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Bahamas 'Committed To Transparency'

by Ulrika Lomas, Lowtax.net, Brussels
07 April, 2016

Hope Strachan, the Bahamas Financial Services Minister, has said that the recent "leak of documents from a law firm in Panama is disconcerting" and "… challenges the work and validity of international financial centers."

Strachan stated: "The Bahamas is a compliant jurisdiction, operating under international regulatory standards. We continue to ensure that we do everything to remain compliant and to sustain our reputation as a premier financial center. We consistently demonstrate our commitment to international tax transparency, as well as to anti-money laundering and the countering of financial terrorism initiatives."

She reiterated that: "The Bahamas has been deemed compliant by the Organisation for Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes. Further, the Bahamas has committed to the implementation of the Automatic Exchange of Information/OECD Common Reporting Standard using a bilateral approach that is fully endorsed by the OECD. We are also fully compliant with the US Foreign Account Tax Compliance Act (FATCA)."

"We continue to ensure that we are a clean and reputable jurisdiction in which to conduct financial services. The financial services industry is a key component to our economy and we take very seriously anything that would compromise the integrity of our financial services sector."

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