By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas’ gaming legislation contains far more “rigorous” protection measures to curb money laundering, State Minister for legal Affairs Damian Gomez said yesterday, noting that the Government was confident that in time the Canadian banks would see the industry as one in which they could profitably engage.

“To the extent that the industry is lawful going forward there can be no real issue,” said Mr Gomez. “We have in our legislation far more rigorous protection measures to ensure that the gaming industry in The Bahamas is not used for the laundering of the proceeds of crime. And to that extent we are confident that in time banks other than the Bank of the Bahamas can see that  this is an area that they can profitably be engaged in,” Mr Gomez said.

Paul McWeeney, Bank of the Bahamas’ managing director, last month confirmed to Tribune Business that the BISX-listed institution had received “clearance” from its own US correspondent bank, JP Morgan Chase, to accept deposits from a legalised web shop industry.

The three Canadian banks - CIBC FirstCaribbean, Royal Bank of Canada (RBC) and Scotiabank - have stated that they were standing firmly behind their position not to accept deposits from a legalised web shop industry as they are prohibited from doing so by their bank’s worldwide policy.

Attorney General Allyson Maynard-Gibson said that  the banks still have the right to decide whether they will accept money from any client. “Anybody that goes to the bank in our jurisdiction has no guarantee that the bank will accept their money. Banks have to do their own due diligence and they determine whether they will accept the money of any client that enters the bank.”