Bahamas Attorney General and Minister of Legal Affairs Senator Allyson Maynard Gibson has told law school graduates that rapid changes in the global financial services sector will present new tests for the legal fraternity.
In her address to graduates of the Hugh Wooding Law School last Saturday at the Sport and Physical Education Centre, St Augustine, the visiting government official said the financial services secto is being redefined just as many countries in the region are emerging from the adverse impact of the global recession and banks are consolidating services, closing branches and promoting on-line business.
"On-line businesses brings new legal challenges in an ICT world. I foreshadow that Caribbean region banks, over the short to medium term, will be reconsidering their correspondent banking relationships," Maynard Gibson said.
|For decades, regional correspondent banking has been conducted through the USA. I believe that we will see China grow as a choice for correspondent banking. Some countries in the region have become dollarised economies–the US dollar is the official currency. Surely, we can imagine a day when countries may decide to become Chinese yuan renminbiised and many countries may decide to link this currency to one or the other currency."
The Bahamas AG added: "Securities law, on-line gaming law, regulatory law and focus on combating money laundering and terrorism financing will require your attention. Consider the importance of CFATF headquartered in T&T which next month will take the chair of CFATF. Of course, being a region primarily of island states, maritime law is increasing in importance. Maritime law and any other specialty involving international trade or treaties present untold opportunities in international arbitration."
She said her boss, Bahamas Prime Minister Perry Christie, who recently demitted the chair of Caricom, along with other leaders in the region, had concerns about the impact of climate change and because of that environmental law was front and centre on national and international agendas. The era of ICTs and adherence to international conventions continues to redefine constitutional law, she said.
"In the arena of rapid change, I see the formation of regional law firms. Many US�based law firms have offices in major or strategic world trading centres. In the ICT era, lawyers are outsourcing support services. Some feel that these are best provided by businesses led or owned by lawyers.
"Today for ministers of justice at least two things were clear–small states are challenged by efficiency in administration of justice and well developed states are challenged by efficiency in the administration of justice," Maynard Gibson said.
"For all states, efficiency in the administration of justice means that the status quo cannot remain the same. Time is money. Efficiency is the watchword. Judicial time is valuable. As an advocate, you can gain admiration and respect for clarity and brevity. Efficiency also means that you will complete the 'e' movement in the administration of justice, including use of digital files and video conferencing in courts and offices. Case management by video conferencing is today's reality."