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Bank of Bermuda Denies Link to Internet Gambling

Tax-news.com

08 November 1999


The Bank of Bermuda has denied claims that it is providing services to internet gambling websites. The statement comes in response to recent claims that "more than a dozen gambling websites to be licensed in Antigua and Venezuela have been informing gamblers for several months that they can open accounts by wire transferring funds to the Bank of Bermuda."

The senior vice president of the Bank said in a letter to a local Bermuda newspaper that "we do not currently provide services to the on-line gaming industry…. While there is probably a significant growth potential in the on-line gaming industry, it is not something the Bank of Bermuda is involved in." Gambling and pornography are the only two activities that the Bermuda Government has put off limits for Bermuda based e-commerce service providers.

The Bank has taken steps against the company believed to be responsible for all the websites - Starnet Communications International Inc which is registered in Delaware and is currently subject to a class action suit from its shareholders for misleading them about the true nature of its business. In its annual stock exchange filings, Starnet claims that it has relationships with six other major banks in addition to the Bank of Bermuda.

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