The Bahamas was one of those countries that benefited most from "globalization" and also one most exposed to the campaign against unfair tax competition. The OECD effort is akin to a high-tax state like California trying to block investment dollars from flowing to a low-tax state like Nevada. Like many hasty legislative actions, the new "know your customer" rules will have unforeseen and unfortunate consequences of the highest order. Banks’ MLP Officers, either taken away from more productive work or newly hired at considerable expense, will devote hours and days of their time answering picayune queries like mine or reviewing the submitted forms and wrangling with customers over the tiniest details.
We are obliged to report to a Financial Intelligence Unit those individuals of whom we may have suspicions. And…we are subject to searches by the Inspector of Companies and the Compliance Commission. These are done at will or annually, without warrant, without need to show cause, without any obligation of confidentiality, without the use of discretion, but with the obligation to pay for such search AND substantial fines or jail terms if the paper work required is not on file.
|Think-tank says FNM government must now extricate nation from ‘regulatory nightmare’ after failing to spot US policy change.
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