally respected. We have prioritized the Latin American market and are constantly catering to the needs of our existing and prospective regional clients.”

He explained that The Bahamas has the largest STEP branch in the Latin American and Caribbean region and sixth largest in the world – a testament, he said, to the quality of professionals in the sector.

“You will find talent within our borders that is on par with the world’s best jurisdictions,” said Halkitis.

“Our STEP members represent a cadre of legal, accountancy, trust, banking, insurance and other related professions and are involved at all levels in the planning, creation, and management of financial services activities.”

Bahamas government was a key sponsor of the event

The Bahamas government was once again a key sponsor of the event. A statement from the government explained that the sponsorship included two full page ads to promote The Bahamas, a web banner and a STEP LATAM-specific landing page on the official ministry website.

“For the first time ever, the Ministry of Economic Affairs provided fully translated promotional materials and web copy for the event’s Spanish-speaking audience,” the statement noted.

Halkitis touted The Bahamas’ continuing commitment to international best practices as an international financial center.

“Across government administrations, we have displayed continuity in our commitment to strengthening our standing in the international financial services arena,” he said.

“The STEP LATAM conference is significant not only as a means for us to showcase our respective strengths and latest developments, but also as an opportunity for learning, collaboration and networking as we move towards our shared goals.”

Source: Nassau Guardian