Banking and Incorporation of Financial Institutions

The Bahamas is one of the world’s leading offshore financial centres and is regularly ranked among the top three in the Western Hemisphere.

In the year 2000, the Government of The Bahamas enacted a package of legislation that strengthened requirements of those engaged in banking and the financial services industry, increasing the financial service providers’ responsibility and accountability to know their clients and the sources of their funds. Concurrently with increasing the power of The Central Bank, the Government’s new policies tightened controls and increased regulation to guard against financial institutions within the country being used for money laundering, funding terrorist activity or transfer or receipt of proceeds of crime. 

The tightened controls further enhanced the country’s strong reputation as a major player in a sophisticated environment with nearly $500 billion under management in private and retail banking, wealth and asset management vehicles, trusts, mutual funds, annuities and other securities.

Because Callenders & Co. helped draft the legislation that regulates the industry, the Firm’s offices in Nassau and Grand Bahama, each with banking and financial services department, are well-positioned to provide counsel on the Acts and the requirements they impose on the establishment of banks, wealth and asset management vehicles, mutual funds, trusts, foundations and other financial instruments.

Callenders & Co. has assisted with the establishment, licensing and other matters pertaining to the operation of many of the more than 250 banks with a physical presence in the country.

Specifically, areas of expertise include:

                        ·         Incorporation

·          Organization

·         Licensing

·         Regulation

·         International Finance