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.
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.
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.
We should expect the 65% of BoB's shares owned by the Bahamas Government and Quasi Government Corporations to subscribe for their shares for $26 million ($40m x 65%). These funds will either come from National Insurance or the Governments General Fund.
All functions of the BoB can be handled by privately held retail commercial banks except for providing banking services to the web-shop industry.
Therefore it would not be unreasonable to conclude that the $100 million guarantee provided by Resolve Inc. in exchange for large defaulted loans and the current $40 million rights issue is made to provide banking services to the $400 million web shop business.
BoB should be liquidated and liquidated immediately.
The investment of National Insurance Pension Funds into a bank that does not meet minimum Central Bank capital requirements can be considered at best gross negligence on those that have a fiduciary responsibility to the Bahamian Public. This includes the Big4 accounting firm managing Resolve and the Directors of Resolve.
However, due to the non separation of powers between the legislature and the executive nothing will happen. We have been sold out by our professional class for "30 pieces of silver".
Similar dereliction of fiduciary duties is having a different result in Brazil where the President was recently removed from power. See Bloomberg article below:
Brazil Police Carry Out 127 Court Orders in Pension Probe (Bloomberg 9/5/16)
Monday, September 05, 2016 06:42 AM by Giulia Camillo (Bloomberg) -- Brazil federal police actions based on 10 cases revealed as a result of probes of pension fund deficits, according to e-mailed statement.
Of those 10 cases, 8 are related to fraudulent or reckless investments by pension funds that were made through private equity investment funds
Says there’s evidence of organized criminal groups among business leaders, pension fund managers, companies that rated assets and private equity investment fund managers
Operation targets frauds in Funcef, Petros, Previ and Postalis
Police are carrying out court orders for 7 temporary arrests, 106 searches and 34 testimonies Court orders being conducted in Sao Paulo, Rio de Janeiro, Bahia, Espirito Santo, Rio Grande do Sul, Parana, Santa Catarina and Amazonas states and Federal District Court also ordered seizure and freezing of assets of 103 targeted people and firms, estimated at 8b reais
observer2 says...
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.
On Bahamas urged: ‘Resist’ new global tax pressure
Posted 14 September 2016, 7:40 a.m. Suggest removal
observer2 says...
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.
On Bahamas urged: ‘Resist’ new global tax pressure
Posted 14 September 2016, 7:27 a.m. Suggest removal
observer2 says...
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.
On Baha Mar payout process ‘opening legal floodgates’
Posted 13 September 2016, 5:06 p.m. Suggest removal
observer2 says...
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.
On Govt slams tax exchange delay claim ‘hearsay’
Posted 13 September 2016, 4:56 p.m. Suggest removal
observer2 says...
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.
On Bahamas urged: ‘Resist’ new global tax pressure
Posted 13 September 2016, 4:43 p.m. Suggest removal
observer2 says...
So, no local Zeka testing, Zeka workers on vacation, 3 week turn around for test results, 83 tests we don't know the results
=
We have no idea how bad Zeka is in the Bahamad
=
So our tourist industry will be fine with our lip service to fighting Zeka
On Govt to spend $2.5m monthly on fighting Zika
Posted 6 September 2016, 9:43 p.m. Suggest removal
observer2 says...
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.
On BISX targets ‘more proactive’ approach on price discovery
Posted 6 September 2016, 4:04 p.m. Suggest removal
observer2 says...
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.
On BOB trading bandwidth is increased 54%
Posted 6 September 2016, 7:04 a.m. Suggest removal
observer2 says...
Important points DonAnthony.
On BOB trading bandwidth is increased 54%
Posted 5 September 2016, 7:41 p.m. Suggest removal
observer2 says...
We should expect the 65% of BoB's shares owned by the Bahamas Government and Quasi Government Corporations to subscribe for their shares for $26 million ($40m x 65%). These funds will either come from National Insurance or the Governments General Fund.
All functions of the BoB can be handled by privately held retail commercial banks except for providing banking services to the web-shop industry.
Therefore it would not be unreasonable to conclude that the $100 million guarantee provided by Resolve Inc. in exchange for large defaulted loans and the current $40 million rights issue is made to provide banking services to the $400 million web shop business.
BoB should be liquidated and liquidated immediately.
The investment of National Insurance Pension Funds into a bank that does not meet minimum Central Bank capital requirements can be considered at best gross negligence on those that have a fiduciary responsibility to the Bahamian Public. This includes the Big4 accounting firm managing Resolve and the Directors of Resolve.
However, due to the non separation of powers between the legislature and the executive nothing will happen. We have been sold out by our professional class for "30 pieces of silver".
Similar dereliction of fiduciary duties is having a different result in Brazil where the President was recently removed from power. See Bloomberg article below:
Brazil Police Carry Out 127 Court Orders in Pension Probe (Bloomberg 9/5/16)
Monday, September 05, 2016 06:42 AM
by Giulia Camillo
(Bloomberg) -- Brazil federal police actions based on 10 cases revealed as a result of probes of pension fund deficits, according to e-mailed statement.
Of those 10 cases, 8 are related to fraudulent or reckless investments by pension funds that were made through private equity investment funds
Says there’s evidence of organized criminal groups among business leaders, pension fund managers, companies that rated assets and private equity investment fund managers
Operation targets frauds in Funcef, Petros, Previ and Postalis
Police are carrying out court orders for 7 temporary arrests, 106 searches and 34 testimonies
Court orders being conducted in Sao Paulo, Rio de Janeiro, Bahia, Espirito Santo, Rio Grande do Sul, Parana, Santa Catarina and Amazonas states and Federal District
Court also ordered seizure and freezing of assets of 103 targeted people and firms, estimated at 8b reais
Operation called Greenfield
On BOB trading bandwidth is increased 54%
Posted 5 September 2016, 3:05 p.m. Suggest removal