Report: Barbados Anti-Money Laundering Authority A Phony Shell – Doesn’t Really Exist!

Barbados Government Agency With No Staff Designed To Look Good & Receive U.S. Foreign Aid Funding?

Oh My!!!

Those curious folks over at Barbados Money Laundering Advisory have been doing a little digging into the Barbados Government Agency known as the Barbados Anti-Money Laundering Authority (AMLA).

Our own sources tell us that Barbados AMLA receives all kinds of funding from the United States Government for doing, well, anti-money laundering activities. AMLA has responsibility of supervising financial institutions, making it the principal supervisory entity in the fight against money laundering in Barbados.

But guess what friends? AMLA doesn’t pass the smell test for being a real and operational government entity!

Our bet… AMLA is nothing but a paper shell operating out of the Financial Intelligence Unit and is not a stand-alone organisation with independent staff as mandated and pretended by the Barbados Government.

Why would they pull off that fast one? For the U.S. aid money, of course!

Shhhhhh…. doan be tellin the US Embassy, Ok?

Barbados Money Laundering Advisory has all the research and facts in their well-written and quite disturbing story Does The Barbados Anti-Money Laundering Authority (AMLA) Really Exist?

15 Comments

Filed under Barbados, Business & Banking, Corruption, Crime & Law, Offshore Investments, Police, Political Corruption, Politics, Politics & Corruption

15 responses to “Report: Barbados Anti-Money Laundering Authority A Phony Shell – Doesn’t Really Exist!

  1. reality check

    It is interesting to note that the AMLA comes under a department of substance abuse. This is a very old definition of money laundering.

    “In the past, the term “money laundering” was applied only to financial transactions related to organized crime. Today its definition is often expanded by government regulators such as the United States Office of the Comptroller/Controller of the Currency to encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. As a result, the illegal activity of money laundering is now recognized as potentially practiced by individuals, small and large businesses, corrupt officials, members of criminal organization organized crime such as drug dealers or the Mafia, and even corrupt states, through a complex business network of shell companies and trusts based in Offshore Financial Centre offshore tax havens. “Smurfing” and “kiting” are examples of money laundering techniques”

    This would mean many of the questionable untendered offshore and onshore transactions including real estate ponzi schemes should now technically come under the AMLA.

    All of these so called independent Directors probably rarely meet and are appointed by the same boys club network. It would be interesting to see their regular agenda minutes and the depth of their scrutiny not to mention what they are paid and how much they are funded. Were they carefully watching the Clico Financial transactions? This is akin to putting the fox in charge of the hen house.

    If the AMLA is indeed funded by the US taxpayer someone needs to give themselves a shake and ask for proper transparency and disclosure.

  2. Dalerest

    One would think the US government would do their homework before handing over taxpayers’ money. Shame on them!!

  3. Fool me once

    Are you sure the job of this bunch is to stop laundering? More likely it be to find new ways to do it in and out of BIM.

    When we told we pay up hundreds of millions of dollars to the friends who own Kensington Oval that be money laundering going on right in front of your face. Where it went is all approved by our Money Laundering Authority Service so as nobody can find and that is how it be laundered nice and clean.

  4. Fool me once

    For $224million we got burned grass at the Oval and a shiny building that already in trouble not used much either.

    Owners of Oval got the mine we got the shafft,

  5. oldrooster

    I would expect govmnt to go on a big publicity binge for AMLA but it won’t prove nothing. No phone. No email. No webpage. No separate staff. No separate address.

    This agency is as phony as a 3 dollar bill.

  6. Hants

    More trouble in the Caribbean. Paradise lost?

    Federal regulators are charging R. Allen Stanford and three of his companies with a “massive” fraud that centered around high-interest-rate CDs.

  7. Royalrumble

    Well it seems as though all the election financiers of the DLP are in trouble.

    First it was Clico/Parris, and then it was Donald Trump now it is Allen Stanford.

    Seems to me that the next general election in Barbados will be void of DLP funds. The days of giving young people on the blocks in rural and urban Barbados $2,000.00 and packaged of weed are over.

  8. Hants

    This has serious implications especially for Antigua.

    “About 15 federal agents, some wearing jackets identifying them as U.S. marshals, entered the lobby of Stanford’s office in the Houston Galleria area, a Reuters eyewitness said. U.S. media descended on the scene and television helicopters hovered overhead.

    Stanford Financial said it remained open for business but was “under the management of a receiver,” according to a sign taped to the door of the firm’s Houston office.”

  9. Green Monkey

    Federal regulators are charging R. Allen Stanford and three of his companies with a “massive” fraud that centered around high-interest-rate CDs.

    I guess I am not the only one that has the distinct feeling the world economy has been nothing more than a giant Ponzi scheme that has finally peaked and the scheme is now unraveling as do all Ponzi schemes once they have run their course.

    U.S. Intel Chief’s Shocking Warning

    by Chris Hedges

    We have a remarkable ability to create our own monsters. A few decades of meddling in the Middle East with our Israeli doppelgnger and we get Hezbollah, Hamas, al-Qaida, the Iraqi resistance movement and a resurgent Taliban. Now we trash the world economy and destroy the ecosystem and sit back to watch our handiwork. Hints of our brave new world seeped out Thursday when Washington’s new director of national intelligence, retired Adm. Dennis Blair, testified before the Senate Intelligence Committee. He warned that the deepening economic crisis posed perhaps our gravest threat to stability and national security. It could trigger, he said, a return to the “violent extremism” of the 1920s and 1930s.

    It turns out that Wall Street, rather than Islamic jihad, has produced our most dangerous terrorists. We will see accelerated plant and retail closures, inflation, an epidemic of bankruptcies, new rounds of foreclosures, bread lines, unemployment surpassing the levels of the Great Depression and, as Blair fears, social upheaval.

    SNIP

    The economic collapse has exposed the stupidity of our collective faith in a free market and the absurdity of an economy based on the goals of endless growth, consumption, borrowing and expansion. The ideology of unlimited growth failed to take into account the massive depletion of the world’s resources, from fossil fuels to clean water to fish stocks to erosion, as well as overpopulation, global warming and climate change. The huge international flows of unregulated capital have wrecked the global financial system. An overvalued dollar (which will soon deflate), wild tech, stock and housing financial bubbles, unchecked greed, the decimation of our manufacturing sector, the empowerment of an oligarchic class, the corruption of our political elite, the impoverishment of workers, a bloated military and defense budget and unrestrained credit binges have conspired to bring us down. The financial crisis will soon become a currency crisis. This second shock will threaten our financial viability. We let the market rule. Now we are paying for it.

    The corporate thieves, those who insisted they be paid tens of millions of dollars because they were the best and the brightest, have been exposed as con artists. Our elected officials, along with the press, have been exposed as corrupt and spineless corporate lackeys. Our business schools and intellectual elite have been exposed as frauds. The age of the West has ended. Look to China. Laissez-faire capitalism has destroyed itself. It is time to dust off your copies of Marx.

    http://www.opednews.com/articles/U-S-Intel-Chief-s-Shockin-by-Chris-Hedges-090217-31.html

  10. Sargeant

    There is a list of people who were allegedly victims of the Madoff Ponzi scheme which is called the “Madoff List”. I wonder if there will be a “Stanford List”, if there is it will make for interesting reading.

    http://www.time.com/time/business/article/0,8599,1880101,00.html

  11. Sargeant

    The attached article indicates that people from as far away as Colombia are descending on Antigua to withdraw their funds from Mr. Stanford’d bank. Whenever you hear Colombia and money the immediate thought is narco dollars. I wonder what this portends for the people of Antigua, Mr. Stanford seemed to own a lot of things down there including the Government.

    The Barbados Gov’t better beef up the regulatory bodies that govern money laundering, you never know when the Yankees will come calling.

    http://dealbook.blogs.nytimes.com/2009/02/17/stanford-probe-causes-ripples-of-concern/?scp=2&sq=stanford&st=cse

  12. Hants

    @ Sargeant

    “But nearly all say they fear a U.S. investigation into the tycoon’s financial empire and Antigua-based offshore bank could damage the Caribbean island where Stanford is a household name, its biggest private employer and powerful business force.”

  13. Sargeant

    Hants

    I read the comment, I meant beyond their own fears

  14. Hants

    It will make their General Elections on March 12th very interesting.

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