The United States’ House Financial Services Committee passed two crucial bills that could pave the way for regulatory clarity. In a 35-15 vote, the Financial…
Minnis: Bahamas’ financial services sector shrinking
Prime Minister Dr. Hubert Minnis acknowledged yesterday that The Bahamas’ financial services sector is shrinking due to global pressure.
“The offshore financial services sector, our number two industry, has been shrinking due to a vastly different and much more stringent global regulatory environment,” Minnis said.
He made his comments while opening the 2021/2022 national budget debate in the House of Assembly, making those remarks in the context of the bleak economic situation in the country due to Hurricane Dorian and the COVID-19 pandemic.
The financial services sector could take another hit soon, as global tax watchdogs and the global superpowers look to impose a minimum corporate tax on corporations across the world.
US legislation could erode business for offshore financial centers thenassauguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenassauguardian.com Daily Mail and Mail on Sunday newspapers.