Statement to Update on the Sale of the Grand Lucayan – Magnetic Media

By Sherrica Thompson

Staff Writer

#TheBahamas, October 1, 2022 Prime Minister of the Bahamas Phillip Brave Davis is again calling for equality in the financial services sector and for the United Nations to leverage its universal jurisdiction for greater oversight of global anti-money laundering de-risking and tax cooperation matters.

In addressing the United Nations General Assembly on Saturday, September 24, Prime Minister Davis said the Bahamas is one of the best-regulated countries in the world, yet it has been under attack by international bodies and placed on the Organisation for Economic Co-operation and Development (OECD) blacklist while transgressions in the developed world are ignored.

He questioned why this was the case and highlighted some disparities in the financial sector.

Why is it that European states that operate frameworks akin to that of high-risk or blacklisted countries, are not even eligible for inclusion on these lists? Why are all the countries targeted all of them small and vulnerable, and former colonies of European states? We find it astounding that the $2-$3 trillion dollars which is estimated to be laundered each year through the developed countries, are never flagged as causes for concern, articulated Phillip Davis, addressing the 77th session in New York.

Prime Minister Davis further noted that there are elements of racism in the decision-making when it comes to regulating black-governed countries in the financial services sector. He also declared that black-governed countries matter as well.

And yet my country, which is widely recognized as one of the best-regulated countries in the world, and other countries like The Bahamas, are singled-out for such reputational attacks? The robust regulatory regimes of our Central Bank, Securities Commission, and Insurance Commission, are chastised on minor details of technical process, while much bigger transgressions in the developed world are ignored.

The evidence is mounting, that the considerations behind these decisions have less to do with compliance, and more to do with darker issues of pre-judged, discriminatory perceptions. Black-governed countries also matter.

Davis also highlighted the need for reforms that apply to all in the global financial system.

Mr. President: We support the call for reforms in the global financial system to make it more relevant to the needs of today. But those reforms need ambition. They need to go beyond the incremental. And they need to apply to all. For example, the community of international financial institutions are in a position to forgive the debt incurred by the economic shutdowns during the COVID-19 pandemic. They should do so.

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Statement to Update on the Sale of the Grand Lucayan - Magnetic Media