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Former bank supervisor guilty

A FORMER bank supervisor yesterday admitted stealing over $35,000 from customer accounts to help pay her own bills.

'Fundamental concern' over $1bn current account deficit

The Bahamas must develop a long-term plan to address the “structural imbalance in its balance of payments”, a former finance minister describing this as his “most fundamental concern”.

Kanoo ‘confirmation’ one day before Visa’s launch

A Bahamian digital payments provider says it received “written confirmation” from the Ministry of Tourism to open an account for the Health Travel Visa just one day before tourism’s re-opening.

As the manager of a VAT compliant, small business in The Bahamas I deal with VAT every day. For reference purposes, my position encompasses hiring, firing, ordering, accounts payable, accounts receivable. I do it all. My job since VAT has tripled in administrative processing – specifically in the accounts department.

Businesses wait over two months for bank account

BAHAMIAN businesses face an average wait of more than two months to open a bank account with almost 80 percent asserting that the process “took longer than expected”.

Bank to offer clients real-time account details

BANK of the Bahamas International (BOB) is moving to give customers real time information on their account’s status via its eNotifier application, which is now set for a “test-run”.

'Inadequate accounts' drive $360m in arrears

THE government’s $360 million in unfunded arrears is “entirely connected” to inadequate accounting systems and financial management processes, the deputy prime minister has revealed.K Peter Turnquest, pictured, told the Institute of Chartered Account

Supreme Court freezes assets in $160m 'fraud'

THE Supreme Court has been busy over the last four months issuing asset freeze and document production Orders relating to an alleged $160 million international fraud, which has involved - albeit unwittingly - a Bahamian-domiciled investment fund and accounts at a well-known international bank.

Post Office Bank misused monies due to the Gov’t

The Post Office misused funds due to the Public Treasury to finance “excessive withdrawals” by customers of its Savings Bank, the Auditor-General has revealed.

Bahamian broker’s clients in $1.3m ‘hacking’ fraud

Clients of a now-defunct Bahamian broker/dealer have been accused of abusing its accounts to both conduct and conceal a computer hacking-related securities fraud that netted them $1.3m in collective illegal profits.

'Major concern' over BISX listed firm's $5m prefs

The $5 million investment in a BISX-listed firm’s preference shares “is of considerable concern” to the liquidators of its largest client, who have warned that the deal will receive their “continued attention”.

Small business 'under 5% ready' to handle VAT

Bahamian small businesses are “under 5 per cent ready” to handle Value-Added Tax (VAT) from an accounting perspective, a leading sector consultant warned yesterday, adding his voice to calls for an implementation date push back.

NGOs struggle to open bank account

I noted with interest the claim by a Canadian bank operating in The Bahamas that they “support NGOs”. This statement came in response to complaints that banks operating in The Bahamas, and in particular Canadian banks, discriminate against local non-profits and charities by heaping numerous difficulties, onerous hinderances and ever-changing conditions upon their attempts to simply open a bank account.

WHY DO WE PUT UP WITH THESE BANKS?

EDITOR, The Tribune.

'Vest' $71m dormant funds in Treasury

The $71 million in dormant accounts currently held by the Central Bank should instead be “vested” in the Public Treasury, a leading accountant said yesterday, thus aiding a government desperately needing every cent of revenue it can get.

Accountants blast Commission ‘snub’

Several of the Bahamas’ leading accounting firms have reacted furiously to a perceived snub by the Securities Commission’s executive director, something they believe is symptomatic of how they are discriminated against when it comes to bidding on major audit contracts.

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