The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Securities Commission's chief yesterday said the traditional Bahamian Asue savings scheme has not been outlawed in the new Financial and Corporate Services Providers (FSCSP) Bill 2020.

Christina Rolle, its executive director, told Tribune Business: “Asues are not included. They are neither included, nor are they made illegal.”

Ms Rolle was responding to concerns raised in parliament on Wednesday by shadow minister for finance, Chester Cooper, who questioned whether or not Asues were made illegal under the Bill when it was debated in the House of Assembly.

Mr Cooper had said: "I would like, however, for government to clarify whether this covers Asues. While I don’t personally like the high-risk profile of Asues, making them illegal might see many Bahamians in violation of the law.

"As the violation carries a fine of up to $75,000 on a first violation, and double the fine and possibly four years in prison on the second violation, we need to be careful. Asues are as much a part of Bahamian culture as conch salad. It would be good if we could get some clarity from government on this and what it all means for Asues.”

Ms Rolle said she was surprised this concern had been raised, adding that the Bill was clearly targeting pyramid schemes, advance fee and Ponzi-type frauds. While conceding that some persons may have felt the characteristics of such schemes, as defined in the Act, applied to Asues, Ms Rolle reassured that this was not the intention or how the Bill will be applied and interpreted.

"We were very, very careful that none of these characteristics came close to defining the traditional Asue. We were very careful about that. Asues don’t have to register or anything like that. So they can carry on the way they are."