The Bahamas has once again maintained a high standard of compliance in the most recent peer review report of the OECD Global Forum, demonstrating that jurisdiction adheres to international standards and best practices.

The OECD Global Forum 2018 Exchange of Information on Request Peer Review Report (Second Round) focused on beneficial ownership and transparency with respect to exchange of information upon request. The Largely Compliant rating reinforces The Bahamas’ status as a well-regulated jurisdiction within the international financial services community.

The Bahamas, as a member of the Global Forum, will continue its proactive approach to international compliance, and reputational management within the global community.

Since the Peer Review assessment which took place in July, 2017, The Bahamas has already undertaken critical measures that will further uphold its high standard of compliance. These measures include: the laying of the Registration of Beneficial Ownership Bill, 2018 in the House of Assembly on 25th April, 2018; the signing of the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”) on the 15th December, 2017, in Paris, France; and the Multilateral Competent Authority Agreement (“MCAA”) in the Republic of San Marino on the 13th December, 2017. The Bahamas has since deposited and ratified the Convention.

The Ministry of Finance intends to address further recommendations put forward in the Report. The Peer Review assessment is conducted every three years. The draft Report was tabled in February, 2018 during the 28th Meeting of the Peer Review Group held in Paris France in February 2018 and finalized in March, 2018.