12072017 business

business@tribunemedia.net

THURSDAY, DECEMBER 7, 2017

$4.45

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Govt’s ‘greater teeth’ for corruption battle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Attorney General yesterday said law enforcement will gain “greater teeth” to target civil servants, politicians and their relatives, and criminals living beyond their legitimate income.

Carl Bethel QC told Tribune Business that the Unexplained Wealth Orders introduced by the Proceeds of Crime Bill,

* Unexplained Wealth Orders target PEPs, officials * AG: ‘Follow the money’ will bring crime ‘to its knees’ * Moving to ‘strengthen quickly’ police forensic function tabled in the House of Assembly yesterday, would better enable the police and other agencies to ‘follow the money’ and bring organised criminal gangs “to their knees”.

While the Bill’s introduction was sparked by the weaknesses identified in the Caribbean Financial Action

Task Force’s (CFATF) assessment of the Bahamas’ anti-money laundering defences earlier this year, Mr Bethel said its contents would improve the “wellbeing” and security of all Bahamians.

CARL BETHEL

SEE PAGE 10

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‘No celebration’ as deficit shrinks 22%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE 22 per cent reduction in the Government’s first quarter deficit was “exactly what we want to see”, a governance reformer said yesterday, while warning celebrations are premature.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that while the $18.9 million year-overyear narrowing was a start, it was “not enough to jump up and down over” yet.

He took encouragement,

* ‘NOT ENOUGH TO JUMP UP AND DOWN’ * ‘SNAPSHOT’ SHOWS $19M FALL A START * REFORMER HOPES ‘IRRESPONSIBLE ERA’ OVER though, from the fact spending was down by $17.1 million, while revenue was ahead slightly by $1.7 million, as signs that the Minnis administration was “going in the right direction” with its fiscal management.

SEE PAGE 4

WTO may provide ‘the tools to fight’ EU/OECD listings

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JOINING the World Trade Organisation (WTO) may give the Bahamas “the tools to fight” initiatives unfairly targeting its financial services industry, the Deputy Prime Minister said yesterday.

K P Turnquest told Tribune Business that the Bahamas had “nothing to fight with” when the likes of the European Union (EU) and Organisation for Economic

* DPM: ‘We’re on our own, nothing to fight with’ * World trade rules setter may give protection * Bahamas must show not aiding tax evasion Co-Operation and Development (OECD) threatened to ‘blacklist’ this nation on questionable grounds.

Recalling how Barbados had in 2001 used its WTO membership to file trade disputes and counter the OECD’s ‘harmful tax competition’ initiative, Mr Turnquest said the Government’s goal of

acceding to full membership in global trade’s rules-setting body by 2019 could help provide more protection for the financial services industry.

“Oddly enough, this is one of the areas where accession to the WTO may help us,” he told Tribune Business. “Right now, there’s nothing to fight with. We’re

operating on our own, having to fight or beat back competition from developed states.

“We have very few tools to fight with, although one of them is that we’re ideally located with a stable political environment and low tax entry point.”

Mr Turnquest yesterday conceded that Barbados was not the best example, given that it was one of the 17 nations included on the EU’s just-published ‘blacklist’. Yet there is little doubt that the Government views full WTO membership as providing

potential protection against the OECD and EU’s excesses.

John Delaney, the former attorney general who co-chairs the Government’s economic advisory council, told Tribune Business earlier this week that the Bahamas needed to form “strategic alliances” to protect its financial services and economic interests from unfair international attack.

He suggested that the WTO “might be an avenue” for the Bahamas to achieve such an

SEE PAGE 8

BAHAMAS AT ‘DISADVANTAGE’ OVER EU’S TAXATION FOCUS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is at “a disadvantage” in dealing with international regulatory initiatives that appear designed to restrict its competitiveness, the Deputy Prime Minister said yesterday.

K P Turnquest told Tribune Business that the European Union (EU), in unveiling its 17-nation ‘blacklist’ on Tuesday, had admitted that economic considerations - namely the alleged erosion of its 28 members’ tax bases - was driving its latest offensive.

* ECONOMIC CONCERNS ‘MORE DIFFICULT’ TO ADDRESS * BLACKLISTING WOULD UNDERMINE ECONOMIC MODEL * MUST KEEP OPEN CORRESPONDENT RELATIONSHIPS While previous international initiatives had focused on anti-money laundering and counter terror financing concerns,

SEE PAGE 10

BANK EXITS WITH JUST ‘HINT OF BLACKLISTING’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas could lose a number of bank and trust companies with just “a hint of blacklisting”, a Cabinet Minister warned yesterday, adding that the Government wanted “the best possible deal” for the sector.

Brent Symonette, minister of financial services, trade and industry and Immigration, confirmed that he and and Deputy Prime Minister, K Peter

* GOV’T SEEKS ‘BEST DEAL POSSIBLE’ * GETS ‘HEADQUARTERING’ APPLICATIONS Turnquest, will fly to San Marino next week to sign on to several parts of the OECD’s Common Reporting Standard (CRS).

“We want to put the best front forward for the Bahamas so we can negotiate for the second pillar of our

SEE PAGE 4

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THE TRIBUNE

Bahamian non-profit teams for UN tourism presentation A BAHAMIAN nonprofit organisation teamed with a university lecturer

to present a paper at the United Nations’ World Tourism Organisation

(WTO) conference. Shaun D. Ingraham, the One Eleuthera Foundation’s

SHAUN INGRAHAM presents the One Eleuthera development model.

(OEF) chief executive, and Elizabeth Mackay, lecturer at the University of the West Indies (UWI), presented a joint paper, ‘One Eleuthera Foundation: Building Partnerships for Sustainable Tourism’.

The panel session was moderated by Jennifer Griffith, permanent secretary at Jamaica’s Ministry of Tourism. The conference provided a useful platform from which to provide information on One Eleuthera’s work, as well as raise awareness about the importance of civil society as a partner in inclusive and sustainable development.

The presentation focused on One Eleuthera’s role, through partnerships, in overcoming critical barriers to inclusive participation in Eleuthera’s tourism sector.

This included improving tourism and entrepreneurial skills, and knowledge, through the provision of hospitality training and education at the Centre for Training and Innovation.

Other initiatives involved facilitating access to capital and business development through the One Eleuthera Cooperative Credit Union; the enhancement of

linkages between tourism and agriculture through Eleuthera Community Farms; Island Journey’s role in developing the volunteer tourism market; and the support of local culture and the preservation of the natural environment and heritage through efforts to protect - and sustainably develop - Lighthouse Point.

The UNWTO conference featured 100 speakers and more than 1,500 delegates, under the theme ‘Jobs and Inclusive Growth: Partnerships for Sustainable Tourism’.

The Jamaican prime minister, Andrew Holness, gave the keynote address, while retiring UNWTO secretarygeneral, Taleb Rifai; Allen Chastenet, prime minister of St. Lucia; Edmund Bartlett, Jamaican minister of tourism, were among the speakers. Dionisio D’Aguilar, the Bahamas’ minister of tourism; Joy Jibrilu, director-general of tourism; and Travis Robinson, parliamentary secretary in the Ministry of Tourism and Aviation, were among several Bahamians who attended the three-day event. The conference was convened in partnership

with the UNWTO; the World Bank Group; government of Jamaica; and Inter-American Development Bank.

Other collaborators included the World Travel and Tourism Council (WTTC), Caribbean Hotel and Tourism Association (CHTA), Caribbean Tourism Organisation, Chemonics and The George Washington University.

Arising out of the conference, the Montego Bay Declaration on ‘Jobs and Inclusive Growth: Partnerships for Sustainable Tourism’, calls for inclusive and sustainable tourism growth to be priortitised.

It recognises the vulnerability of, and special circumstances of, small island developing states.

The declaration identifies financing, partnerships and the 2030 Sustainable Development Goals as critical factors in tourism planning and development.

It further recognizes the global importance of tourism, and presents guidelines for harnessing the industry’s potential to create positive and sustainable change in countries, communities and lives.

THE TRIBUNE

Thursday, December 7, 2017, PAGE 3

Maritime Authority ‘confident’ of growth despite downturn

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Maritime Authority (BMA) is “confident” it will enjoy growth in 2018 despite the current “downturn” in market conditions and increased competition from other registries.

The BMA, in its 2017 annual report, said its income had increased

slightly to $17.55 million in 2017 compared to $17.433 million the year prior, while total expenditure rose to $9.748 million compared to $7.875 million in 2016.

According to the report, 86 vessels weighing a collective 3.13 million gross tonnes joined the Bahamas’ register in 2017, compared to 131 vessels weighing a total 6.6 million gross tonnes in 2016.

“The Authority saw an increase in revenue

of 1 per cent in the fiscal year from 2016-2017, from $17.433 million in 2016 to $17.55 million, an increase of $112,711. The marginal increase in revenue was attributable to an increase in receipts from the sale of Seaman’s Licenses and documentations,” the BMA annual report said.

It added that the total number of vessels on the Bahamas’ register as at June 30, 2017, was 1,563 (62.722 million gross tonnes). “The

flag continues to receive the report of its established ship owners in Europe, Asia and the Americas, with Greek owners making up 20 per cent of the register and, coincidentally, is the nation that also make up 20 per cent of the carrying capacity of the global merchant fleet,” the BMA said.

“It is of note that the Bahamas’ flag remains the number one choice for cruise ships, both in terms of numbers and tonnage.”

‘NO CHOICE’ BUT TO COMPLY WITH EU

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas has “little choice” but to comply with the European Union’s (EU) demands given its economic model, the Deputy Prime Minister said yesterday.

K P Turnquest, who tabled three Bills that will enable the Bahamas to adopt the multilateral approach to automatic tax information exchange, said: “The OECD and its member states are deadly serious about the actions they intend to take, with talk of ‘defensive’ measures to be implemented against what they deem noncooperative jurisdictions to encourage compliance

with their wishes. “Considering our need for foreign direct investment, foreign currency and corresponding banking relationships to effect cross-border trade or to import food, oil, etc, the reality is we have little choice but to comply in a responsible way.”

The Government yesterday tabled and passed the Automatic Exchange of Financial Account Information (Amendment) Bill 2017, Automatic Exchange of Financial Account Information (Amendment ) Regulations 2017, and the International Tax Cooperation (Amendment) Bill 2017.

Mr Turnquest said that on Tuesday the EU had issued its Council’s conclusions on the list of

non-cooperative jurisdictions for tax purposes.

“Notably on that list were several Caribbean countries, including Barbados, Grenada, St Lucia, Trinidad & Tobago, along with Panama and others,” he said. “In omitting the Bahamas, the OECD expressed its sympathy and support to the jurisdictions in the Caribbean region that were severely struck by devastating storms in September 2017, causing casualties and major damage to key infrastructure.

“It holds the view that the screening process should be put on hold for these jurisdictions (Anguilla, Antigua and Barbuda, the Bahamas, British Virgin Islands, Dominica, Saint Kitts and Nevis, Turks and Caicos

Islands, US Virgin Islands).

Nevertheless, the Code of Conduct Group should,

by February 2018, pursue further contacts with these jurisdictions, with the view to resolving these concerns by the end of 2018,” continued Mr Turnquest.

“In our case, reviewing the concerns listed by the OECD with respect to the non-cooperative countries listed, we are heartened by the fact that our proactive actions and positive discussions with the OECD further qualifies us as a cooperative jurisdiction and deserving of our status irrespective of hurricanes. Our commitments to be a wellregulated and transparent jurisdiction will be further communicated next week when the Minister for Financial Services and I travel to Europe to sign the Multilateral Competent Authority Agreement.”

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PAGE 4, Thursday, December 7, 2017

‘No celebration’ as deficit shrinks 22%

POSITION WANTED General Manager We are seeking a dynamic individual that will fill the position of General Manager in a Quick Service Restaurant Environment that is poised for rapid growth. The successful candidate must possess the following qualities and characteristics: Qualifications and Experience • A first degree preferably in Culinary Arts, Food Service Management or a related discipline from a recognized university.

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THE TRIBUNE

FROM PAGE 1 While the Unexplained Wealth Order concept was “not drastically new” to Bahamian law, as it was already part of the Penal Code, Mr Bethel said the Bill was “fleshing out” and giving greater “flexibility” to law enforcement to crack down on the proceeds of corruption, fraud, bribery and other criminality.

“The law is being given greater teeth and flexibility,” he told Tribune Business.

“It’s important not just for our international obligations; it’s important for law enforcement generally.

“We have a lot of people in the Bahamas, whether Bahamian or otherwise, who do bad things. It’s difficult to know, but if there are instances where someone who has no apparent source of income is suddenly able to do certain things, buy certain things, it probably raises questions as to their source of funds.”

The Government’s seemingly increased focus on ‘the money trail’ is likely to be warmly welcomed by many Bahamians, given the numerous stories and suspicions about persons enjoying a lifestyle - and owning assets - seemingly out of reach of their legitimate income.

“The Bill introduces the concept of Unexplained Wealth Orders, which permits the courts to inquire into assets which have been acquired by the relevant person but which are not explained by legitimate means,” the Proceeds of Crime Bill’s ‘Objects and Reasons’ state.

The Proceeds of Crime Bill introduces Unexplained Wealth Orders as a civil proceeding, not criminal, targeting persons who are “politically exposed” (politicians, top officials and their friends and families); “public office holders”; criminals and those subject to asset seizure and forfeiture proceedings.

This procedure can also be invoked for persons charged with corrupt practices, such as bribery, extortion, fraud and misconduct in public office, plus offences that include drug, human and firearms trafficking.

Following an application by the police, the Supreme Court can Order the subject person to “file declarations and answer questions” regarding their assets, income and how they came to own them. There has to be “reasonable susipicion” that the person’s “total wealth exceeds the value of his lawfully obtained wealth”; that the assets were unlawfully obtained; and they are under the relevant person’s control.

Persons have a 28-day period in which to seek an Unexplained Wealth Order’s revocation, after which the law enforcement agencies can apply for it to become an “absolute” Order.

Once proceedings reach this stage, the subject of the Order has the ‘burden of proof’ to show their assets/wealth was lawfully acquired. The Bill sets out the process by which property and assets can be used to “satisfy” an Unexplained Wealth, which will be treated as a “judgment debt”.

Mr Bethel said the Proceeds of Crime Bill, together with the Financial Transactions Reporting Bill and Travellers Currency Declaration (Amendment) Bill, were all “critically important to the Bahamas being able to have its rating

re-evaluated in due course” by the CFATF. He was backed by Deputy Prime Minister, K P Turnquest, who said the Unexplained Wealth Order provision was “fair warning” for those living above their means to remedy the situation.

“The [CFATF] report indicated several areas that need strengthening, and in keeping with our commitment to be proactive with all these agencies we are moving with haste, deliberate and committed haste, to address all the weaknesses identified,” Mr Turnquest told Tribune Business.

“We intend to protect our reputation as a clean jurisdiction, well-regulated and with a clean book of business.”

However, Mr Bethel told Tribune Business that the Proceeds of Crime Bill changes were “for our own well-being”, not just to meet the Bahamas’ international obligations and address deficiencies exposed by the CFATF. “When you’re dealing with organised crime, syndicates and gangs, you’re dealing with persons who are in it for the money and all that money buys,” he said. “It’s for all our protection.

“Some people will jump up and down and say: ‘You’re bowing to the foreign man’. It’s about having the same flexibility and powerful tools in law enforcement to protect Bahamians. Going after the money is a time-honoured way. That’s the way the most powerful organised crime syndicates were brought to their knees.”

Legendary Chicago gangster, Al Capone, was brought to justice by the US Internal Revenue Service (IRS) over unpaid taxes, and many in the Bahamas believe asset seizures and confiscations have not been employed enough to combat drug and human smuggling, and other forms of organised crime.

The Attorney General yesterday said that while Bahamians typically saw the symptoms, in terms of murders, the illegal cash flows and profits that underwrote it via the proceeds of crime was rarely glimpsed.

“Organised crime is not ‘organised’ for the fun of

it,” Mr Bethel added. “It’s organised for the money.

Once you can find better ways to track the money, you will be able to break the back of it.

“When you start to look further back and get the money, you get the head. What we see are the skirmishes, but what’s underneath is what’s behind it.”

Mr Bethel revealed he planned to undertake a “personal mission” to London in January in a bid to obtain technical support and assistance for all Bahamian law enforcement that would enable them to better detect, and follow, the criminal money trail.

Acknowledging that “official approaches” were also being made by the Government in this area, the Attorney General said the forensic accounting and analysis capabilities of the police and other agencies needed to be “strengthened quickly”.

“We have to change and improve the vision of law enforcement,” Mr Bethel told Tribune Business.

“Sometimes you don’t see what you don’t look for.

Our job is sometimes to help them look at things in a different way to see, and then to act.

“We feel this is an area that needs to be strengthened and strengthened quickly: Forensic analysis, forensic accounting, how to spot the money and connect the dots. We need in-house people trained in the forensic disciplines.”

The CFATF, in its July 2017 assessment, found that the Royal Bahamas Police Force (RBPF) “lacks the capacity to effectively pursue” money laundering offenders due to inadequate skills, training and resources.

It added that there had been no money laundering convictions in the four years prior, and just one case was before the courts, describing this as “inadequate” given the Bahamian financial services industry’s size.

The CFATF suggested this reflected both the RBPF’s inability to properly investigate complex financial crimes, and the policy set out by the Attorney General’s Office and director of public prosecutions.

BANK EXITS WITH JUST ‘HINT OF BLACKLISTING’ FROM PAGE 1

www.ub.edu.bs

ADMINISTRATION Suitably qualified persons are invited to apply for the following position: Assistant Director, External Communications, responsible for developing dynamic content and media initiatives to externally promote the brand and narrative of University of The Bahamas (UB), ensuring that the message is consistent, relevant and timely. A key consideration for this position is the ability to lead and execute multiple projects simultaneously involving multiple teams, competencies in writing for diverse media and leveraging external contacts to further UB’s communications goals and objectives. Among the duties and responsibilities are collaborating with constituents to promote milestones, innovations and outreach initiatives; developing and executing strategies for short and long term communications, marketing and branding; liaising with media outlets to create opportunities for UB narratives; monitoring and evaluating media coverage to increase and maximize opportunities for further message penetration; developing and implementing content for UB broadcast programming; and marketing and promoting profit-generating operations. The required qualifications include a baccalaureate degree in Media, Communications, Journalism or a related field; at least seven (7) years of experience in the media and/or a communications field; and at least three (3) years’ experience at the supervisory level. The complete position announcement is available at: http://www.ub.edu.bs/about-us/career-opportunities/administration/ .

Interested applicants should submit the following to the Human Resources Department by Thursday, 7th December 2017 by emailing hrapply@ub.edu.bs: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo • identification and expiration date; • Copy of N.I.B. Card; • At least three (3) written, professional references.

A UB application form is accessible online at: http://www.ub.edu.bs/wp-content/uploads/2017/01/Application-forEmployment-Staff.pdf.

country the best deal possible,” said Mr Symonette, addressing Parliament after the tabling of three Bills that will enable the Bahamas to adopt the multilateral approach for automatic tax information exchange.

Rather than lagging behind, Mr Symonette said the Government wants the Bahamas to lead and show it is “fully transparent, cooperative and wiling to do what is necessary to become a very transparent and useful tax jurisdiction. We surpass a lot of the Caribbean in terms of transparency and compliance”.

The Minister said the Government is now aiming to grow the financial services industry in 2018 “by bringing in more business like headquartering. In fact, we have had a number of applications come forward with regards to new businesses that are headquartering. We have had a number of applications in the last couple of weeks”.

Mr Symonette said the Government was also looking to address issues affecting local bank account holders. “A lot of the problems that small account holders have in the Bahama, issues such as opening a bank account, will be alleviated and made easier,” he added.

THE TRIBUNE

Thursday, December 7, 2017, PAGE 5

Eleuthera Foundation unveils its new Board THE One Eleuthera Foundation (OEF) has unveiled a new Board that will be chaired by ex-Cabinet minister Alfred Sears QC. Mr Sears was chosen to replace outgoing chairman, Felix Stubbs, during a meeting on Saturday, October 28, in Rock Sound, Eleuthera. Also joining the new board are Diane Bowe-Pindling, Juan Bacardi, Thomas Whitehead, Leah Major and Clifford Johnson.

Persons continuing to serve on the Board include Cameron Symonette, Shelby White, Marjie Findlay, Mario Smith and Tom Burns. Retiring were Edrick Gibson and Etoile Pinder, while also retiring but taking on new responsibilities in advisory positions were Eric Carey, Jackie Gibson and Errol McPhee.

Mr Sears, upon accepting his appointment, said: “The One Eleuthera Foundation is a model of community empowerment and sustainable development in Eleuthera, under the ownership and control of local residents.

“I believe that the growth of this non-profit sector can help to reverse the current under-development in our Family Islands of declining populations; double digit unemployment amongst young people; non-competitive agricultural, financial services and tourism sectors; outward migration to New Providence for jobs and tertiary education; and dependence on the diminishing capacity of central government to stimulate sustainable development in the Family Islands. I am excited to work with this successful community empowerment model, and to expand it to other Family Island communities in our archipelago.”

The Board meeting was preceded by the One Eleuthera Foundation’s annual general meeting (AGM), held at its Centre for Training and Innovation (CTI). Members were updated on the Foundation’s ongoing work and future plans, while asking questions of the new Board.

The One Eleuthera Foundation, founded by Shaun Ingraham, its current president and chief executive, is a non-profit partnership between Bahamians and second homeowners in Eleuthera.

It invests in unique, high– quality projects that strengthen Eleuthera communities through economic, environmental, social, training and entrepreneurial empowerment.

The One Eleuthera Foundation and its partners currently employ 45 persons, with projects and partners including the Centre for Training and Innovation. This is the only non-profit, post-secondary and business enterprise institution located on a 44-acre property equipped with a training hotel, farm and restaurant.

Other projects include the South Eleuthera Mission (SEM), South Eleuthera Emergency Partners (SEEP), Island Journeys, Eleuthera Arts and Cultural Centre (EACC) and the One Eleuthera Cooperative Credit Union.

The Foundation’s appointed officers are: Chairman Alfred Sears; Vice-Chair/ Secretary, Mario Smith; Assistant Secretary, Leah Major; Finance Chair/ Treasurer, Clifford Johnson; Fundraising/ Development Co-Chair, Diane Bowe-Pindling; AssistantFundraising/Development Co-Chair, Marjie

Findlay; Business Development, Juan Bacardi and Cameron Symonette, Operations Chair; Thomas Whitehead, Strategic Planning; Tom Burns; Director, Shelby White

Honorary Members: Dr Graham Cates; Michelle Neville-Clarke; Felix Stubbs; Craig Symonette; Michele Johnson; Casuarina Mckinney-Lambert; Wendy Warren

NOTICE is hereby given that EABRAWN BAPTISTE of #46 Bruce Avenue, Freeport, Grand Bahama, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 7th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ENARSHA TILME of Keywest Street, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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PAGE 8, Thursday, December 7, 2017

THE TRIBUNE

WTO may provide ‘the tools to fight’ EU/OECD listings FROM PAGE 1 objective, given that the

‘blacklisting’ and international regulatory pressures experienced over the past

two decades are unlikely to ease up. Mr Turnquest, meanwhile, acknowledged

there was a case for “overreach” by the OECD and EU in seeking to dictate

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what a sovereign nation’s tax system should be.

Yet the Bahamas was now in an environment where it had to prove to that its taxation system did not permit foreign companies and individuals to avoid/ evade tax obligations in their home countries.

“Yes, one can say that it is an overreach by these [organisations] and member states to dictate to the rest of the world what their tax structures ought to look like,” the Deputy Prime Minister told Tribune Business.

“We are a sovereign country, and ought to determine what’s in the best interests of our country and people, and ought not to be forced into any structure. We are a services-based country and ought to be able to freely determine the best course with that.”

Pointing out that the Bahamas consumes “everything” the outside world produces, Mr Turnquest said the current tax system had proven to be “the most efficient tax base for us”.

However, he acknowledged that the Bahamas could not be perceived as facilitating tax evasion/ avoidance through the absence of any type of income tax, and needed to prove this was the case to the international community.

“Again, it’s a matter of being fair to all concerned and demonstrating that our tax system does not allow or inherently permit any kind of tax evasion and avoidance,” he said, in a nod to OECD/EU concerns about the erosion of their members’ tax bases.

The Bahamas was on Tuesday effectively given a 12-month reprieve by the EU, which included this nation among eight states excluded from consideration for its ‘blacklist’ because of the damage inflicted by Hurricanes Irma and Maria.

The EU will resume scrutiny of this nation, and the likes of British Virgin Islands (BVI), Turks & Caicos and Anguilla, in February 2018, and compliance with its demands - and the various OECD initiatives - are still likely to cause concern for the Bahamas and its financial services industry.

The first of the EU’s three criteria for determining whether jurisdictions are non-cooperative are tax transparency, which involves compliance with the OECD’s Common Reporting Standard (CRS) - the adopted global standard for automatic tax

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information exchange. The House of Assembly yesterday passed three Bills (see other articles in Tribune Business today) to bring the Bahamas into compliance with the CRS, and enable it to begin sharing automatic tax information on a multilateral basis by September 2018. This will also facilitate the Government next week signing on to the Convention for Mutual Administrative Assistance in Tax Matters, permitting the multilateral approach.

While this will enable the Bahamas to satisfy the EU’s ‘tax transparency’ demand, the other two are more problematic. Meeting the 28-member bloc’s third condition requires the Bahamas to comply with the OECD’s Base Erosion and Profits Shifting (BEPS) initiative.

This aims to prevent tax avoidance by multinational companies, who using legal and creative mechanisms to shift profits from higher tax to low tax jurisdictions, enabling them to enjoy significant savings while eroding the tax bases of certain countries.

The Bahamas has already signalled its intent to comply with BEPS by adopting a ‘minimum’ four of 15 actions. However, one of the ‘actions’ it plans to implement is ‘no harmful tax practices’, and this is where the potential difficulty lies.

For the Bahamas has no corporate income tax, yet the OECD considers countries with a corporate tax rate of less than 10 per cent to be guilty of ‘harmful tax practices’.

Mr Turnquest this week said the Bahamas had proposed to the OECD how it can provide “the information requested” without having to implement a corporate income tax, although he did not go into detail.

BEPS compliance also feeds into the EU’s last criteria, which is that nations must provide ‘fair taxation’. This ill-defined notion is highly subjective, and will mean different things to different people, with many observers viewing it as undermining the sovereignty of individual nation to choose the tax system that best fits them.

Countries with ‘offshore structures’ that can be used to facilitate tax avoidance of the type BEPS is intended to counter will run afoul of this demand, meaning the Bahamas and other international financial centres (IFCs) may have to take further action to ward off the EU.

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PAGE 10, Thursday, December 7, 2017

GREATER TEETH FROM PAGE 1

“That’s exactly what we want to see,” Mr Myers said of the reduced deficit for the three months to end-September. “The two [revenue and spending] are going in the the right direction, with one going up and the other down.

“To see government expenditure going down by $17 million, and revenue up by almost $2 million, it’s a snapshot that things are going in the right direction.

If we see that happen in the next quarter, we will have even more confidence their measures are working, and that will cause consumer and investor confidence to rise.

“It’s encouraging if it’s a net decrease of almost $19 million. It’s not enough to jump up and down about, but it’s certainly a good start. We’ve got to hope they continue to do that.”

The Central Bank, in its monthly economic report for October 2017, said the 2017-2018 first quarter deficit had dropped to $65.6 million against its counterpart from the previous year.

“During the first quarter of fiscal year 2017-2018, the deficit narrowed by $18.9 million (22.3 per cent) to an estimated $65.6 million, when compared to the same period last year,” the regulator added. “Underlying this development was a $17.1 million (3.2 per cent) decrease in total expenditure to $517.7 million, together with a $1.7 million (0.4

EU TAXATION FROM PAGE 1

Mr Turnquest said the latest EU and Organisation for Economic Co-Operation and Development (OECD) efforts were “more difficult” for the Bahamas to deal with as they were motivated primarily by economic and tax competition concerns.

“It’s no longer about anti-money laundering and counter terror financing,” he told the House of Assembly. “It’s moving on to becoming economic considerations, the erosion of OECD members’ tax bases, that’s a bit more difficult for us.”

THE TRIBUNE

per cent) increase in revenue to $452.2 million.”

A deeper look at the Central Bank data showed that the spending reduction was linked entirely to reduced capital spending on infrastructure-type projects, as this “almost-halved” to $34.4 million.

“In particular, infrastructurerelated expenditure contracted by $22.6 million (45.4 per cent), as a number of roadwork and coastal protection projects were concluded,” the Central Bank said. “Similarly, the acquisition of assets was $8.2 million lower, reflecting in part reduced investments in land.”

However, the Government’s recurrent spending, which accounts for its fixed-costs such as wages and rents, and is the more important component to get under control, jumped by $13.7 million or 2.9 per cent to $483.4 million.

Identifying the major culprits, the Central Bank said there was “a $25 million (10.4 per cent) expansion in consumption outlays, due to a $16.7 million (9.7 per cent) increase in payments for wages and salaries, and growth in purchases of goods and services by $8.3 million (12.3 per cent).

“However, transfer payments decreased by $11.2 million (4.9 per cent) to $218.2 million, underpinned by a contraction in subsidies and ‘other’ transfers, particularly related to healthcare services.”

Mr Myers questioned the increase in wages and salaries, given the Government’s

Many executives within the Bahamian financial services industry have long viewed the OECD and EU initiatives as designed to drive this nation out of the sector by imposing everincreasing bureaucracy and regulation upon it, while also pushing it towards introduction of a corporate income tax.

Asked whether the EU ‘blacklist’ was more about inhibiting the Bahamas’ financial services competitiveness, Mr Turnquest told Tribune Business: “I want to be careful what I say in that regard because everyone is trying to interpret what I say and get signals from that.

“But it’s fairly obvious, if you read through their justification for this naming and shaming, and justification for this listing, that

NOTICE

NOTICE is hereby given that YVROSE P. VIXAMAR MARCELLIN of Colet St. off Jerome Ave., P.O. BOX SS-19058, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

EQ TRADING INC. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), EQ TRADING INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 31st day of October, 2017.

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) Brazil Real Estate Property Portfolio Fund Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Brazil Real Estate Property Portfolio Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is 5th December, 2017. Aligned Investment Partners Ltd. is the Liquidator and can be contacted at Winterbotham Place, Marlborough & Queen Streets, P.O. Box N-3026, Nassau, Bahamas. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 28th December, 2017.

Aligned Investment Partners Ltd. Liquidator

announced hiring freeze, and suggested the rise may have resulted from commitments entered into by the former Christie administration. On the revenue front, the Central Bank said there was a $15.5 million or 3.9 per cent increase in tax receipts, driven largely by improvements in motor vehicle licensing and business/professional fees.

“The VAT registered a more muted gain of $3.3 million (2 per cent),” the Central Bank added.

“In contrast, taxes on international trade declined by $5.7 million (4.3 per cent), due mainly to a fall in import duties. Further, non-tax inflows contracted by $13.8 million (26.6 per cent) to $38 million, as income from non-public enterprises narrowed by $14.3 million (92.6 per cent).”

It is unclear whether the Central Bank data is based on the cash-based accounting system traditionally employed by the Government, or the accrual form, which records spending commitments when they are made, as opposed to being paid.

The Government has signalled its intention to adopt the accrual method, widely recognised as giving a truer picture of its financial position and assets and liabilities, by 2022-2023.

Mr Myers, meanwhile, expressed hope that “the era of irresponsible governance is gone forever” after the Central Bank brought its figures in line with the Minnis administration’s to reveal a $669.4 million deficit for the 20162017 full-year.

it is obviously more and more about tax issues than any anti-money laundering issues.

“As they say in their own statement, it’s about trying to avoid erosion of their own tax bases. From that perspective, it is an economic consideration that they seem to be taking; taking more interest in, and from that perspective we are obviously at a disadvantage.”

Mr Turnquest said the Bahamas had no choice but to meet the EU’s demands given that inclusion on the ‘blacklist’ could have undermined this nation’s entire economic model, not just financial services.

He told the House of Assembly that a ‘blacklisting’ would likely have resulted in a further loss of correspondent banking

While slightly lower than the Government’s $695 million figure, the Central Bank nevertheless noted that there had been a “twofold expansion” in the ‘red ink’ with spending overshooting by $490 million or 21.9 per cent to $2.73 billion.

This more than offset the $131 million or 6.8 per cent gain in revenues, which totalled $2.06 billion despite Hurricane Matthew, providing further evidence that the benefits of VAT were squandered on increased social spending and pre-election hiring.

“The expansion in expenditure was driven by a $334.7 million (16.7 per cent ) gain in current outlays to an estimated $2.34 billion, as consumption spending firmed by $248 million (24.9 per cent), owing mainly to the $208.2 million (63 per cent) increase in purchases of goods and services,” the Central Bank said.

“In terms of the components, the largest gains were noted for rent, communications and utilities ($80.9 million), other contractual services ($60.7 million)—related mainly to payment of medical health insurance premiums.

In addition, wages and salaries expanded by $39.8 million (6 per cent), and transfer payments by $86.7 million (8.6 per cent).”

Mr Myers told Tribune Business: “That’s where your VAT money went, on hiring more people, inefficiency and waste.

They [the Christie administration] tried to buy an election by hiring people they had no business hiring.

relationships, which would have made it more difficult to conduct overseas transactions and restricted the flow of trade to the Bahamas.

Emphasising that the issue affected all Bahamians and residents, not just the financial services industry, Mr Turnquest said: “The OECD and its member states are deadly serious about the actions they intend to take when they talk about defensive measures....

“Obviously as a jurisdiction that derives a significant portion of its GDP from financial services, for an industry that employs a significant amount of our middle class and provides high salaries and profitable careers for our people, we have to do everything we possibly can

NOTICE

NOTICE is hereby given that BERNICE LOUISSAINT of Marsh Harbour, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“I only pray that the era of irresponsible governance is gone for ever. It’s so old news, so old style.

The populace know that, and it’s why we are where we are. That kind of governance has no place in a sustainable future. I can only hope it’s ended, that kind of thinking, and archaic governance is gone for ever.”

On the revenue side, the Central Bank said tax receipts - accounting for 90 per cent of revenues - rose by $160.4 million or 9.6 per cent to $1.837 billion for the 20162017 full year, including “a $76.3 million (15.1 per cent) advance in taxes on international trade, which featured significant gains in excise and import taxes of $57.6 million (25 per cent) and $22.4 million (8.5 per cent), respectively.

“Similarly, VAT receipts moved higher by $10.1 million (1.6 per cent) to $638 million, while selective taxes on services posted a more muted gain of $1.5 million (5.7 per cent), comprising mainly higher revenue from gaming taxes,” the Central Bank added.

“Further, business and professional fees expanded by $42.6 million (29.2 per cent), led by an increase hike in ‘other”’ license fees ($42.7 million), while other taxes inclusive of property and financial stamps taxes grew by $29.8 million (8.1 per cent). In contrast, non-tax revenue - which accounted for the remaining 10 per cent —decreased by $29.3 million (11.6 per cent) to $223.9 million, reflecting lower receipts of fines, forfeits and administration fees.”

to ensure we protect our reputation, and that we signal and act in a proactive manner to ensure we remain clear of any kind of blacklist, grey list or noncooperative listing.

“The EU and its member states are telling us that failure to comply with what they consider to be best practices and transparency comes with consequences,” Mr Turnquest added. “As an open economy, the consequences can be significant for us outside financial services.

“For instance, a large part of our economy is dependent on foreign direct investment. It’s dependent on our ability to earn foreign currency to facilitate trade, to import and pay for the goods we consume, and commodities we use in every-day living, oil, gas.

Everything, or most of what we consume locally, we need foreign currency to be able to trade.

“Part of the defensive measures they talk about is the issues with correspondent banking relationships and the de-risking threat that exists in this region.

Unfortunately, the Bahamian dollar is not a tradable currency, so to effect transactions internationally,

payments to vendors, we have to be able to do business through correspondent banking relationships.

“We want to be able to earn foreign currency, be able to import food, furniture and oil, the items we use on a daily basis freely and consistently, without obstruction and resorting to a black market and other nefarious acts to pay for these goods. This is about all of us, and we need to protect our financial industry and correspondent relationships.”

“We can see our need to comply, and need to be proactive and transparent as as possible, and as our law permits, is vitally important not only to financial services but each citizen and resident in the Bahamas,” the Deputy Prime Minister added.

“The reality is that while we value our sovereignty and ability to deploy the tax regime we employ, we have to be mindful of the changing environment and, as an open economy dependent on cross-border trade, we have to be mindful of the actions of the countries we trade with... and negotiate from a position of strength the most favourable terns we can.”

NOTICE

NOTICE is hereby given that KENEL HORACIUS MARCELLIN of Colet St. off Jerome Ave., P.O. BOX SS-19058, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CLAUDIN DIEUVEILLE of Marsh Harbour, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Notice of Appointment of a Liquidator under Section 204 of the BVI Business Companies Act. Alpine Spedition Ltd. (In Voluntary Liquidation) Company No. 1012962 NOTICE is hereby given pursuant to Section 204, subsection (b) of the BVI Business Companies Act, 2004 that the Company is in voluntary liquidation. The voluntary liquidation commenced on 24th October, 2017. The Liquidator is Halide Sar, Oberneuhofstrase 5, 6340 Baar, Switzerland

Dated 24th day of October, 2017

(Signed) Halide Sar Voluntary Liquidator

THE TRIBUNE

Thursday, December 7, 2017, PAGE 11

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Welcome Prod Ltd.

(In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, Welcome Prod Ltd. is in dissolution.

The dissolution of the said Company has commenced on 04 December 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Pamela A Miller of Delaney Corp. (Bahamas) Ltd. whose address is Lyford Manor, Western Road, Lyford Cay, P.O. Box CB-13007, Nassau, N.P., The Bahamas.

Pamela A Miller Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

JEM BAHAMAS HOLDINGS INC. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, JEM BAHAMAS HOLDINGS INC. is in dissolution.

The dissolution of the said Company has commenced on 04 December 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Pamela A Miller of Delaney Corp. (Bahamas) Ltd. whose address is Lyford Manor, Western Road, Lyford Cay, P.O. Box CB-13007, Nassau, N.P., The Bahamas.

Pamela A Miller Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

POLB MANAGEMENT INC. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, POLB MANAGEMENT INC. is in dissolution.

The dissolution of the said Company has commenced on 04 December 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Pamela A Miller of Delaney Corp. (Bahamas) Ltd. whose address is Lyford Manor, Western Road, Lyford Cay, P.O. Box CB-13007, Nassau, N.P., The Bahamas.

Pamela A Miller Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

JNP INC.

(In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, JNP INC. is in dissolution.

The dissolution of the said Company has commenced on 04 December 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Pamela A Miller of Delaney Corp. (Bahamas) Ltd. whose address is Lyford Manor, Western Road, Lyford Cay, P.O. Box CB-13007, Nassau, N.P., The Bahamas.

Pamela A Miller Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Naboo Management Ltd. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, Naboo Management Ltd. is in dissolution.

The dissolution of the said Company has commenced on 04 December 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Pamela A Miller of Delaney Corp. (Bahamas) Ltd. whose address is Lyford Manor, Western Road, Lyford Cay, P.O. Box CB-13007, Nassau, N.P., The Bahamas.

Pamela A Miller Liquidator

PAGE 12, Thursday, December 7, 2017

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