It was revealed on Wednesday that the government of St Vincent and the Grenadines has taken over the operations of New Bank Ltd, and Nano and Sons Ltd, two offshore banks formerly managed by Thierry Nano, a joint French and St Vincent citizen.
M. Nano fled the country last November after a Miami Federal Court issued a warrant for his arrest on money laundering charges. This proved to be something of an embarrassment for the government of the tiny offshore jurisdiction, which is attempting to secure removal from the FATF blacklist of countries deemed uncooperative in the fight against money laundering.
Lawmakers in St Vincent were in the process of passing a law making money laundering an extraditable offense in St Vincent and the Grenadines when M. Nano made his escape, but the legislation came too late.
According to a report in the Miami Herald, the Offshore Finance Authority has appointed a Barbadian citizen, Harold Russell, to assume control of the two banks. On Tuesday, a spokeswoman for the FBI said that as the indictment against Nano remains sealed, no comment can be made on the charges against him at present.
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