Thursday, July 25, 2019

Financial sector continues to record declines in The Bahamas

By Chester Robards

NASSAU, Bahamas — The financial sector continues to face declines in the number of banks and employed people in 2018, and the sector’s total domestic assets also declined in that year, according to the Central Bank of The Bahamas’ (CBOB) Gross Economic Contribution of the Financial Sector in The Bahamas 2018 report.

The report reveals that the financial sector has faced continued declines over the past five years, with added pressure being placed on the sector by international financial services regulators such as the Financial Action Task Force (FATF).

“For international businesses, the response to tax transparency requirements has exacerbated operating cost pressures, culminating in both the repositioning of business outside the jurisdiction and significant outsourcing of support for the remaining operations,” the report states.  Read more >>