The Central Bank

Posted by adminNY on January 01, 2020

So a marginalization is deadly for small tax havens up to the powerful. Quickly the tax havens like Panama, the Bahamas, Turks & Caicos and many others offered, exchange agreements formulated by the United States to the so-called ‘sharing information’, in return for the deletion on the ‘ black list ‘ to sign. Others had the misfortune that their major banks targeted were taken and, as in the case of UBS was clearly demonstrated and published as the Switzerland. According to UBS, these incidents of hasty zeal’s on the part of the banks, to play the applicants requesting information notices by customers against native laws piled up. Thus began the undermining of the trust’s the banking centre Switzerland.

Opening of the literal was now ‘Scheunentor’s’ to the identity of thousands of bank customers who certainly are not related to any terrorist organization, to learn what was originally and apparently Act for the Suppression of financing of terrorist organisations were introduced. The introduction of the ‘ Rubik contracts ‘ so nothing stood in the way. The Switzerland has already signed about 80 of such contracts. The Bahamas as well. But the danger is not the actual signing of these contracts for the individual clients, but in the application of the treaties and in particular the requests for information communications and Exchange. The Central Bank of the Bahamas has on this topic after riots of the local lobby of of Bank, which include more than 30 Swiss banks, geauessert and clearly: the Bahamas will not act rashly like the Switzerland, but carefully check each individual request for information on substance and justification. So-called ‘ fishing expeditions’ should not be allowed, where ‘Blankoantraege’ on information communications from the high-tax countries are shipped. The formulation of the Rubik contracts is so, a spacious game room is to the Contracting Party in which not only the own law and bank secrecy to be observed is, but creates your own inspection process in each individual case.

The local courts the decision power is left, then, whether information or not issued. It is cases such as UBS and HSBC in the Bahamas prevent. It is still questionable whether the Bahamas but can withstand a corresponding political pressure in the long term. There are currently 700 islands off the coast of Florida’s still one of the world’s best tax havens with a sophisticated and prestigious Bank place and a first-class infrastructure. The creation of trust continues to be a popular and effective asset safeguard mechanism. Euro-Caribbean Management Services Ltd.,, is a company for more than 20 years financial services company in Nassau.


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