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Bahamas Warns CSPs On Record-Keeping Requirements

by Mike Godfrey, Lowtax.net, Washington
07 July, 2017

The Securities Commission of the Bahamas on July 1 issued guidance to the territory's financial and corporate service providers (CSPs) on maintaining proper accounting records.

The guidelines note that such service providers are obligated to maintain accounting records with respect to their own business operations and those of any international business company or exempted limited partnership for which they provide corporate or administrative services.

Accounting records must be kept from the date of the transaction to which the record relates for no less than five years; and must be kept in a form which allows them to be accessible and retrievable.

The guidelines are intended to provide guidance to financial and corporate service providers on the obligations of companies (including international business companies and segregated accounts companies) and also exempted limited partnerships to maintain reliable accounting records in relation to all sums received and spent.

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