The web shops are a state of the art parallel banking system. With over 400 locations it has more branches than all the retail banks put together.

There are no lines in the webshops, no KYC, cash is accepted no questions ask, money is deposited, saved and can be transferred internally and globally, they are "semi" licenced, what ever that means, they make massive political donations and they have no published audits. The Toronto head offices of RBC, Scotia and CIBC have rejected dealing with them.

It is proposterous that the Governer of the Central Banks wants to intergrate these shops into our financial system further staining our tenuous US correspondent banking relationships.

May be the government through its controlling share in BTC should block Facebook.

That would also stop Bahamians spreading lies that the PLP is corrupt.

Extract from the Economist article:

Pascal Saint-Amans, the club’s head of tax policy, was concerned enough to fly to Nassau last year to address the cabinet. “I told them if they play games they will lose. Their reputation will be hit,” he says. The lack of a response has left him “extremely disappointed”.

When we get Black Listed again please don't say the G 20 did not warn us.

Through the invention of 400 webshops replete with bank accounts, global transfer capacity and no KYC the PLP has created a perfect parallel banking system that no other Country can rival.

Deposit under $10,000 in cash at numerous locations and internally transfer to other web accounts.

No published audits, no banking reserve requirements and one sovereign correspondent - BoB. Indeed, these shops aren't even fully licenced.

Automatic tax and criminal exchange treaties become useless without KYC.

When it comes to global regulation the PLP had created an escape hatch.

I don't think anyone will get paid. If you don't pay the foreign contractors who is going to come back to the Bahamas to finish the hotel...lol...the Chinese?

If the Bahamian courts are unnecessarily prejudiced against foreigners then the foreigners will take their case to an international legal forum where their grievances will be heard.

Sovereignty only takes you so far, we live in a world of international law and order.

Baha Mar will need banking relationships and a presence in the US at some point in the future if it wants to be an international tourist destination. When that occurs the foreigners will have assets to attach.

Which is why this hotel will never be completed and the payment to Bahamian is just to say "sorry for messing up your Country". Here's a dollar for yinna.

Here we go again. Criticizing the messenger and not focusing on the real problem of being a jurisdiction pandering to undeclared and web shop funds.

The Economist is correct. We need to sign on to internationally accepted automatic tax and criminal related banking exchange information agreements where ever possible. If not we will eventually loose even more correspondent banking relationships. If you think international banks are leaving the Bahamas rather quickly due to bone headed offshore banking through backs, just watch this space. Citibank has stopped correspondent banking with Venezuela, no official reason given.

So, no local Zeka testing, Zeka workers on vacation, 3 week turn around for test results, 83 tests we don't know the results

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We have no idea how bad Zeka is in the Bahamad

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So our tourist industry will be fine with our lip service to fighting Zeka

This guy Davies couldn't be serious? A stock price hasn't moved in 2 years and he says the exchange is being proactive and is promoting price discovery?

BISX is complictos in this BoB gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.

However BISX is financed by the government so it is not truly independent, it is in the same position as the NIB Investment Board, BoB and Resolve.

With the stock price cut in half the government will be unable to the raise the capital to bail out the exclusive bankers for the web boys.

Further NI funds will need to be injected.

BISX is complictos in this gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.

However BISX is financed by the government so it is not independent, it is in the same position as the NIB Investment Board, BoB, Resolve, the Executive and the Legislature.

This will all end very badly for the Bahamian people as their pension funds are squandered.

We need to give this bank and all of its real estate to the Chinese as a Baha Mar side deal.

Agreed Banker. BISX is complictos in this gross negligence. A truly independent stock exchange would have delisted BoB shares long ago.

However BISX is financed by the government so it is not independent, it is in the same position as the NIB Investment Board, BoB, Resolve, the Executive and the Legislature.

This will all end very badly for the Bahamian people as their pension funds are squandered.