It emerged this week that the Central Bank of Barbados has revoked the banking licence of Keywest Swiss Investment Bank, in accordance with the International Financial Services Act, 2002.
The Barbados Advocate reported that the offshore bank had operated in Barbados for seven years, with Bahamas-based accountant, Michael Hepburn acting as its principal officer. However, Bahamian police sources informed the newspaper that Mr Hepburn had been arrested in Miami last week, and charged with five counts of money laundering and conspiracy to commit money laundering.
The arrest of Mr Hepburn and the revocation of Keywest Swiss Investment Bank's licence follows the culmination of a two year regional investigation into securities fraud, money laundering, and other financial crimes, dubbed operation 'Bermuda Short'.
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