The Banker says Bahamas is top financial centre

CEO of the Bahamas Financial
Services Board, Wendy Warren

Monday,  January 16, 2006

A leading banking industry magazine, The Banker has awarded the Bahamas as Best International Financial Centre in the Western Hemisphere. Stephen Timewell, Editor-in-Chief of publication said it conducted high level research to identify leading International Financial Centres across the world that offered banks and financial institutions the best locations and infrastructure to carry out their business and serve their clients.

CEO of the Bahamas Financial Services Board, Wendy Warren said they were pleased to receive this award, which was something of a disappointment to some here in the Cayman Islands who insist this jurisdiction is streets ahead.

Ms Warren however noted that the Bahamas has been in the business longer than Cayman.

“It not only reflects our long history in providing financial services, which dates back to the 1930s, but also recognises the many progressive developments in our jurisdiction as we continue to meet the requirements of an increasingly sophisticated financial services marketplace,” she said.

Ms Warren added that both the public and private sectors working together had played a crucial role in nurturing an environment designed to encourage the continued growth of the country’s financial services sector. 

For example, the Foundations Act that positions The Bahamas as the first premier Common Law jurisdiction to introduce foundations and the launch of SMART funds, which typifies the emphasis on market-driven legislation.

She explained the Bahamas’ leading position as an IFC is not just rooted in its sovereignty, political stability, legal structure, progressive regulatory and legislative framework, and tax environment but in the many features that complement and support the financial services sector. 

“These include a robust information communication framework, a wide variety of Class A office facilities and business support services, excellent flight connections and compelling lifestyle choices including world re-known residential communities, premier hotels and restaurants. Most important is our capacity for growth through the availability of qualified professionals and land in an ideal location,” she said.

Ms Warren added the Bahamas remains committed to continued development and further strengthening of the nation’s position as one of the world’s leading IFCs. Moreover, Financial Services Board was pleased to submit information on the jurisdiction in response to a request from The Banker in its research efforts, and was supported in this effort by the Research Department of the Central Bank of the Bahamas.

According to Mr Timewell, a panel of senior editors and industry experts picked the Financial Centres of the Future, with The Banker awarding the leading International Financial Centre (IFC) in four geographic regions: Europe, the Middle East and Africa, Asia and the Pacific, and the Western Hemisphere including North, South, Central America and the Caribbean.

The award was based on the rate of growth of the financial services sector, regulatory quality and supervisory standards, infrastructure and business support services; and overall political and economic stability of the jurisdiction.

Mr Timewell said the editorial team was impressed with The Bahamas’ exceptional presentation of its activity and continuity in attracting financial clients.

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