ARTICLE
1 October 2004

Parliamentary Democracy

BF
Bahamas Financial Services Board

Contributor

The Bahamas Financial Services Board (BFSB), launched in April 1998, represents an innovative commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international financial centre. The Board is a multidisciplinary body that embraces active contribution from individuals within government, banking, trust and investment advisory services, insurance and investment fund administration as well as interested legal, accounting and management professionals.
The Bahamas celebrates 275 years of Parliamentary Democracy this week, the first meeting of Parliament (General Assembly) having taken place on 29th September 1729.
Bahamas Finance and Banking

The Bahamas celebrates 275 years of Parliamentary Democracy this week, the first meeting of Parliament (General Assembly) having taken place on 29th September 1729.

The Parliament of the Bahamas is bicameral, with an appointed Senate and an elected House of Assembly. Her Majesty Queen Elizabeth II, as Head of State and represented by the Governor-General, is also part of the Bahamas Parliament.

Parliament's Functions

Under the Constitution of The Bahamas, the Parliament is mandated "to make laws for the peace, order and good government of the Bahamas." The Constitution also empowers Parliament to:

  • Determine the privileges, immunities and powers of the Senate and House of Assembly.
  • Alter or amend any of the provisions of the constitution.
  • Regulate its own procedures by making rules of procedure.
  • Prescribe the officers that are to constitute the personal staff of the Governor-General.
  • Prescribe the number of Justices of the Supreme Court and Court of Appeal.
  • Approve the Government's budget.

In addition to its constitutional functions Parliament maintains oversight of Government's financial matters through the Public Accounts Committee.

The Bahamas is a member of the Commonwealth Parliamentary Association, and formed its National CPA Branch in 1932.

Similar to the independent judicial system (based on English Common Law), the long history of constitutional democracy is considered one of the key advantages of the jurisdiction as an international financial services centre.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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