National

Opposition Business Leader Supports Financial Services Bills

NASSAU, BAHAMAS – Senator Darren Henfield, noting that for consecutive administrations, The Bahamas has had to constantly adjust its laws to remain compliant with industry best standards.

Published

3 years ago

July 22, 2023

Megan Shepherd

NASSAU, BAHAMAS – The financial services industry is the second leading industry for The Bahamas. However, it is one that is highly competitive and scrutinized by the international community.

Leader of Opposition Business in the Senate Darren Henfield, noting that for consecutive administrations, The Bahamas has had to constantly adjust its laws to remain compliant with industry best standards.

Senators were debating the International Business Companies Amendment and Exempt Limited Partnership Amendment Bills.

Henfield says these are the areas in which The Bahamas must compete to bring in revenue.

To this end, he says legislators must constantly adjust to make it easier to do business in The Bahamas but, he admits, there remains a “proverbial 800 pound gorilla in the room.”