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(CMC) – Prime Minister Dr. Hubert Minnis leaves here on Monday for talks with senior officials of the European Commission in Brussels, according to a government statement.
It said that the discussions will focus on matters relating to the country fulfilling its commitments to the EU, and how those commitments will be implemented by the financial services sector of The Bahamas.
“The Government is working diligently and in cooperation with industry stakeholders to do everything possible, in keeping with our national interests, to protect the financial services sector, while adhering to global standards,” said Prime Minister Minnis.
The statement said that Minnis will outline recently passed legislation and a new framework aimed at strengthening industry regulations and protecting the financial services’ competitive edge as a leading international financial center and that he would also be promoting recent initiatives by the government in the financial services sector.
The statement said that Minnis is due back here on Wednesday.
Earlier this month, Nassau said it was developing a new framework aimed at strengthening industry regulations and protecting revenues to the public treasury as it relates to enhancing the financial services sector.
Finance Minister K. Peter Turnquest said the government was working to maintain the country as “a global leader in the financial services industry and ensure that the country’s second economic pillar remains vibrant over the medium and long term”.
The move comes amidst concerns in Caribbean Community (CARICOM) countries to pass legislation that addresses concerns raised by the EU.
St. Vincent and the Grenadines, and Grenada have already passed legislation while other Caribbean countries are contemplating doing so as Europe moves to force countries to adopt measures regarding the establishment of international businesses in the region.
St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves has since called for a unified CARICOM position on the matter.