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THURSDAY, DECEMBER 29, 2022
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Central Bank wants stricter due diligence to stop another FTX By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Central Bank of The Bahamas has called for stricter due diligence on the transfer of funds in the wake of the FTX collapse. The call comes in the bank’s newly released Draft Digital Assets Guidelines. Due to the collapse of the FTX cryptoexchange, The Bahamas has been raked over the coals in international media, with criticisms suggesting a slack digital assets regulatory regime, with
CENTRAL BANK OF THE BAHAMAS much criticism directed at the Securities Commission of The Bahamas. However, the Central Bank also has oversight of financial institutions involved in the
transfer of funds between authorised agents and broker dealers that deal in digital assets. In its newly released guidelines, the bank is
asking for the risk management framework governing digital assets activity to be fully integrated into the overall risk management processes of the supervised financial institution (SFI). It said: “Any increase in risks posed by digital assets exposure should be captured and effectively incorporated into SFIs’ Internal Capital Adequacy Assessment Process (“ICAAP”). In carrying out digital asset activities, SFIs must comply with the obligations imposed by the AML/CFT laws of The Bahamas as well as the Central Bank’s revised
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Christmas sales back to 2019 levels, say retailers By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RETAILERS are back on par for 2019 with Christmas sales as they look forward to a robust 2023.
Brent Burrows Jr, <zf”-webkitstandard”>manager of e-commerce and online shopping at CBS Bahamas (Commonwealth Building Supplies), told Tribune Business this year’s Christmas season was a “little bit better” than last year’s season. “We are back in
Downtown demolition of buildings ‘a fair process’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE demolition of dilapidated downtown buildings is done through a “fair process”, says the Downtown Nassau Partnership (DNP). Charles Klonaris, the DNP’s co-chair, said the group stands behind the Ministry of Tourism, Investments and Aviation with the push to demolish dilapidated and abandoned buildings in the Downtown area. He said: “If you’ve got a derelict building and it’s just sitting there and doing nothing we had to do something about it. Then we
looked if whether or not the property taxes have been paid and then we ask for the property tax to be paid, then we also get a notice for them to refurbish the building. So the process is a fair one and its not just going in and tearing down a building. There’s process and it’s a fair process that we have because we looked at the real property tax and we give notice about the balances behind property tax. They give notice about trying to refurbish it and bring it into a reasonable functional position. We do this before it’s determined to tear down the building.”
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Govt ‘will defend right to collect overflight fees’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net DEPUTY Prime Minister Chester Cooper last night said the government will defend the country’s right to collect overflight fees in the face of threats by US airlines to stop flights. Mr Cooper, also the Minister for Tourism,
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CHESTER COOPER
line with 2019 levels. Sales were very good. Up until the last moment on Christmas Eve.” He added: “We closed at 8pm, we didn’t stay open until midnight because we wanted our staff to get back home. But it was busy on Christmas eve, which was that Saturday, which
made it a little busier than it would have fallen on a weekday. So that was definitely nice.” Hot items this year at CBS were the home appliances and “gift items” for homes, including small power tools. “Then also
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More than 300 percent rise in tourism in November over previous year By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE tourism sector continued its “robust” growth in November, according to the Central Bank of The Bahamas’ monthly economic and financial developments report - with arrivals up by an astonishing 341.5 percent from 2021. The report said: “Monthly data suggested that the tourism sector continued to record robust growth during the review period, amid relaxed pandemic restrictions and heightened demand for travel in the key source market. “Official data provided by the Ministry of Tourism (MOT) indicated that total passenger arrivals by first port of entry grew to 570,154 in October, from 260,942 visitors in the same month of 2021. Specifically, the dominant sea segment rose to 484,480, vis-á-vis 204,067 visitors in
the prior year. Further, air traffic expanded to 85,674 from 56,875 a year earlier — surpassing pre-pandemic levels; representing 114.1 percent of air arrivals registered in 2019. “A breakdown by major ports of entry revealed that total arrivals to New Providence increased to 235,282 in October, from 140,581 in the comparative period of 2021. Leading this outcome, the air and sea segments both advanced to 69,408 and 165,875 visitors, respectively. Likewise, traffic to the Family Islands amounted to 308,209 visitors, compared to 106,365 a year earlier, as air and sea visitors measured 13,717 and 294,492, respectively. Further, Grand Bahama attracted 26,663 visitors, exceeding the 13,996 recorded in the previous year, attributed to gains in the air and sea components, of 2,549 and 24,114, respectively.”
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