It emerged recently that the government of Dominica has put one of its two remaining offshore banks into receivership in order to improve the jurisdiction's chances of being removed from the FATF's money laundering blacklist.
In a letter sent to the Managing Director of the Overseas Development Bank and Trust, Prime Minister Pierre Charles accused the bank of being 'insolvent, unable to meet its obligations and...carrying out business that will adversely affect Dominica'.
According to reports, the bank was then informed that it had 14 days in which to challenge the decision, after which time its license could be revoked.
However, Mr Stone has refuted the government's claims, arguing that the Overseas Development Bank and Trust is still solvent: 'We have been operating properly and our accounts and figures are up to date,' he told the Associated Press earlier this month.
http://www.jsonline.com/bym/news/ap/aug02/ap-dominica-bank082202.asp
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