International Monetary Fund (IMF) researchers estimated in July 2015 that profit shifting by multinational companies costs developing countries around US$213 billion a year, almost two percent of their national income. Igor Angelini, head of Europol's Financial Intelligence Group, said that shell companies "play an important role in large-scale money laundering activities" and that they are often a means to "transfer bribe money". Tax Justice Network concluded in a 2012 report that "designing commercial tax abuse schemes and turning a blind eye upon suspicious transactions have become an inherent part of the work of bankers and accountants".
The official language of The Bahamas is English. Many people speak an English-based creole language called Bahamian dialect (known simply as "dialect") or "Bahamianese". Laurente Gibbs, a Bahamian writer and actor, was the first to coin the latter name in a poem and has since promoted its usage. Both are used as autoglossonyms. Haitian Creole, a French-based creole language is spoken by Haitians and their descendants, who make up of about 25% of the total population. It is known simply as Creole to differentiate it from Bahamian English.
More InfoA new constitution granting The Bahamas internal autonomy went into effect on 7 January 1964, with Chief Minister Sir Roland Symonette of the UBP becoming the first Premier.:p.73 In 1967, Lynden Pindling of the PLP became the first black Premier of the Bahamian colony; in 1968, the title of the position was changed to Prime Minister. In 1968, Pindling announced that The Bahamas would seek full independence. A new constitution giving The Bahamas increased control over its own affairs was adopted in 1968. In 1971, the UBP merged with a disaffected faction of the PLP to form a new party, the Free National Movement (FNM), a de-racialised, centre-right party which aimed to counter the growing power of Pindling's PLP.
More InfoSlavery was abolished in the British Empire on 1 August 1834. After that British colonial officials freed 78 North American slaves from the Enterprise, which went into Bermuda in 1835; and 38 from the Hermosa, which wrecked off Abaco Island in 1840. The most notable case was that of the Creole in 1841: as a result of a slave revolt on board, the leaders ordered the US brig to Nassau. It was carrying 135 slaves from Virginia destined for sale in New Orleans. The Bahamian officials freed the 128 slaves who chose to stay in the islands. The Creole case has been described as the "most successful slave revolt in U.S. history".
More InfoAmerican film-maker Stanley Kubrick had an estimated personal worth of $20 million when he died in 1999, much of it invested in an 18th-century English manor he bought in 1978. He lived in that manor for the rest of his life, filming scenes from The Shining, Full Metal Jacket and Eyes Wide Shut there as well. Three holding companies set up by Mossack Fonseca now own the property, and are in turn held by trusts set up for his children and grandchildren. Since Kubrick was an American living in Britain, without the trust his estate would have had to pay transfer taxes to both governments and possibly have been forced to sell the property to obtain the liquid assets to pay them. Kubrick is buried on the grounds along with one of his daughters, and the rest of his family still lives there.
More InfoThe Duke was praised at the time for his efforts to combat poverty on the islands. A 1991 biography by Philip Ziegler, however, described him as contemptuous of the Bahamians and other non-European peoples of the Empire. He was praised for his resolution of civil unrest over low wages in Nassau in June 1942, when there was a "full-scale riot". Ziegler said that the Duke blamed the trouble on "mischief makers – communists" and "men of Central European Jewish descent, who had secured jobs as a pretext for obtaining a deferment of draft". The Duke resigned from the post on 16 March 1945.
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