Honourable Alfred M. Sears

Minister of Education, Science and Technology

The Ministry of Education, Science
and Technology, pursuant to the vision
set out in Our Plan, has implemented
a series of initiatives to improve the
delivery of quality education and training
to the people of The Bahamas. Quality
education is the key to sustainable
human development, for education
stimulates the broadening of economic
and social opportunities and promotes
in citizens an awareness of their rights
and responsibilities. Therefore, ensuring
that every child has access to quality
education is the best investment for the
future.



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G-2-0 AND OFFSHORE FINANCIAL CENTRES: FREE TRADE OR PROTECTIONIST ATTACK BY G-20 MEMBER ON-SHORE FINANCIAL CENTRES? - A CALL FOR REFORM OF GLOBAL REGULATION OF ANTI-MONEY LAUNDERING AND TERRORIST FINANCING"

 ALFRED M. SEARS, ESQ.

MANAGING PARTNER OF SEARS & CO. AND FORMER ATTORNEY GENERAL OF THE BAHAMAS AND CHAIRMAN OF THE CARIBBEAN FINANCIAL ACTION TASK FORCE (CFATF)

PART 1

These twelve (12) articles are intended to encourage public conversation about the appropriateness of having ad-hoc organizations, such as the FATF and the OECD/Financial Stability Board, which are controlled by G-20 member countries with competing onshore financial centres to protect, make the rules on anti-money laundering and terrorist financing and apply punitive countermeasures against competing offshore financial centres.  Most of the offshore financial centres, which were black listed in 2000 by the FATF, OECD/Financial Stability Board and the United States, are once again under assault.  The Bahamas' financial services sector is once again facing a clear and present danger when in April 2009 it was grey listed by the OECD/Financial Stability Board, an organization in which The Bahamas is neither a member nor has a vote.  Using The Bahamas as a case study, I will examine the response of offshore financial centres to the punitive counter-measures taken against them by of these ad-hoc organizations.  I will conclude by making a number of recommendations to ensure equality of treatment between offshore financial centres and onshore financial centres and provide a more legitimate and effective global regulatory framework to fight money laundering and the financing of terrorism.

Here is the published document for the 2009 - 2010 Budget

 HOUSE OF ASSEMBY

BUDGET DEBATE 2008

ALFRED M. SEARS, M.P.

WEDNESDAY, 4^TH JUNE, 2008

        The premiere African-American novelist, Zora Neal Hurston begins her novel entitled Their Eyes Were Watching God with the following words:

“Ships at a distance have every man’s wish on board.

For some they will come in with the tide.

For others they sail forever on the horizon, never out of sight

Never landing until the Watcher turns his eyes away in resignation,

His dreams mocked to death by Time.

        Those words by Zora Neal Hurston captures the sad dilemma of the Free National Movement Government in this debate.  The ship came to shore in May 2007, with economic surplus, foreign exchange reserves of over $400 million; a projected economic growth rate of 4.2%; major anchor projects ready to take-off, major housing subdivisions ready for construction, contracts for schools, straw market and other public works projects where contracts had already been awarded and they dropped the ball because of partisan politics.  Now the ship has left shore and, in this Budget, we are jumping into the ocean trying to catch the ship which is now in the horizon.  God help those who cannot swim!