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to Mr Niesen, shareholders of Surety Bank and Trust Co had already decided to liquidate the company before the license was revoked by the Bahamian authorities.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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