Bahamas and Cayman Prepare to Tighten Financial Regulatory Regime in the Wake of External Pressures

On January 31, 2000, in an article appearing in the media, Sir William Allen, minister of finance for The Bahamas, indicated the Bahamas would introduce legislation that would provide increased transparency in the operations of its international business companies (IBC). A few days later, George McCarthy, the financial secretary of the Cayman Islands, said his government was engaging in “a dialogue” with the Organization for Economic Cooperation and Development (OECD) and was reviewing how it can best broaden the mutual assistance in criminal matters treaty with the U.S…[more]