Thursday, February 2, 2023

The Bahamas government’s unwavering commitment to protect the Bahamian borders and enforce the lawful processes for entry into The Bahamas

Any and all unlawful entrants in Bahamian territory will be swiftly processed and repatriated to their homeland


The Hon. Keith Bell - The Bahamas Minister of Labour and Immigration
NASSAU, The Bahamas -- The Hon. Keith Bell, Minister of Labour and Immigration told members of the House of Assembly while delivering a communication Wednesday, February 1, 2023 about the government’s unwavering commitment to protect our borders and enforce the lawful processes for entry into The Bahamas.  


During my last communication, he said - “I stated that I know and fully accept that we will be measured by our work, our results and not our speeches.  I further stated that The Department of Immigration is committed to doing the work needed to deliver the results that the Bahamian people demand.


"Our work to address this pressing issue did not commence with my communication," he said, "nor did it commence with the many false articles and stories authored by fringe groupings, this work began ‘ON DAY ONE.’


Within months of coming to office, this administration, led by the Hon. Philip Brave Davis Prime Minister and Minister of Finance, uplifted the spirits of a demoralized and broken Immigration Department by immediately remedying the longstanding confirmations and promotions of officers in various ranks which were left outstanding by the former administration from as far back as 2014. 


“I might add, this directly impacted more than 250 Immigration Officers or more than 30% of the human resource of the Department.”


Minister Bell continued that the administration immediately recruited and commissioned the largest immigration squad in the history of the Department, “increasing the total number of immigration officers by over 30%.  THIRTY PERCENT.”


He noted: The Progressive Liberal Party government also made ‘the single largest investment in the history of the Royal Bahamas Defence Force’ with an injection of over $200M to upgrade the Defence Force through the 'Sandy Bottom Project':  "We bought a whole new fleet of vessels including HMBS Lawrence Major, the first ‘roll on, roll off’ vessel of its class acquired by the organization.


“In anticipation of present circumstances,” Minister Bell said, “we established a temporary holding facility in Inagua with the capacity to hold over eight hundred (800) persons.


“This is to reduce the time required for irregular migrants intercepted in the Southern Bahamas to be returned to their home countries.


"I warned persons that any undocumented migrants will be taken into custody on January 18.  This was extended to persons working without a valid Work Permit or working outside the scope of their work permit.  This warning was further extended to persons who enter the Country as a visitor and illegally engage in employment and/or unlawful activities.”


The Immigration Enforcement Unit conducted operations to infiltrate a number of ‘escort services,’ January 19.  It is well known that these escort services consist of persons who enter the country as 'visitor' and also overstay the time granted by immigration to remain in the country.


In one operation, an escort service known as 'The Mango Season Girls' was dismantled.  Four Jamaican females were taken into custody in that sting operation.  They were charged and placed before the courts, convicted, sentenced, deported and placed on the restricted List.


On the 20th January, 2023, a joint operation by Immigration and the Royal Bahamas Police Force in the eastern area netted a number of irregular migrants, one of whom was found in possession of a fraudulent Work Permit.


Just a matter of days after his last address, “a vessel carrying 396 irregular migrants from Haiti was intercepted by the United States Coast Guard in the vicinity of Cay Sal Bank.   "In accordance with our plans to address an increase in interceptions, the Coast Guard was directed to transport the intercepted migrants to the temporary facility at Inagua where 375 migrants were handed over to Bahamian officials on January 24.  Some 21 migrants (mainly minors) remained with the Coast Guard on their vessel."


He explained, with the activation of the temporary facility in Inagua, the Government moved to quickly deploy additional resources to support the facility.  The Ministry of Health mobilized a team of Nurses and Physicians to fly to Inagua where they erected a field hospital donated by the United States government.  Food and other supplies were shipped in by the HMBS Lawrence Major.


"The Royal Bahamas Police Force and The Royal Bahamas Defence Force continue to assist the Department in providing additional security on the Island.


"Unfortunately, the interception near Cay Sal was not isolated.  On the 24th January - The Department of Immigration was notified that a vessel carrying unlawful entrants from the Republic of Haiti ran aground in the area of The Bluff, South Andros.  Officers from The Royal Bahamas Police Force, stationed in South Andros moved swiftly and apprehended a number of the unlawful entrants to our shores.  Combined with reinforcement teams from the Defence Force and Bahamas Immigration, a total of 41 persons were taken into custody following a full search of the area and surrounding communities.  The 41 persons were subsequently transported to the Detention Centre here in New Providence."


On Monday the 30th of January, Immigration Officials received notification of a suspected smuggling vessel sinking in the vicinity of Grand Bahama.  Law enforcement officials quickly mobilized and 19 individuals were taken into custody.  


They Included:

  • Eleven Haitian Nationals
  • Two Ecuadorian nationals
  • Two Chinese Nationals

Further, four Bahamian Males suspected of being the organizers were arrested and are expected to be placed before the Courts along with this group once the investigations are concluded.


"We are challenged, but yes, we are prepared; yes, we are ready and yes, with God’s grace and mercy, we will ride this wave!  In my earlier communication, I issued a stern warning and advised the Bahamian people that any and all unlawful entrants will be swiftly processed and repatriated to their homeland."


Three repatriation exercises were undertaken, recently, by the Immigration Department totaling 251 persons including

  • Thirty-one Cuban Nationals
  • Two hundred-and-twenty Haitian nationals

 Source

Friday, January 27, 2023

The Bahamas Department of Immigration new policies regarding acceptance and processing of applications for Work Permits and Permits to Reside from the Republic of Haiti

The Bahamas Department of Immigration announces changes to policies regarding acceptance and processing of applications for Work Permits and Permits to Reside from the Republic of Haiti


The Hon. Keith Bell, The Bahamas Minister of Labour and Immigration
In light of recent instability involving the Haitian Government in Haiti, the Government of The Bahamas has made decisions that will affect migrants from Haiti, said Minister of Labour and Immigration the Hon. Keith Bell during a press conference at the Ministry of Labour Friday, January 27, 2023.

“Existing and new Permit to Reside applications for Haitian citizens will only be considered on a case-by-case basis and approval will only be granted in the most exceptional circumstances.

“No new Work Permit applications for Haitian citizens will be processed until such time as revised protocols are introduced to verify and authenticate documents issued by the Haitian government and the Haitian national police,” Minister Bell said.

“All existing work permits, applications and renewals for work permits will be subjected to the most vigorous review and scrutiny.  Applicants should note that as a consequence, the time frame for the processing and determination of such applications will be impacted.”

“The government of the Bahamas is resolute in its commitment to protect its borders and enforce its immigration laws,” Minister Bell said.  “If you have information of breaches to the immigration laws, please contact the Department of Immigration and information can also be forwarded via the Department’s website at www.immigration.gov.bs under the tab ‘contact us!'”

“On Thursday, the 26th January, 2023,” Minister Bell said, “the Haitian National Police paralysed Port-au-Prince, Haiti by blocking streets and forcing their way into Haiti’s main airport.  Reports indicate that the officers also attacked Haiti’s Head of Government Ariel Henry’s official residence. Roads in several cities in the North of Haiti were blocked by protesters.  Yesterday’s protest by the Haitian National Police followed the departure from office of Haiti’s last remaining Senators and represents a further decline in the functioning and stability of the Haitian Government.”

Last evening, Prime Minister and Minister of Finance the Hon. Philip Davis ordered an immediate involuntary departure from Haiti of all Bahamian diplomatic personnel as soon as security conditions permit.

The Bahamas maintains a strict regulatory framework for the review and processing of all immigration applications.  This process requires each applicant to produce various reports and certifications from their home countries. A key report is a character certificate from local police authorities to confirm any criminal history of an applicant.

Additionally, in many instances, the Department of Immigration may require applicants to attend the Bahamian Embassy or Consulate in the applicant’s home country when immigration officials require enhanced verification.

In response to yesterday’s events, the Department of Immigration hereby advises the public of changes to its policies concerning the acceptance and processing of applications for Work Permits and Permits to Reside from the Republic of Haiti.

Haiti Crisis and Its Impact on The Bahamas

Haiti Crisis and Its Impact on The Bahamas Relationship 


Bahamian Diplomats extracted from Haiti


Statement from The Bahamas Ministry of Foreign Affairs



Bahamian diplomats leave Haiti
January 27, 2023 -The ministry is able to confirm that this morning all seven Bahamian diplomats, including the spouse of the Chargè d"affaires were airlifted out of Port au Prince by helicopter and have landed safely in the Dominican Republic.
The prime minister has expressed his deep gratitude and highest consideration to the President of the Dominican Republic Luis Abinadar and the Foreign Minister of the Dominican Republic Roberto Alvarez for the execution of this process.
The diplomats are likely to proceed home shortly.

Tuesday, January 24, 2023

Persons entering or remaining in The Bahamas outside our laws will be returned to their home countries

The Increase of Migrant Interceptions in Bahamian Waters


The Bahamas Government continues to work assiduously and continually to address the irregular migration problem through its law enforcement agencies and international partners 


Illegal Immigration Issues In The Bahamas
Nassau, The Bahamas - 22nd January 2023 - Earlier today, Immigration officials were notified that a vessel carrying 396 unlawful entrants from the Republic of Haiti was intercepted in the vicinity of Cay Sal by the United States Coastguard. 

The Ministry of Health’s surveillance team has been notified and the customary screenings will be conducted. 

In anticipation of an increase in migrant interceptions, last month the Department of Immigration in collaboration with the Royal Bahamas Defence Force completed work on a temporary processing and detention facility in Inagua.  This facility can temporarily house in excess of 800 persons. 

The intercepted migrants are presently en route to Inagua where they will be handed over to Defence Force and Immigration personnel.  Additional officers and supplies will be provided by HMBS Lawrence Major which was dispatched from the Defence Force Coral Harbour Base this afternoon. 

Through its law enforcement agencies and international partners, The Bahamas Government continues to work assiduously and continually to address the irregular migration problem.  The Department of Immigration is working with the Ministry of Foreign Affairs to ensure that the intercepted migrants are repatriated as quickly as possible. 

The Bahamas maintains an organised system to allow for the lawful entry and orderly processing of applications for lawful entry into The Bahamas.  This is the only process by which persons should enter The Bahamas.  Persons entering or remaining in The Bahamas outside our laws will be returned to their home countries. 

A further update will be provided to the public as soon as more details become available. 

 

Source

Thursday, January 12, 2023

The Advent of Majority Rule in The Bahamas

What does Majority Rule in The National Affairs of The Bahamas mean?


Majority Rule Day marks the day when, for the first time in history, The Bahamas had achieved full democratic status


Majority Rule: a different eyewitness report

By Patrick Rahming
Patrick Rahming - The Bahamas
Someone once said that anyone who wants to test the veracity of history should listen to two eyewitness reports of the same car accident. In that spirit, this is another eyewitness report of the advent of Majority Rule and the events following. This report may appear to contradict one that appeared in The Nassau Guardian on the eve of Majority Rule Day, January 9, 2023, but it does not. It simply adds another shade of color to the picture. To be even clearer, then, I would refer to another quote about history: “History is created by those who write it.” I share my opinion for the benefit or otherwise of Bahamian history.
What does Majority Rule mean?
The popular belief is that Majority Rule has something to do with the majority party in Parliament finally looking like the majority of the people – that is, black. That, of course, would suggest that a community of majority black citizens could not choose to be represented by white politicians, and that The Bahamas determines its national affairs on the basis of race. I cannot believe that is the meaning of Majority Rule Day.
More likely, Majority Rule Day marks the day when, for the first time in history, the country had achieved full democratic status. I have spoken to many younger Bahamians who were unaware that, prior to 1962, there were four categories of Bahamian citizens. First, there were those who qualified to vote ordinarily, which applied to men with property only. Then there were those who owned properties in multiple constituencies, who could vote wherever they owned property, giving a single individual the opportunity to vote multiple times in the same election. Thirdly, there were those who owned or represented companies, who could vote “for the company”. Finally, women and men without property could not vote at all, basically a voiceless category of citizens. In other words, prior to 1962, national elections were anything but fair. The Bahamas was legally and constitutionally not a democratic country.
However, following changes to those laws, women voted for the first time in 1962 and by 1964 both the land vote and the company vote had been rescinded. By 1964, then, The Bahamas had finally become legally and constitutionally a democratic country. So, it is quite true that the 1967 election was the first election held as a true democracy (the results determined by one man, one vote). Regardless of who won that election, the day would have been the first Majority Rule Day. The meaning of the day was determined by its history, not its participants.
*It is therefore wrong to continue to vilify those who actually passed the laws we now celebrate. The PLP was not the government when the laws providing the franchise for women and those eliminating the preferential positions for land and company ownership were passed, and therefore could not have been responsible for them. Regardless of their role as promoters or agitators, they cannot accept responsibility for the legislation passed by a previous government. In the courts, for example, the judge holds the perpetrator of the crime responsible, not the person who convinced him to commit it. This is a matter of historical record, not opinion or preference. Our children deserve the truth, not our prejudice. If we are to celebrate, let us celebrate history, not partisan rhetoric and half-truths.*
Majority Rule and the economy
Those of us over 65 (that is, old enough to remember pre-Majority Rule conditions) have a view of the 1960s that is very different from the world we hear about when current politicians speak. We recall a world in which there was considerable participation in the economy by ordinary black and white Bahamians. In tourism, the anchor of the economy, almost all of the entertainment business, the primary wealth creator in the tourism business, was owned locally, over 90 percent by black Bahamians. All of the transportation business was owned by Bahamians, also mostly black Bahamians. Except for the heritage sites, almost every tourist attraction was owned and operated by Bahamians, again mostly black. Throughout the real City of Nassau (over the hill) just about every consumer business was owned and operated by black Bahamians: grocers, meat markets, dry cleaners, dry goods stores, shoe sales and repair stores, barbers and beauticians. Everyone seemed to be an entrepreneur, from bicycle repair to raising rabbits to operating joinery shops to teaching music. Even on Bay Street, almost every business was owned and operated by Bahamians. While the majority of them may have been white, they were Bahamians (unlike today) and their participation in the tourism economy was significant. We recall a productive, confident, self-sufficient, self-assured, future-oriented communities. This is the starting point for measuring our economic progress.
The fact that, after 52 years we find ourselves standing outside foreign-owned resorts begging for participation in a business we had shaped for decades before, speaks volumes about our lack of attention to our own business. Rather than patting ourselves on our backs because we now drive expensive cars and live in gated communities, we should be asking why we have become a nation of dependent, frightened observers begging for a job. If the political establishments would claim credit for our new middle-class, they must also accept credit for the high reliance on a pay check and fear of risk.
Majority Rule and human development
That said, I agree whole-heartedly with concerns expressed about the growth of the gap between the government and its people, and the urgent need to complete the Westminster system by establishing a true system of local government. Parliamentarians are today too busy to know what their constituents need. That must be a sign that something is wrong. There appears to be little or no concern for involving citizens in their own affairs, which has led to a strong sense of “us and them” throughout the country.
I am proud of many of the advances made over these 52 years, but cannot avoid the apparent complete lack of a concern for human development by successive governments. The simple fact that the people of the de facto City of Nassau have not yet been recognized as such in law, after 50 years of independence is shocking. The fact that successive governments still find excuses not to spend on the infrastructure for the reinforcement of our identity through cultural activity is shocking. The fact that when a draft of the National Development Plan, published three years ago, stated that at graduation, 50 percent of students in public schools did not qualify to graduate, it was not considered a national emergency, is shocking. Self-Image and identity are the bedrock of social behavior. Meanwhile the same governments seem mystified by our children’s antisocial behavior. Majority Rule officially made us all equally responsible for the future of The Bahamas. I am not sure we have lived up to that responsibility.
What is the significance of Majority Rule Day? It marks the day The Bahamas became a democracy. That, I believe, is by far more important than seeking partisan credit for a public holiday.

Pat Rahming is an architect, writer and songwriter who is passionate about the importance of the built environment and its importance to the social development of The Bahamas. He can be reached at prahming@gmail.com or via his blog “From the Black Book” at prahming.wordpress.com. He welcomes other points of view.

Wednesday, January 4, 2023

Bahamians are Suffering in The Bahamas, Prime Minister Davis!

An Open Letter to Prime Minister Davis on Bahamian Suffering 


The cost of running The Bahamas is placed entirely on the backs of those least able to afford it, the wage earners, the poorest of us.


Dear Mr. Davis, 


The Bahamas Prime Minister, The Hon Philip Davis ignores poor Bahamians
You have spent much time lately talking about inflation impacting the high cost of living here in The Bahamas.  It is striking to me that for the most part, you and the majority of your class are completely immune from the realities facing MOST Bahamians. 

Most Bahamians do not have the luxuries you do.  Perhaps you have earned these luxuries.  Yet, I would argue that living paycheck to paycheck, uncertain of what tomorrow will bring economically, should not be the fate of most Bahamians in 2023, in a relatively rich country. 

Yet, these are our realities, Mr. Davis, not yours.  So, how can you say you and your party truly “represent” us?  How can you say we are all in this together? 

Even more important, is what you are not saying regarding the dire situation The Bahamas faces as a whole; in the collapse of our standard of living, rising crime, a 100% debt to GDP ratio, millions of dollars leaving our coffers on a daily basis to pay off loans which were taken out solely to cover up the corruption, theft, inefficiency and incompetency of our political class. 

This is before we confront the very real and near term costs associated with climate change mitigation.  Let me be direct here, Mr. Davis, most of our social problems stem directly from the regressive and odious taxation policies here at home. 

I am claiming that, above all else that is going on in the world, our own taxation scheme is what is causing the pain and suffering here in The Bahamas.  You have not mentioned this, as far as I know. 

Instead, you focus on things we can do nothing about.  There are things we can do here and now that would be game changers for our standard of living and hopes for our children's future. 

All this talk of Duty, VAT, NIB contributions, rising fuel and electricity costs, business licenses, of hiring people to go around as “price controllers”, is utter nonsense.  These are diversionary tactics to hide the real villain. 

Trickle down economics, upon which the premise of our taxation scheme is predicated, has proven to be an utter intellectual fallacy.  This experiment has failed everywhere in the world.  Why do we still cling to this lie that if we don't tax the rich our economy will prosper and everyone will be better off? 

The cost of running The Bahamas is placed entirely on the backs of those least able to afford it, the wage earners, the poorest of us.  Here in The Bahamas, we have taxation exactly backwards.  Rich people can come to the Disney World of the Caribbean, our Bahamas, and live virtually tax free.  No tax on their income.  No tax on their business gains, no real property tax, to speak of.  Is this fair? 

All taxes placed on businesses, are passed along to the consumer, the poorest of us.  With this recent FTX scandal, what stood out to me was not the level of criminality involved.  What really struck me was how willing we were to take Sam Bankman Fried's ill-gotten money and use it for frivolous political contributions, sports stadiums, high end real estate, yet not use a penny of it to ease the burdens of most Bahamians. 

Before a Bahamian wage earner's money is touched by the Bahamian government, we need to agree upon and implement a fair, reasonable and Christian way of taxing our people.  A progressive income tax is one way.  Taxing those best able to pay. 

Arguing against this is can only work with those uneducated and ignorant of fiscal and Christian thinking.  Regressive taxation, as we have here, is in the same category as defending marital rape.  

Smart, educated Christian people simply can't defend these policies anymore.  To ignore the very real social costs of our present taxation system is unacceptable. 

Our rising crime is economic in nature.  Poverty, homelessness, poor nutrition, poor educational outcomes, mental health issues, and suicide are all directly tied to our declining financial security. 

I maintain that it is not just poor household decisions which are at the root of these ills, rather they are a direct result of our unchristian, and unfair taxation of our people, by the political ruling class.  Until you are honest Mr. Davis, about the true causes of human suffering here in The Bahamas, you will only be a politician, never a leader. 

A true leader of the people would wish for the best possible outcome for all of us, and speak the truth.  A true leader would not support policies that benefit a select few, as you do now, who get richer by the day. 

If we are all truly in this together, the present status quo is unacceptable. Period.  You do not have to be a PhD. in economics to see what is going on here. 

That you do not have in your administration, even one bold, moral and intellectually honest member willing to speak to this matter, says wonders.  From my perspective, neither the PLP or the FNM, nor any other fringe party, has any hope of leading our country into the future. 

For all the talk of Christianity in this country, I find it absolutely incredible that we continue, in a methodical and calculating way, to place such unchristian burdens on the backs of those the bible refers to as, the least of us.  We are not behaving as a Christian country. 

Let's quit pretending, and claiming that we are a Christian nation, until we get our odious taxation system in line with Christian values.  Mr. Davis, the Bahamian people are only asking for fairness and decency. 

For too long we have accepted the short end of the stick, all for the benefit of the well-to-do and rich class, whom we refuse to tax adequately and fairly.  Until we make this substantial change of how we raise taxes to run this country, and pay our politicians, I can see no progress in our country that benefits the majority of the Bahamian people.  Until we fix our broken tax scheme, our social and fiscal ills will continue to get worse. 

Porcupine

Monday, January 2, 2023

Securities Commission of The Bahamas applies for directions from The Bahamas Supreme Court (“Court”) in light of the dispute between the court-appointed Joint Provisional Liquidators (“JPLs”) of FTX Digital Markets Ltd (“FTXDM”) and the US Debtors over the JPLs’ rights of access to the records of FTXDM

Securities Commission of The Bahamas 
Poinciana House North Building, 
2nd Floor 
31A East Bay Street 
P.O. Box N-834
Nassau, The Bahamas  


Securities Commission of The Bahamas Seeks Court Direction Regarding Disclosure of Information 



The Securities Commission of The Bahamas (“Commission”)

On 29 December 2022, the Securities Commission of The Bahamas (“Commission”) announced that it applied for directions from the Bahamian Supreme Court (“Court”) in light of the dispute between the court-appointed Joint Provisional Liquidators (“JPLs”) of FTX Digital Markets Ltd (“FTXDM”) and the US Debtors over the JPLs’ rights of access to the records of FTXDM. 

The Commission requested the Court’s direction as to whether information respecting the digital assets in the secure digital wallets established by the Commission may be provided to the US Debtors representatives.  On the same day, the Court entered an order (“Order”) affirming that the Commission may only lawfully provide assistance to a domestic regulatory authority, or overseas regulatory authority. 

The Order further indicated that the JPLs may cooperate with, and provide information to, the US Debtors by sharing with their representatives, in a highly confidential manner, certain information respecting the digital assets being held in the secure digital wallets established by, and under the control of, the Commission. 

As part of the above request, the Commission filed with the Court a Third Affidavit of Christina R. Rolle, Executive Director of the Commission, which sets out in detail the manner in which the Commission has exercised its regulatory powers in relation to FTXDM, and provides a detailed chronology of the protective actions the Commission has taken to date in connection with the insolvency of FTXDM. 

Relevant actions include the suspension of FTXDM’s registration under the Digital Assets and Registered Exchanges Act, 2020 ("the DARE Act") on 10 November 2022, and placing FTXDM into immediate involuntary provisional liquidation. 

The Commission acted promptly upon assessing known information regarding FTXDM’s liquidity crisis, in the exercise of its obligation to “protect the public” under section 19(3) of the DARE Act. 

This action – the first commenced globally against an FTX entity – placed FTXDM under the control of a court-appointed fiduciary and removed prior management from exercising any authority over FTXDM. 

As indicated on the 12 November 2022 media release titled ‘Securities Commission Addresses FTX Statement on Bahamian Withdrawals’, The Commission did not in any way direct, authorize or suggest to FTXDM the prioritization of withdrawals for Bahamian clients. 

The Commission further noted that such transactions may be characterized as voidable preferences under the insolvency regime and consequently result in clawing back funds from Bahamian customers. 

Based on information provided by Sam Bankman-Fried to the Commission concerning the cyberattacks that took place on the systems of FTXDM, the restricted access by the employees of FTXDM to its AWS system, and other available information, the Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTXDM to the prejudice of its customers and creditors. 

As a result, in the exercise of its regulatory powers, the Commission requested and obtained a Court order to safeguard the digital assets owned by or under the custody or control of FTXDM or its principals by transferring them to secure digital wallets under the exclusive control the Commission. 

Accordingly, on 12 November 2022, the Commission, in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of under the custody or control of FTXDM or its principals, valued at more than US$3.5 billion, based on market pricing at the time of transfer, to digital wallets controlled by the Commission, for safekeeping. 

While certain token protocols may require the burning of old tokens and the simultaneous minting of new replacement tokens to effect transfer, in no case, did the process involve the creation of any additional tokens. 

In order to promote the protection and security of the assets being held by the Commission for the customers and creditors of FTXDM the above steps were conducted under a sealing order requested by the Commission and granted by the Supreme Court of The Bahamas on 16 November 2022.  The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control the Commission are being held by the Commission on a temporary basis, until such time as The Bahamas Supreme Court directs the Commission to deliver them to the customers and creditors who own them, or to the JPLs to be administered under rules governing the insolvency estate for the benefit of the customers and creditors of FTXDM. 

The Commission has consistently taken necessary steps to protect FTXDM customers and creditors as well as the public interest when discharging its duties duly backed by a solid regulatory regime within The Bahamas and international treaties, as well as sound regulatory practices and policies that promote consumer confidence and protections. 

The Commission will continue to conduct a comprehensive and diligent investigation into the causes of FTX’s failure, act in accordance with directions issued by the Supreme Court of The Bahamas, collaborate with other supervisory authorities, and take such further actions as needed to preserve the assets of FTXDM and to safeguard the interests of customers and creditors of FTXDM. 

The Third Affidavit of Christina R. Rolle, Executive Director of the Securities Commission of The Bahamas, and Order issued by the Bahamian Supreme Court may be viewed at:

https://www.scb.gov.bs/wp-content/uploads/2022/12/Third-Affidavit-of-Christina-Rolle-filed-on29Dec22.pdf and https://www.scb.gov.bs/wp-content/uploads/2022/12/Order-of-Hon-CJ-Winder29Dec22.pdf

Prior releases issued by the Securities Commission of The Bahamas may be viewed at: https://www.scb.gov.bs/media/newsroom/media-releases/.