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The Bahamas Senate Declares An End To Banking Secrecy

Mike Godfrey, Tax-news.com, New York

16 August 2000

The Bahama Journal reported yesterday on a lively debate in the Senate on the Bill to Amend the Evidence Act, in which opposition leader in the Senate Dr. Marcus Bethel berated the FNM Government for its handling of the OECD-induced crisis facing the country's financial services sector and called for the resignation of Finance Minster Sir William Allen.

Dr. Bethel said he found it "incredible" that Sir William had admitted in the House of Assembly Thursday that the Government had anticipated an all-out attack on the financial services industry by the powerful G-7 nations, but admitted that the Government was not prepared to defend itself when the time came.

Said Dr Bethel: "Surely, Sir William should take the honourable course and resign forthwith, leave behind his recently acquired knighthood, but carry the rest of the Cabinet with him."

Turning on the Prime Minister, he continued: "It is my belief that a great deal of the reason for the failings of this Government is due to the management style of the Prime Minister who is Minister of Everything and seems incapable of delegating responsibilities and having Ministers who fail their duties relieved of their responsibilities."

The Senate was due to pass the new legislation later in the evening, making it easier for investigators to obtain evidence on clients holding bank accounts in the Bahamas.

Government Leader in the Senate Dame Dr. Ivy Dumont echoed the sentiments of Sir William when she told members of the Upper Chamber that the Government did not move legislatively before the anticipated blacklisting because it wanted to safe guard, for as long as possible, the competitive advantage enjoyed by the industry.

"The Bahamas has sought to preserve, defend and protect bank secrecy as enshrined in legislation in 1965 and strengthened in 1980 for as long as was possible and/or practical," Dame Ivy Dumont said. "We did not wish to be amongst the first to move. In fact, we determined to be amongst the last and it might be said that we held the line to the end. Now is the end."

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