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Financial Services Representatives Meet with Government Officials on CRS

Financial Services Representatives Meet with Government Officials on CRS

Financial services industry representatives of The Bahamas Financial Services Board (BFSB) and The Association of International Banks and Trust Companies (AIBT) held an initial meeting with The Deputy Prime Minister and Minister of Finance, Hon. K. Peter Turnquest, Hon. Carl Bethel Q.C., The Attorney General and Minister of Legal Affairs and The Hon. T. Brent Symonette Minister of Financial Services, Trade and Industry and Immigration on May 22nd, 2017 to discuss implementation of The Common Reporting Standard (CRS).

In attendance at the meeting were senior government officials involved in the implantation process. Ministers were briefed on the status of CRS implementation process and industry provided their assurance of continued collaboration with the new administration to ensure that The Bahamas meets its commitment to effectively implement CRS and commence the automatic exchange of information in 2018. A public- private sector task force led by The Ministry of Financial Services is in place which is responsible for coordinating the implementation process.