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Financial crimes rise 54% to five-year-high
Financial crimes reported to the Royal Bahamas Police Force (RBPF) surged by 54 percent to 830 incidents in 2023 and representing a five-year high.
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Only fear Business Licence audit if ‘something to hide’
Only businesses “with something to hide” should fear having to submit audited financial statements over their Business Licence renewal, a prominent gas station operator believes.
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Web shop loses challenge over $1m Gaming Board ‘withdrawal’
A Bahamian web shop operator’s challenge to the Gaming Board taking $1m from its accounts to finance development of an industry-wide compliance and monitoring system has been rejected by a judge.
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Govt says amnesty is over for delinquent real property tax
PAYMENT plans and amnesty periods for people who owe substantial amounts of real property taxes are over, acting director of the Department of Inland Revenue Shunda Strachan said yesterday as her department prepares to execute its power of sale against scores of delinquent accounts.
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Business Licence audit can’t be ‘too draconian’
A Bahamian accountant yesterday warned against the enhanced Business Licence verification process becoming “too draconian” and urged that some flexibility be provided on a “case by case” basis.
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$13.4bn flowed through FTX Bahamas accounts
Some $13.4bn flowed through FTX's Bahamas accounts in the ten months immediately prior to the crypto exchange's collapse, its liquidators revealed yesterday, as they sought to dispel allegations it was "a nullity".
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MP working to ‘mitigate’ Abaco water billing woe
An Abaco MP yesterday said he is working with the Water and Sewerage Corporation (WSC) to alleviate consumer woes caused by back billing and mass disconnections.
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FTX says ex-official got $1m bonus for permits
An attorney and “former Bahamian government official” was allegedly offered a $1m “bonus” to swiftly obtain the necessary licences so that FTX could move to this nation, it was asserted yesterday.
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Central Bank: Don’t send dormant accounts ‘direct’
The Central Bank has told its commercial bank and other licensees to stop sending clients seeking to recover dormant accounts directly to it as such applications must come from the institutions itself.
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‘Severe penalties’ fear on Business Licence audits
The Chamber’s newly-elected chairman last night voiced “serious concern” that firms may be exposed to “severe penalties” for Business Licence infractions due to inadequate time to ready for full audits.
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Attorney loses appeal on ‘forged’ bank drafts
A Bahamian attorney yesterday failed to overturn the rejection of his “gross negligence” claim against Scotiabank (Bahamas) after two “fraudulent” bank drafts left his account overdrawn by $165,000.
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Customs officer accused of falsifying accounts to steal over $1.8m in 2019
A CUSTOMS officer testified yesterday that former customs broker Precious Miller Moxey falsified accounts to steal over $1.8m in funds in 2019.
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Church owns 60 properties but ‘can’t pay’ $776k award
A Freeport church asserted it would be “totally compromised” if its bank deposits were seized to satisfy a $776,000 judgment despite owning a 60-strong, mortgage-free real estate portfolio.
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BPL sees 'negligible' disconnection jump
Bahamas Power & Light (BPL) yesterday said it has seen a "negligible" increase in disconnections, with fewer than 2 percent of accounts cut-off in May, as consumers brace for the 163 percent peak fuel charge increase.
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Business Licence audits to impact ‘less than 1%’
The Ministry of Finance’s top official yesterday challenged why Business Licence audits for firms with turnover over $5m is “posing a great difficulty” given that less than 1 percent of all companies are impacted.
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‘Happy medium’ within sight on Business Licence anxiety
The Ministry of Finance’s top official last night voiced optimism that “a happy medium” is close over new Business Licence verification rules that were causing growing private sector anxiety.
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BISX-listed firm ‘qualified’ for second straight year
A BISX-listed company’s top executive yesterday moved to reassure shareholders after auditors issued a “qualified opinion” on its annual financial results for the second consecutive year over the same issue.
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ORG calls for more transparency
The Organisation for Responsible Governance (ORG) is committed to advancing the principles of transparent governance and accountability in The Bahamas.
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Accountants: ‘Some wins’ on Business Licence verification
Accountants have secured “some wins” over enhanced Business Licence reporting through less intensive scrutiny that will be applied to companies below the $5m annual turnover threshold.
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ArawakX denies client fund ‘commingling’ allegations
The Bahamas’ first-ever crowd-funding platform has vehemently denied there is any “ongoing commingling” of client and company funds and blamed an “accounting error” for the only occasion this occurred.
