Bahamas Bank Blames Tougher Laws For Its Closing
According to a report
in the Miami Herald, the head of an offshore bank in the Bahamas
that lost its license to operate blamed the jurisdiction's tough
laws for his company's decision to shut down and liquidate assets. The Surety Bank and
Trust Co Ltd had its licence suspended by the Bahamian government
for failing to meet meet certain requirements. Chief executive
of the bank, Gerry Niesen, said that the requirement to which
the notice referred was the presentation of detailed investor
information to the government. According to Mr Niesen,
shareholders of Surety Bank and Trust Co had already decided to
liquidate the company before the license was revoked by the Bahamian
authorities. He said that the bank had been trying to find a buyer
for the operation, but felt that tougher laws intended to clamp
down on money laundering may have scared off potential purchasers.
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