So basically what you are saying is they gat us by the balls

Absolutely!

Soooooo, can the Central Bank cap the fees that clearing banks charge Bahamians????

if they can, they are not interested.

the fact is, the banks should be more agressive in the software they use because, in the long run, computers are cheaper than paying people to shuffle paper.

look at the immigration dept., it is in shambles because they continue to shuffle paper instead of upgrading technology constantly.

>From the IMF's own lips ".........the decision by some global banks to terminate relationships with their Bahamian counterparts was driven, at least in part, by their “discomfort” in providing services to institutions that do business with the web shops."

The global financial community is well aware that the Minnis-led FNM government is beholden to the numbers bosses, especially Sebas Bastian, for having provided significant funding to the FNM party and many of its candidates who ran and got elected in the last general election campaign. This is evidenced by Minnis, KP Turnquest and John Rolle now promoting that the corrupt racketeering web shop owners be licensed to engage in electronic money transfer and payment activities previously reserved for well-regulated reputable financial institutions operating in and from within our country. This of course has the global financial community absolutely incensed and essentially gives them the perfect excuse for seeing to it that our financial services sector is pummeled to a pulp. Minnis, KP, Rolle, Michael Paton, QC Moree and so on, all just don't get it!

Not only has the fees doubled but banks like RBC has cut back significantly on their service. Plan to spend up to two hours in line when you visit any of their locations. And while they have replaced their clients cards with credit cards, they haven't done enough to inform clients that they no longer have to stand in line for lots of payments they can make on their credit- debit cards

The IMF and its affiliated international agencies (all of whom represent the interests of the developed countries) are certainly trying to help the naive dolts like PM Minnis, AG Carl Bethel, Finance Minister KP Turnequest, QC Moree, lawyer/accountant Michael Paton, Governor John Rolle, banker/accountant Gowan Bowe, and so on, to "get it". Unfortunately though, these twits may still just not "get it" at the end of the day. The message is a very simple one and has now been all too clearly telecast by the global financial community: SHUT DOWN THE WEB SHOPS OR ELSE!

> The IMF paper adds: “Anecdotal evidence suggests that international correspondent banks are uncomfortable providing services to domestic banks that do business with either money transmission businesses (MTBs) or online gaming operators (so called web shops), which are perceived as a higher anti-money laundering/counter terror financing risk."

Yes indeed. The message could not be any clearer!

Mudda, you get it, Reality-check, gets it, I get, most intelligent people in this country get it. What the hell is wrong with our P.M. and other current party leaders? They need to fess up to their numbers bosses involvement, apologize to the electorate and close down the gambling houses, NOW. It is clear as day that we have turned into an overly expensive, disreputable, crime-ridden, inefficient country with no future. The pathetic status quo is unsustainable. If Minnis and Co. don't do something about the scourge NOW they won't have to wait another four and a half years to worry about losing their precious seats. They'll be sitting under a dilly tree somewhere doing a Hillary Clinton.

Soooooo, when RBC closes all of its Family Island branches ..... how will their "clients" pay their loans, mortgages and credit cards???????? .......... Will that means those bills will be forgiven??? ........... No bank = No bills

Good luck with that my friend!

It was a dead giveaway when Sebas sat alone in one of the tents at Government House for the swearing in ceremony. Unfortunately he must have pre-paid for his seat so I doubt that anyone will shut down anything until the entire economy grinds to a screeching halt.

I'm going to need for y'all to REMEMBER things.
They're simply now using webshops as an excuse. They were de-risking all around the region years prior because of FATCA and their history of HSBC changing bank teller money slot sized to launder drug cash.

Without the webshops , we still would have lost the banks, and more so , had no local financial institutions (considering the webshops give reloadable cards now).

Re- read up on De-risking from years back please! Don't be swing by enemies in the financial war.

@killemwitdakno: There is nothing to deny when it comes to the grave harm the web shops are causing our banking system, economy and society. So we can safely assume that either your bread is somehow buttered by the web shop owners or you are one of their many addicted customers.

I think this says more about our citizens than about our leaders.
Of course our "leaders", I use the term rather loosely, are beholden to the web shop bosses.
Now, it has become national policy to gamble away our economy, families and banking sector.
So much for Minnis et al.
We have sold this country out from under the feet of Bahamians.
Minnis and every other small politician should rot in hell for this obvious and inexcusable lack of good judgement.

While there is focused attention at the other party being the web shops the insight muddatakesic raises is good on other views. Thanks.

Some other insight and opinion.
The Canadian banks said that their policies do not allow them to take webshop deposits.

Well that is not entirely true as they being members of the Clearing Banks Association of the Bahamas whose business apart from the policies of good banking among other members involve the basic function of the Clearing house where on a daily basis Commercial Banks have to settle their customers deposits made at the Bank of the Bahamas and the BoB customers who deposit cheques at the Canadian Banks have to settle.
In essence while the BOB whose Board of Directors are approved by the govt have a bank for a significant period accepting web shop deposits from when they were not legally approved, this factually means thst the then illegal funds was comingled with all Banks regardless of their foreign policy on a daily basis and with obvious agreement. Actual currency deposited by web shops cannot be separated from other customers withdrawing from the bank accepting it and depositing parts of it to banks claiming not to accept those unwanted funds.

Stand to be corrected if the Clearing Banks complained but then again the Central Bank allowed the BoB to operate without meeting their tier ratios but then again the govt approves who is the Govenor and Directors of the Central Bank.

It was definitely unfair for the foreign banks to make super efforts to meet the bank laws to operate while at the same time competing against a Bahamas govt bank not meeting same. Legal and legitimate concerns should have been raised by the majority shareholders in home countries of these foreign banks with the unfair competition.

It comes as no surprise that fees have been allowed to rise and the Central Bank has left it up to market/customers to correct.

Astonishing that bank debt of some 1BILLION HAVE BEEN TIED UP IN BAD LOANS AND HAVE DEVESTATED THE MORTGAGE AND ECONOMY and no committee to investigate starting with the govt own controlled by shares and Board of Directors

Next topic should be why is the foreign headquarters of banks have been allowed to have local bankers give out loans in certain sectors and meet loan volumes in order from them to gain an approved staff appraisal to get a salary increase.

Bogart .....another interesting fact about the Banks taking web shops money will come to head in a few weeks when a major local web shop company will be going public with the necessary regulatory approvals. Members of the public many of whom will paticipate and are the clients of the local canadian banks will be expecting their little funds to be deposited in these commercial banks. where they have been customers for years. It will be very interesting to see who will accept Dividends deposits from this company because it is a very profitable company. I think the Canadian banks should accept the funds because it will be investment income and not gambling funds, if not BOB will get a whole lot of new customers,.

@John2: Let's see what your logic and the logic of @bogart does for the Bahamas when the Canadian banks pull out and our remaining banks (and all future planned electronic currency transfer platforms involving the numbers bosses) are left without the ability to move money in hard currencies through any payment system in the developed countries. At that point I can assure both you and bogart that your Bahamian dollars will be quite worthless!

Love your comments well mudda take sic, dont get me wrong. Just simply amazing persons can abdicate their nationalistic and soverign birthright to follow party rules and throw away the baby with the bath. I agree with you in many ways but what the heck. Quite amazing how the once leadership financial global position has eroded by bureaucrats playing bankers. Still waiting to hear from BISX to investigate why BOB shares dropped from some $5.23 to $1.39 loosing some 60 million in value. The SEC would surely investigate plus such high fluctuation surely jeapordises the market. Another government agency? On the devaluing of the dollar well there is a pool of funds tied up by the Central Bank to provide for parity among other things. There should be more punishment where white collar crime can be proved and you just have to laugh that despite the huge size of the financial industry only one guy was accused of bribery, one Bulgarian was accused of money laundering, one Jamaician was accused of human trafficking and cannot ever recall if any boat captain was ever found captianing a boatload of illegal Haitins, might be one or twomore stand to be corrected. Want to talk about crime on this tiny island and the number of persons hanged?

This is also why Western Union closed. In 2015 the reasons Fidelity gave for ending the Western Union franchise were "de-risking", "increased compliance cost" and "higher bank fees in various jurisdictions to process the receipts of its money". The longer these number houses operate the more negative impacts it will have.