Dear Members,

We are pleased to issue another BFSB member newsletter. The industry has been impressively resilient in the face of the recent challenges posed by the COVID19 pandemic. We have not been impeded in conducting business and delivering bespoke solutions to meet changing diverse client needs. In fact, the current situation has highlighted some opportunities to grow the sector and increase our contribution to the economy with increased public private sector collaboration.

On July 20th , the Financial Services Subcommittee of the National Economic Recovery Committee hosted a virtual townhall. Members of BFSB were actively engaged in the dialogue and put forward recommendations that will be included in the report to the government of The Bahamas. The feedback received highlighted the areas in which we can increase competitiveness. These include immigration, improving ease of doing business and reducing the risk profile of the jurisdiction. Despite the challenges there are also the potential growth areas including but not limited to Fintech, permanent residency, family offices and headquartering that we will continue to advocate for clear policy positions on and implementation to strengthen and expand this important pillar ofthe economy.

BFSB remains committed to ensuring that the attributes which makeThe Bahamas attractive as an international financial centre are articulated to the world. Further, that we take the steps to refine and improve on our advantages. The contributions of our members are greatly appreciated as we continue this important work.

Tanya McCartney

CEO & Executive Director

Download >> BFSB Newsletter - Issue 04 - August 2020

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