By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Bahamas’ gaming legislation contains far more “rigorous” protection measures to curb money laundering, State Minister for legal Affairs Damian Gomez said yesterday, noting that the Government was confident that in time the Canadian banks would see the industry as one in which they could profitably engage.
“To the extent that the industry is lawful going forward there can be no real issue,” said Mr Gomez. “We have in our legislation far more rigorous protection measures to ensure that the gaming industry in The Bahamas is not used for the laundering of the proceeds of crime. And to that extent we are confident that in time banks other than the Bank of the Bahamas can see that this is an area that they can profitably be engaged in,” Mr Gomez said.
Paul McWeeney, Bank of the Bahamas’ managing director, last month confirmed to Tribune Business that the BISX-listed institution had received “clearance” from its own US correspondent bank, JP Morgan Chase, to accept deposits from a legalised web shop industry.
The three Canadian banks - CIBC FirstCaribbean, Royal Bank of Canada (RBC) and Scotiabank - have stated that they were standing firmly behind their position not to accept deposits from a legalised web shop industry as they are prohibited from doing so by their bank’s worldwide policy.
Attorney General Allyson Maynard-Gibson said that the banks still have the right to decide whether they will accept money from any client. “Anybody that goes to the bank in our jurisdiction has no guarantee that the bank will accept their money. Banks have to do their own due diligence and they determine whether they will accept the money of any client that enters the bank.”
Comments
proudloudandfnm 9 years ago
Web shops are STILL offering their "banking" services. And they don't have a license. Of course the banks are not going to take their money....
I thought regulating web shops meant they'd have to cease all of their "banking" services? What up wit dat?
DonAnthony 9 years ago
A webshop is a money launderers' dream. Simply go in and lose consistently, like most people do thousands of dollars per week, profits deposited in a bank, transferred to another account and clean as a whistle. No way any bank should accept these deposits from webshops who are owned by in one case by a convicted criminal, who operated illegally for years, regulated by a corrupt government. This is dirty business and Mr. Gomez knows this.
watcher 9 years ago
JP Morgan Chase fined $2 Billion (yes, BILLION) in 2014 for complicity in the Bernie Maddoff Ponzi scheme. And now they are risking their reputation even further by accepting numbers money ?
http://www.bankinfosecurity.com/chase...">http://www.bankinfosecurity.com/chase...
GrassRoot 9 years ago
it seems they are.
asiseeit 9 years ago
Shady no matter how you cut it. How can people with a nefarious past even be considered to get a license, only in the corrupt, crooked, Bahamas.
Honestman 9 years ago
" the Government was confident that in time the Canadian banks would see the industry as one in which they could profitably engage". Well good luck with that one!
TheMadHatter 9 years ago
Wonder if Gomez can name ONE web shop that currently has a business license to operate as a web shop in the Bahamas?
TheMadHatter
TheMadHatter 9 years ago
If he can, please give the Control Number and date of issue.
sansoucireader 9 years ago
Weren't the list of who were awarded business licenses in last Thursday's TRIBUNE? Was about 2-3 pages of names and locations.
John 9 years ago
Why chase after the foreign banks.. This will be advantage to the local banks until they end up with to much cash surplus and cannot loan it out at reasonable interest rates. Web shop may not have gaming licenses but they have a mutual understanding to operate until next month.
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