The Bahamas Financial Services Board (BFSB) and Minister of Financial Services, Trade and Industry and Immigration Elsworth Johnson recently held a briefing in Dubai to update the Middle East and North Africa regions on The Bahamas’ financial services industry, touting this country’s diverse product and service offerings, even as France moved to place this jurisdiction on a blacklist.
The briefing, which was held at the Dubai
International Financial Center, was designed to showcase the financial services prowess of The Bahamas to those in the regions “seeking to expand their investment and financial services portfolio”.
Johnson touted the warmth of the Bahamian people, who he said value relationships.
“In 2017, The UAE entered into an agreement with the Bahamas government to reduce our dependence on fossil fuels, through the creation of a solar park,” he said in a BFSB press release on the Dubai visit.
“In March of this year, the solar park was officially opened. We are grateful for this generous gift and we look forward to creating opportunities to strengthen our ties, increase trade flows in goods and services and to provide financial services specifically.”
According to the release, the event was facilitated by BFSB Chief Executive Officer and Executive Director Tanya McCartney, who explained the diversity of the country’s products and service offerings that “make The Bahamas the clear choice for financial services”.
Speakers at the event included Wendy Warren, managing director of Caystone Solutions Ltd.; Brian Jones, managing director of Leno Corporate Services Limited; Francesco Vanacore, head of fiduciary at Ansbacher Bahamas; Patrick Feuz, Gonet Bank & Trust Limited; and Jeffrey Beckles, chief executive officer of the Bahamas Chamber of Commerce and Employers Confederation.
“Director, regulatory and international affairs in the Ministry of Finance, Stephen Coakley Wells, provided an update on The Bahamas’ firm legislative and regulatory response to international initiatives impacting the financial services sector,” the release noted.
“While in Dubai, the Bahamian delegation attended the Dubai Chamber of Commerce Global Business Forum which focused on Africa. The Bahamas Financial Services Board also arranged high-level meetings for the minister along with BFSB directors.
“These meetings were aimed at reaffirming that The Bahamas is open for business and that we are actively seeking to strengthen our relationship with the United Arab Emirates. Meetings held with STEP Arabia executives, Dubai chamber executives and with heads of divisions at the Dubai Financial Market and the Dubai Investment Development Agency.”