Financial Market Brief April 8 2016
The Bahamas Offshore Banking Sector has emerged over the years from a disorganized and unregulated sector, to a well-established leading financial center in the region and the world. The offshore sector has thrived, due to the absence of taxes on wealth, income and inherited assets, coupled with bank secrecy laws that protected wealthy investors and their assets. In June 2000, the offshore sector was dealt a severe blow. The Bahamas was included with 35 countries listed by the Organization for Economic Cooperation and Development (OECD) as a “harmful tax haven” and was threatened with being blacklisted if the Bahamas did not comply with a list of international financial standards by a set date. The OECD actually required the Offshore Financial Centers listed to sign a letter of commitment by February 28, 2002 or face economic sanctions. The Bahamas Government reacted and passed a set of financial laws in order to escape the possibility of damaging economic penalties. Weekly_Market_Recap_8-Apr-2016 Click here for full Weekly Market Recap

CFAL, Third Floor, 308 East Bay Street, P.O.Box: CB 12407, Nassau, New Providence, The Bahamas. Tel: 242-502-7010