Some internal control recommendations

1. Stop accepting cash. The temptation for fraud is far too high for most people. Imagine you are a billionaire coming in on your private jet and clear your $50,000 customs bill in cash...wow. That's a lot of temptation for anyone.
2. If you like cash, as it seem you really do. Then deposit all cash in the bank every night as most businesses do. Do not keep cash on the premises. It becomes a target for thieves.
3. Utilize a security monitoring company that will report immediately the loss of video communication to the police. Also, use wireless motoring systems so when the phone line is cut you don't loose all your videos immediately. How is it possible for a massive robbery like this to take place and no body sees anything until the next morning?
4. Install safes in a poured concrete and steel reinforced encasement. As most banks do.
5. Utilize 24 hour live security guards. Most commercial bank buildings have 24 live security
6. Computerize your records so that hand written files are not as critical to your operation

Tax simplification

1. Merge VAT with Customs duties to simplify the customs clearance process
2. Have one single rate of duty on all items. Similar to the one VAT rate (this will stop the perceived abuse of privilege for those fortunate enough to be importing commercial washing machines, aircraft parts, selling locally manufactured paint and large companies getting a windfall on business license reductions...the all for me baby set.
3. Eliminate the business license fee by merging it in the VAT rate and making it a flat rate of $1,000 regardless of the size of the business.
4. Enforce the payment of VAT and customs duties on all large foreign investors. Please stop exempting billionaires from paying taxes. It just looks bad to the poor people in Bain Town who just got their tax free economic zone delayed because the government is "broke"?
5. Please stop charging VAT on Customs duties. It is a double tax on the poor. Is it truly the peoples" time to just get further ripped off by the FNM? I mussy get swing.
6. Please stop changing your customs clearance rules. Mention Bahamas Customs to any US shipper or freight forwarder and they just roll their eyes and tell you "good luck with that".
7. Please allow Bahamian Businessmen to have US Dollar bank accounts in the Bahamas or in Florida to stop them being ripped of by large billionaire Canadian Bank charging draconian FX charge (0.5% which goes to the bank for doing nothing), VAT on the FX charge and nasty wire transfer fees which can be up to 3% of the value of the shipment, and VAT on the wire transfer fee. Once the Canadian banks collect hundreds of millions in profits over the decades from ripping off Bahamians they just dividend the profits out of the country and invest absolutely nothing in staff or technology. Have you been in a Canadian bank recently and waited in line? "Good luck with that".

Good luck with that, but in a good way,

The source claims the target of the break-in was the customs safe that contained cash and receipts. But when they (the robbers) were unsuccessful in removing the safe, they ransacked the entire building. This building is at least twio and a half times the size of an average Supermarket and it must took some time and effort to do all that damage. The unfortunate thing with hiring an alarm monitering service is the owner of the building must still respond . Even if the police are notified of an alarm activation they will not do a thorough check of the building unless the owner shows up. And sometimes the police are in on the deal. I speak from past experiences with them.

Great points "Observer2"!

Well said "John".