Following the takeover of an offshore bank by the regulators in Barbados last month, it has emerged that two more banks are being reviewed by the securities exchange, according to Central Bank governor Dr Marion Williams.
Addressing a press conference last week, Dr Williams explained that the Central Bank has been more successful in uncovering cases of wrongdoing in the offshore sector since it began carrying out onsite inspections of international business companies three years ago.
The Central Bank of Barbados announced recently that it had seized management and control of Olympus Bank and Trust SCC with a view to closing the offshore bank down.
It came to light following the July 19th seizure that the action had been taken over the bank's failure to comply with the provisions of the International Financial Services Act.
Olympus is owned by a Canadian hedge fund firm, the Norshield Financial Group, which is currently under investigation over the disappearance of US $130 million.
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