The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

PRIME Minister Perry Christie yesterday acknowledged banking sector concerns that large sums of money from web shop gaming were either being loaned or used to finance major real estate and business ventures, warning it was a “major contradiction to the good order of our system”.

Speaking after his presentation of the 2013-2014 Mid-Year Budget statement, Mr Christie said he would appoint a Council of Economic Advisors within the next few days to advise him on the way forward with regards to the unregulated web shop industry.

“I think it’s fair to say that as the minster for finance I am constantly faced with the need for revenue and demands from people who are being taxed,” Mr Christie said, acknowledging the “fairness” of introducing a new system of taxation while leaving millions of dollars generated by web shop enterprises untaxed had been raised in recent meetings with private sector representatives.

Mr Christie further acknowledged that the commercial banking sector had expressed concern over the development of a parallel, underground banking system where significant sums of money were being loaned for mortgages and the like, while real estate developments and legitimate businesses were being financed.

“We have to, as the Ministry of Finance and regulators, find the answer to monies that are in large amounts that are not in the bank, that are not being invested in Treasury Bills, that have not been allowed to be exported or open bank accounts abroad,” he said.

“Therefore, that money is finding itself some purpose here in major developments. That is a major contradiction to the good order of our system, and one way or the other we have to do deal with. That’s what we are working on,” said Mr Christie.

“The first order of business for me is that in the next few days I’m going to appoint a Council of Economic Advisors.

“It’s situations like that [the web shop issue] that you pass on to them to help you with the necessary advice moving forward.”

Acknowledging continued dialogue with local pastors on the issue, Mr Christie said: “I did say to the pastors that upon further reflection I ought not to have placed them in the position I did with the referendum because the church will always have to be the church.”