Bahamas Bank Blames Tougher Laws For Its Closing
Lisa Ugur, Tax-news.com, London
11 December 2000
According to a report in the Miami Herald, the head of an offshore bank in the Bahamas that lost its license to operate blamed the jurisdiction's tough laws for his company's decision to shut down and liquidate assets.
The Surety Bank and Trust Co Ltd had its licence suspended by the Bahamian government for failing to meet meet certain requirements. Chief executive of the bank, Gerry Niesen, said that the requirement to which the notice referred was the presentation of detailed investor information to the government.
According to Mr Niesen, shareholders of Surety Bank and Trust Co had already decided to liquidate the company before the license was revoked by the Bahamian authorities. He said that the bank had been trying to find a buyer for the operation, but felt that tougher laws intended to clamp down on money laundering may have scared off potential purchasers.
.To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »