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Condo complex crippled by RBC account closure
AN Abaco condominium association yesterday accused Royal Bank of Canada (RBC) of leaving it financially crippled due to the “unexplained” closure of its account.Dan Proctor, chairman of Treasure Cay’s Atlantis Condominiums Complex, told Tribune Busin
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Ex-minister and son deny $1.2m fraud
A FORMER Cabinet minister and her son were charged in the Magistrate’s court yesterday with defrauding the Ministry of Tourism of $1.2m.
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Brave asks Facebook to block ‘bogus’ sites
AFTER weeks of being prey to online political mischief, the Progressive Liberal Party is fighting back and its leader, Philip “Brave” Davis has written to Facebook’s headquarters to have it stopped.
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Senior policeman warns fraud is on the increase
A POLICE official revealed yesterday that fraud crimes at various local banks have increased from January 1 as he warned the public against allowing individuals to use their accounts. Chief Superintendent Matthew Edgecombe of the Financial Crime Inv
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Gov't can't account for 'day-to-day' liabilities
A “road map” has been created to transition the Government to accrual-based accounting, the Deputy Prime Minister yesterday admitting it cannot currently account for its “day-to-day” liabilities.K P Turnquest, speaking to Tribune Business at a worksh
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$2bn current deficit not so problematic
The Bahamas’ annual $2 billion current account deficit is “not as fickle” as many outsiders think, a former finance minister yesterday pointing out that this was traditionally balanced by foreign capital inflows.
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Major bank's account used to launder $2.6m
The US authorities have been granted access to the financial records of a Bahamian company, and its account at a local bank, which were used to launder $2.632 million from an illegal Internet pharmacy scam.The Court of Appeal, in an unanimous verdict
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Bahamians warned: 'No-no' to let others use your account
Bahamians were yesterday warned they could “land in jail” for money laundering and/or fraud if they let others use their bank accounts for illicit transactions.Superintendent Matthew Edgecombe, head of the Royal Bahamas Police Force’s anti-corruption
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Bahamians increasingly becoming fraud victims
The Financial Intelligence Unit (FIU) yesterday warned of an increase in Bahamians having funds stolen from their bank accounts after falling victim to phone and online scammers.
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Bahamian signal piracy '3x wider' than thought
Satellite Bahamas allegedly used more than three times’ the number of accounts initially thought to pirate DIRECTV’s signal, with the programmer having added the wives of the company’s two principals as defendants.
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Water Corp’s record $26.4m debt set to become ‘current’
The Government has pledged to bring the Water & Sewerage Corporation’s record $26.4m debt owed to its main BISX-listed supplier “current”, it was revealed last night.
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Gov't accounting switch 'fantastic'
The Government’s planned switch to an accrual financial reporting system has been praised as “fantastic”, a leading accountant arguing it will boost accountability and improve Budget planning.
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Public finance reform can be Minnis Govt's 'crowning achievement'
A top accountant yesterday said it will be one of the Minnis administration’s “crowning achievements” if it can introduce accrual-based accounting to the Government’s finances before the next election.Gowon Bowe, the Bahamas Institute of Chartered Ac
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Scotiabank ordered: Repay $27.5k taken from ZNS anchor
A top ZNS TV anchor has won damages from Scotiabank (Bahamas) after it refused to reimburse $27,500 in “unauthorised transactions” that were taken from her account.
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PM tells banks: Open accounts in 24 hours
The Prime Minister wants all Bahamas-based commercial banks to be able to open customer accounts within “a 24-hour deadline”, a senior banker revealed yesterday.
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Investors: RBC account closures 'utter nonsense'
Furious expatriates have slammed Royal Bank of Canada’s (RBC) closure of their accounts without warning as “utter nonsense”, amid fears it could harm the Bahamas’ reputation and second homeowner economies.Tribune Business can reveal that winter resid
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DIRECTV blasts Satellite Bahamas on signal piracy
There is “overwhelming evidence” that the Bahamas’ leading satellite TV provider defrauded DIRECTV by pirating its programming and equipment to service over 5,800 local accounts, court documents are alleging.
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Former bank employee accused of stealing over $50,000 from customer accounts
A FORMER First Caribbean Bank employee was arraigned in Magistrates Court on Friday for allegedly stealing over $50,000 from customer accounts over a nearly three-year period.
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Accountants told peer oversight ‘here to stay’
Practice monitoring for public accountants is “here to stay”, the Bahamas Institute of Chartered Accountants (BICA) president said yesterday.
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$7.8m caught in payment frauds
Some $7.8m worth of payment fraud complaints were made in 2018, the Central Bank of The Bahamas has revealed, with debit cards accounting for almost 60 percent of cases.
