Bahamas Set To Upgrade Financial Services Legislative Framework
Tuesday, January 03, 2012
The Bahamas Financial Services Board has highlighted legislation which will enhance
the territory's attractiveness as an international financial centre.
The FSB said that, among the changes, amendments to the Trustee Act, Purpose Trust Act, Rules against
Perpetuities act and the new Executive Entity Bill confirm the Bahamas as a
leading wealth management jurisdiction.
In addition, the Companies (Winding Up Amendment) Act 2011 is to reform the existing
Companies Act in the matter of liquidations. The amendments provide a current
and comprehensive regime for company liquidations in The Bahamas. The International
Business Companies (Winding Up Amendment) Act 2011 applies the reform in the
Companies Act to international business companies, bringing that law also in
line with modern international standards.
In addition, legislation has been introduced to ensure that accounting records
are kept for a minimum of five years, to bring the Bahamas' regime in line with
international standards set including by the Organisation for Economic Cooperation
and Development.
The government has said a 'reasonable period of time' will be provided before
these pieces of legislation enter into force, to enable regulators to advise
financial services providers and their clients as to the procedures for compliance
under the amended laws. |
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