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.
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.)
If Delaney is calling for more fintech, the new blockchain legislation that is on its way, is going to kill anyone wanting to create fintech products in The Bahamas. The legislation is overly draconian in its regulatory aspects, compared to legislation, say in the Cayman Islands, Antigua or Barbados. Once again we are shooting ourselves in the foot, and no one will know why we can't seem to get going.
Where is the tech hub Kwasi Thompson? You have had 3 years. In the meantime, Cayman Islands have launched a second incubator and have attracted over 200 tech companies.
banker says...
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.
On Bank contraction threatens 'way of life' for Bahamas
Posted 7 February 2020, 12:01 p.m. Suggest removal
banker says...
Amen Brother!
On Bank contraction threatens 'way of life' for Bahamas
Posted 7 February 2020, 11:54 a.m. Suggest removal
banker says...
Right on Brother!
On Bank contraction threatens 'way of life' for Bahamas
Posted 7 February 2020, 11:54 a.m. Suggest removal
banker says...
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.)
On 'Don't become paralysed' by financial sector attrition
Posted 7 February 2020, 11:40 a.m. Suggest removal
banker says...
>Take off the tribal face paint lady and try using your brain.
My thoughts exactly. Looks like she come straight outa Junkanoo.
On ‘Make killers pay victims’ families’
Posted 7 February 2020, 11:28 a.m. Suggest removal
banker says...
Kwasi is the wrong guy for Grand Bahama.
On Minister: Hutchison 'will not rebuild' GB airport
Posted 6 February 2020, 11:24 a.m. Suggest removal
banker says...
Hmmm, if you are not closing, why would you mention a selling price?
On Bank: 'No truth' to lay-off, closure talk
Posted 6 February 2020, 11:19 a.m. Suggest removal
banker says...
If Delaney is calling for more fintech, the new blockchain legislation that is on its way, is going to kill anyone wanting to create fintech products in The Bahamas. The legislation is overly draconian in its regulatory aspects, compared to legislation, say in the Cayman Islands, Antigua or Barbados. Once again we are shooting ourselves in the foot, and no one will know why we can't seem to get going.
Where is the tech hub Kwasi Thompson? You have had 3 years. In the meantime, Cayman Islands have launched a second incubator and have attracted over 200 tech companies.
On 'Don't cry over spilt milk': Exit of Julius Baer
Posted 6 February 2020, 11:17 a.m. Suggest removal
banker says...
LOL. This de-risking process has been going on for the past 15 years or more.
On 30 jobs lost as Julius Baer closes
Posted 4 February 2020, 11:52 a.m. Suggest removal
banker says...
I will believe it when I see it. A similar announcement was made in 2012.
On DRILLING ON OFFSHORE PLATFORM IMMINENT
Posted 3 February 2020, 11:44 a.m. Suggest removal