* The Bahamas Scoops 'Best IFC In The Americas' AwardThe Bahamas has been rated as the top international financial centre in the western hemisphere by the banking industry magazine, The Banker.
Inaugurating its first ever 'Financial Centres of the Future' awards, The Banker said that the time had come to "provide recognition to those centres excelling in terms of growth ...quality of regulation and supervision; infrastructure and business support services; as well as overall political and economic stability."
The magazine, a Financial Times publication, said that it awarded the accolade to The Bahamas on the basis of its attractive location, favourable tax environment, political stability, legal structure and regulatory framework. The Cayman Islands was awarded the runner-up spot by the magazine.
Welcoming the favourable media exposure, Wendy Warren, CEO of the Bahamas Financial Services Board, said that she was "pleased" to receive the award.
"It not only reflects our long history in providing financial services, which dates back to the 1930s, but also recognises the many progressive developments in our jurisdiction as we continue to meet the requirements of an increasingly sophisticated financial services marketplace," she observed.
Ms Warren also pointed to other features that complement and support the financial services sector in the Bahamas.
"These include a robust information communication framework, a wide variety of Class A office facilities and business support services, excellent flight connections and compelling lifestyle choices including world renowned residential communities, premier hotels and restaurants," she stated.
"Most important is our capacity for growth through the availability of qualified professionals and land in an ideal location," Ms Warren added.
According to Stephen Timewell, Editor-in-Chief of The Banker, a panel of senior editors and industry experts picked the Financial Centres of the Future, with The Banker awarding the leading International Financial Centre (IFC) in four geographic regions: Europe, the Middle East and Africa, Asia and the Pacific, and the Western Hemisphere including North, South, Central America and the Caribbean.
The Isle of Man scooped the European award, with Jersey nominated as the runner up.
In Asia Pacific, the panel deemed Singapore to be the leading IFC, with Sydney in second place.
Meanwhile, Bahrain was awarded the best IFC in the Middle East and Africa, with Dubai the runner up.