The Central Bank of the Bahamas.
By RASHAD ROLLE
Tribune Senior Reporter
rrolle@tribunemedia.net
THE Central Bank said international banks and trust companies had about $420m in deposits and $2.5bn in custody or trust assets for which the ultimate beneficial owners were from or connected to Russia.
That information was up to February 28.
“The greatest proportion of Russian exposure would be linked to the international sector.
“However, the Central Bank is currently canvassing domestic financial institutions - that is the commercial banks, money transmission business and electronic money service providers - to ascertain any level of exposure within those sectors,” the bank said in a statement released on Friday.
“The information disclosed today are aggregates for the international banking and trust sector, and not specific to any sanctioned interests.”
The Central Bank’s statement, which came in response to press inquiries, comes after financial services regulators announced that Bahamian companies must comply with sanctions Western countries have put on Russia for its war against Ukraine.
Gowon Bowe, the chief executive of Fidelity Bank, said The Bahamas does not have significant exposure to assets whose beneficial owners are owned or connected to Russians.
“When you think about $2.5bn being connected with Russian beneficial owners, that’s less than two and a half percent of the total assets under administration in The Bahamas and that kind of puts it into context,” Mr Bowe told this newspaper yesterday.
“That money isn’t specifically speaking to any of the oligarchs who have been specifically sanctioned and so from that perspective it kind of puts into context that while there’s no doubt there would be Russian assets here because we’re dealing with the international financial arena.
“On the cash side they spoke about having about $420m in deposits but when you look at it in the overall context, what is $420m relative to $172bn? It’s not one that is of great concern. “The Central Bank’s communication I think was intended to say we have a handle, we know what the amounts are, but not only do we know what the amounts are, but we know what the percentage is as well.”
Comments
SP 2 years, 1 month ago
Where the Russians made to disclose the source of funds prior to depositing these funds or is that nonsense just for locals?
tribanon 2 years, 1 month ago
Let's hope it's not all on deposit at Commonwealth Bank denominated in Russian rubles. LOL
Proguing 2 years, 1 month ago
How much of that money is already on it's way to Dubai and other non-aligned financial centres?
It would also be interesting to know about Chinese money, since they are likely to be targeted next.
GodSpeed 2 years, 1 month ago
Better don't touch that money.
tribanon 2 years, 1 month ago
Yup. That Russian oligarch money is worse than Kryptonite for one's health. Would love nothing more than for some of our corrupt politicians to foolishly try pocket some of it.
KapunkleUp 2 years, 1 month ago
You know some people in government already trying to come up with a scheme to freeze and confiscate that money for themselves. Of course all under the umbrella of "international sanctions".
GodSpeed 2 years, 1 month ago
definitely, they're all thieves
Proguing 2 years, 1 month ago
yep, for the "good of humanity"
C2B 2 years, 1 month ago
No need to come up with anything; it exists. They are trying to figure out which "accounting firm" will take custody of the funds and who the trustees will be. Fees, meetings, reports, appraisers, consultants, travel.....10% per year.
Proguing 2 years, 1 month ago
Lol, Russian Oligarchs are no match for our Bahamian Oligarchs….
SP 2 years, 1 month ago
The Russians will have discovered a whole different level of piracy in the Bahamas! Sarkis found out the hard way.
tribanon 2 years, 1 month ago
Yeah. Anthony Ferguson, James Smith and their Greek master are probably already promoting to Russian oligarchs in financial centres around the world the new Oligarch Class 'B' shares in the Bahamas Investment Fund, with the 'B' standing for Billionaires. LOL
TalRussell 2 years, 1 month ago
Each segment of the Duh Revolution is not narrated in Russian hypocrisy. Comrade Mr. Carmichael holds nothing back his dislike of anyone crushing duh Billions and Billions offshore loots are directly/indirectly belonging to sanction targeted Russians. And, why is Mr. Carmichael, still dishing out duh Putin treatment against his perceived enemies by silencing Comrade Sparky?
And, listen, Sparky has not even once attempted brought into equation duh race card, nor can I recall Sparky stringing words together like stupid people, ― Yes?
sheeprunner12 2 years, 1 month ago
Seems that Gowon Bowe knows a lot about the Russians..... He says more about these things than the CB Governor John Rolle
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