Privatising a Swiss bank into a local domiciled small entity is not the way to boost Financial Services in the Bahamas. The regulators are paper tigers with virtually no oversight until customer funds are gone. Thinking of Montaque and Alliance and many others.
Posted 11 February 2020, 6:45 p.m.
Don't do it.
Posted 11 February 2020, 11:07 a.m.
Another closed shop in the Bahamas that actually inhibits development. Notice how quick they are to say "Prosecution" and "having our back" while the words of "Innovation" and "development" are missing.
Posted 11 February 2020, 11:04 a.m.
It's these small operations with under-capitalized reserves (for crying out loud, the capital requirements do not have to be cash. They can be houses, real estate, or boats or any other "assets") coupled with poor oversight, a blind, paper-tiger regulator that gives Bahamas Financial Services a bad name on the international stage.
Another respected player getting out of the Financial Services sector in the Bahamas. Slip-sliding away.
Posted 10 February 2020, 1:47 p.m.
Chester is yesterday's man. Even his strategy of chasing Latin American money, is the same old "yesterday" tactics of hiding money from sovereign tax authorities. It is the last bastion of the tax haven, because those Latin American countries don't have the muscle to exert influence in the international community, like the OECD does.
When I was doing wealth management with a local-domiciled bank, our compliance officers turned away a huge number of Latin American clients because what they were doing, was contrary to the rules of the FATF and contrary to the tax laws of their own country.
It's only the fly-by-nighters and the local little guys taking Latin American money now, and if we want to play in the international community, we can't get dirty in the Latin American sandbox (or more accurately, a kitty litter box).
Alfred Sears had it right. We gatta change, and we een used to that.
Posted 7 February 2020, 12:01 p.m.
Posted 7 February 2020, 11:54 a.m.
Right on Brother!
Not exactly true. Take Cayman for example. They have $7 trillion under management and the OECD ain't strangling them. Sears hit one phrase right --"we trying to hold on to what it used to be".
The ironic bit is that we had the answers back in 2007. Prime Minister Crisco Butt commissioned Brian Moree to make a report on how to revitalise Financial Services. When Moree delivered his report, he was excoriated by nearly everyone including the Pee-L-Pee cabinet ministers. That report had the right answers into diversifying Financial Services. The chief sticking point that was unpalatable to the status quo, was opening up both financial services, legal and accounting professions to foreigners to develop new innovative financial products. It would have saved us.
Even earlier, ex-Central Bank governor Julian Francis advocated moving the banks from tax-evading wealth management to mercantile banks and commercial capital banks. That would have saved us.
The blame lies on the governments of the day and the financial services professionals themselves. They created a closed shop with just "used-to-be" methods, and didn't change with the times.
We will become extinct just like the dodo bird. When we try to do something, due to ignorance, we do the wrong thing. For example, the new fintech laws with their over-regulation will inhibit progressive new companies from moving here or starting up. So we are doomed. No matter how many platitudes about "we must change", it will never happen. It's not in our genes or environment.
(As an example in Cayman, there is a financial services company, a startup, that is doing automatic compliance, AML/KYC using blockchain, Artificial Intelligence and Machine-Learning. Their compliance solution is facilitating all sorts of transactions.)
Posted 7 February 2020, 11:40 a.m.
>Take off the tribal face paint lady and try using your brain.
My thoughts exactly. Looks like she come straight outa Junkanoo.
Posted 7 February 2020, 11:28 a.m.
Kwasi is the wrong guy for Grand Bahama.
Posted 6 February 2020, 11:24 a.m.
©2020 The Tribune