There are several other factors going on relative to the blacklisting, first we are not being monitored by the FATF any more as we became compliant by putting all the 40 FATF Reccommendations in place i.e. Increased international cooperation by forming a special unit within the Office of The Attorney General, established a Financial Intelligence Unit to deal with suspicious transaction reports.
A lot of the banks closed down because they wanted to keep their records and names of clients a secret which would explan why access to UBS is so limited to their clients only. The legislation which Hubert Ingraham put in place were revolutionary which a lot of other nations are still trying to emulate. At the time of their implementation the 11 financial legislation package seemed extreme but the overall effect has helped, may be not completely erradicate,clean up our jurisdiction. There will never be unity on this proposition as too many people have made the results political rather than looking at the overall effectiveness and respectablilty gleaned from actually doing something about money laundering.

I agree with this! If they are still messing with us after we implemented all their requirements, what more can we say or do!?

Long before Mr Ingraham made the changes, I had a sneaking feeling that they were just jealous of the prosperity of this little nation. That is probably still their reason for keeping an eye on us, however odd it may seem.

All they have to do to understand our success is to read psalm 33:12, which most likely also explains the success of the good ole USA also with all her shortcomings!

There are several other factors going on relative to the blacklisting, first we are not being monitored by the FATF any more as we became compliant by putting all the 40 FATF Reccommendations in place i.e. Increased international cooperation by forming a special unit within the Office of The Attorney General, established a Financial Intelligence Unit to deal with suspicious transaction reports.
That is half true. We are still monitored by the countries who pushed the FATF, and we will be forever on a high alert watch list, because we are a sovereign offshore country.
That will never change, until we stop offshore alltogether!

A lot of the banks closed down because they wanted to keep their records and names of clients a secret which would explan why access to UBS is so limited to their clients only.
And it was our right, to make sure that they operated in some fair secrecy.
The Government loves to take a dip in your business, especcially the American Govt.
I do not want people to know what I have on my bank account, it is none of your business.
Yet still, in light of the recent developments of the FATF, UBS is acting a bit odd and should be looked into. Especcially if they have no trust in the Bahamian public, who 80% of them do not have a clue of what they are doing in the first place. Even the people who work for them!



The legislation which Hubert Ingraham put in place were revolutionary which a lot of other nations are still trying to emulate.
That legislation caused people to leave our Islands in droves, and we have never fiully recovered. Secondly domestic legislation does not allways bode well with International Politics.
:hammer:


At the time of their implementation the 11 financial legislation package seemed extreme but the overall effect has helped, may be not completely erradicate,clean up our jurisdiction.
You can sure say that again!
It cleaned up so much, that everyone left!
:gi:


There will never be unity on this proposition as too many people have made the results political rather than looking at the overall effectiveness and respectablilty gleaned from actually doing something about money laundering.

Look, we will allways be a money laundering jurisdiction.
That will never change, and until we realize that first and foremost and quit looking at the glittering legislation that the FNM put in place, we will continually not be maximizing a key product of our infastructure.
A product that Bahamians never really took full advantage of.
:sarcastic

I agree with this! If they are still messing with us after we implemented all their requirements, what more can we say or do!?
Long before Mr Ingraham made the changes, I had a sneaking feeling that they were just jealous of the prosperity of this little nation. That is probably still their reason for keeping an eye on us, however odd it may seem.
All they have to do to understand our success is to read psalm 33:12, which most likely also explains the success of the good ole USA also with all her shortcomings!

I wouldnt say jealous, but spiteful and not wanting this majority black nation of sovereign citizens to succeed...that is the nature of the beast...as we all know how America treat its own black people ...after all this time...but some Bahamians are desdendents of loyalist and their slaves...they even have a yamacraw in the carolina region...and I hear that the gullah folks sound like us...and their basket weaving is quite similar to some of native Bahamian strawwork...

A product that Bahamians never really too full advantage of.
:sarcastic

how can we take advantage of it YK?

how can we take advantage of it YK?


Yea right...
Not for you to run back to your FNM freinds and look smart!!
LOL...Just kidding.

The offshore industry would have boomed by itself, as long as Bahamians kept on going to school and doing commercial law and International Business, Accounts etc....
Secondly, by the government and International front subsidie of Bahamians skillful enough to operate as an offshore institution.
We have not done well by them by cutting it off, before Bahamians had a full chance to make a bundle off of offshore banking and investments.
Third we have to offer an incentive package that lures people away from mere consultancy work and hop them into the offshore community at a more acceptable pace...i.e. Government subsidies, encouraging business transfers and putting in place a start up investment crack team to help faccilitate and monitor growth and failure.

So much we could have done to make the average Bahamian get on board, we just did not have a chance to do so. Because we were so young, and because the majority of the population do not understand what it is to be an offshore company....I am still trying to figure out how it works, and wish I had a chance to study inside of one, but that can not happen in the near furture so all I can do is hope and pray that it gets Better!
:)

Yea right...
Not for you to run back to your FNM freinds and look smart!!
LOL...Just kidding.
The offshore industry would have boomed by itself, as long as Bahamians kept on going to school and doing commercial law and International Business, Accounts etc....
Secondly, by the government and International front subsidie of Bahamians skillful enough to operate as an offshore institution.
We have not done well by them by cutting it off, before Bahamians had a full chance to make a bundle off of offshore banking and investments.
Third we have to offer an incentive package that lures people away from mere consultancy work and hop them into the offshore community at a more acceptable pace...i.e. Government subsidies, encouraging business transfers and putting in place a start up investment crack team to help faccilitate and monitor growth and failure.
So much we could have done to make the average Bahamian get on board, we just did not have a chance to do so. Because we were so young, and because the majority of the population do not understand what it is to be an offshore company....I am still trying to figure out how it works, and wish I had a chance to study inside of one, but that can not happen in the near furture so all I can do is hope and pray that it gets Better!
:)

I understood nothing of what you said...can you put it in layman's terms...in one paragraph preferably...:cutie:

I understood nothing of what you said...can you put it in layman's terms...in one paragraph preferably...:cutie:


Subsidize private Bahamian offshore bankers.
:)

I wouldnt say jealous, but spiteful and not wanting this majority black nation of sovereign citizens to succeed...that is the nature of the beast...as we all know how America treat its own black people ...after all this time...but some Bahamians are desdendents of loyalist and their slaves...they even have a yamacraw in the carolina region...and I hear that the gullah folks sound like us...and their basket weaving is quite similar to some of native Bahamian strawwork...

Wonder why they would be spiteful towards us -- they should know that much of the money we make from tourism we have to spend right back to them! I thought they would have that racial attitude only towards their own blacks over there, why mess with us?

I know years ago when I used to travel to Miami once every year, a couple times when that racial attitude was shown toward me I would just open my Bahamian mouth and they would just cease and desist when they realise that I was not from there. Don't know if its still like that now.