Tag Archives: Barbados Money Laundering

CL Financial Directors tell Afra Raymond (and you) “Don’t worry. Relax. Have a rum.”

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

The contempt of the elites for the rule of law continues in the CL Financial scandal.

‘We’ the people sometimes forget the primary rules of island life:

  1. In any large scale fraud upon the public, initial Profits are privately owned by the elites who did the fraud. Later Losses are publicly owned.
  2. There will be zero accountability or transparency by the elites charged with “getting to the bottom of things”.
  3. No elite is ever charged with any crime, except if it is really necessary. In that event, the police are given marching orders and not enough time and resources to complete the task. The accused will be found ‘not guilty’ in a fair trial before a carefully selected judge.

“I’m sure there’s some good legal reason why High Court Justice Kaye Goodridge ordered the Barbados Police to put the CLICO criminal charges on hold. Always is some good legal reason for doing what is done.

It’s just that we predicted this months ago. Futures destroyed, pensions gone, lifetimes of work and savings stolen… and nobody will ever pay.

Nothing changes ’bout hey. Nothing. Ever. Changes.”

… from BFP’s Barbados court orders CLICO criminal charges stayed against Terrence Thornhill, Leroy Parris

And like we’ve said at BFP before, it’s a good thing that Prime Minister Thompson died before the public knew of his role in money laundering millions of CLICO dollars for his close friend Leroy Parris.

But still, there are those good citizens who keep pounding away at a corrupt system ruled by corrupt elites…

Afra Raymond is one of those good citizens looking for justice for us all.

See his email exchange showing how the caretaker CL Financial Directors duck, dodge and slide…

Afra Raymond: Compliance of CL Financial Directors with the Integrity in Public Life Act

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Freedom Of Information, Offshore Investments, Trinidad and Tobago

Canadian & US authorities targeting offshore banking again

HSBC, PayPal, American Express latest accused

Barbados again called ‘tax haven’

by passin thru

Concern about the use of offshore banking in the Caribbean and other areas ebbs and flows like the tide depending upon the moods of government, notable incidents that bring the public’s attention and most of all, the state of the economy. When the economy is bad, governments and others look longingly for the hidden tax revenues and ill-gotten profits stashed offshore.

“It is apparent that the golden time of offshore banking is ending for Barbados. The question for Bajans is… what do we have to replace banking in our foreign currency earnings…?”

"Offshore banking nightmare"

In case you hadn’t noticed, the economy is bad in Canada, the USA and elsewhere. There have been some very noteworthy tax evasion cases and banking busts lately and it’s about to rain gasoline on the fire with the latest revelations about HSBC Bank. John Cruz, an employee of HSBC, has gone rogue (or gone legal) with data for thousands of HSBC bank accounts and corporations he says are used for money laundering with HSBC’s knowledge. PayPal and American Express are also fingered by the same HSBC employee for being wilfully blind or worse.

In case you’re wondering, Mr. Cruz brings a new HSBC scandal – different from when Herve Falciani (head of computer security at HSBC) went public with the detailed data of 80,000 foreign clients of HSBC’s Private Bank in Geneva, Switzerland.

With the HSBC news breaking out of Washington and New York, the new issue of Canadian Lawyer magazine calls Barbados a “Tax Haven” and talks about money laundering in the Caribbean…

“The Canada Revenue Agency refuses to divulge estimates of monies lost due to Canadian tax cheaters hiding cash offshore, but evidence suggests it’s a vast sum…”

“Canada Steamship Lines Inc., the family business of former prime minister (and lawyer) Paul Martin, has an international division registered in the Caribbean tax shelter of Barbados. The Barbadian corporation is owned by a holding company in Bermuda, another offshore haven. This complicated setup allows Canada Steamship Lines to escape paying millions in Canadian taxes.”

Canadian Lawyer: The offshore banking nightmare

Barbados makes substantial profits from offshore banking and enjoys the benefits of having thousands of tourists arriving every year for “board meetings” of their fully legal Barbados-based corporations. Common sense says there must be some criminal funds and tax evasion taking place, but we also know that our banking industry can’t be seen to be difficult or unreasonable to deal with because there are dozens of other offshore banking jurisdictions within an hour or two via business jet or airline.

Barbados is being squeezed between seeking to please the USA, Canada and the EU – and the reality that our offshore banking clients can move with the push of a few buttons of a keyboard.

Whatever the outcome of the latest HSBC scandal or anti-tax ‘haven’ moves by the US and Canadian governments, it is apparent that the golden time of offshore banking is ending for Barbados. The question for Bajans is… what do we have to replace banking in our foreign currency earnings as our offshore banking business continues to come under pressure?

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Filed under Barbados, Business & Banking, Crime & Law, Offshore Investments

Russian billionaire Alexander Lebedev “Barbados bank laundered a billion dollars”

Barbados Louis D’Or Bank tied to Russian organized crime money laundering

“We possess a huge amount of [supporting] documentation: Fyodorov’s payments, transferring $2 million to Suren Yegiazaryan on Cyprus via the Louis D’Or Bank. His brother Ashot Yegiazaryan cleaned a minimum of $1 billion using the same bank on Barbados. The Yegiazaryan brothers obtained control of two banks in Moscow, the Moscow National Bank and UnikomBank. They withdrew several hundred million dollars. Moreover they’ve done deals with the Ministry of Finance and cleaned the money through the Louis D’Or Bank on Barbados.”

Russian billionaire Alexander Lebedev talks to RUSSIA! Blog about big time money laundering in Barbados and other concerns.

Further Reading

Alexander Lebedev personal website

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Filed under Barbados, Corruption, Crime & Law

Breaking News: Barbadian Victor Bourne, mother Maria Alleyne Bourne, charged in massive cocaine smuggling via American Airlines

Other Barbadians involved “Arrests not over”

– US Indictments in massive money laundering and drug smuggling through Barbados.

US$300+ million dollar profits being seized by US Government

– “Bourne Organization” kingpin Victor D’Acosta Bourne used violence, threats against witnesses, airport workers, debtors, dealers

– American Airlines personnel involved in smuggling tons of drugs over a 10 year period. Ships also used.

– Drugs came from Caribbean where “Bourne Organization” members placed drugs on American Airlines flights “throughout the Caribbean” including Barbados.

Brooklyn and Barbados businesses used as cover for smuggling, distribution, money laundering.

Drugs are big business and that reality is no different in Barbados – which now finds itself the focus of worldwide attention in the fight against organized crime.

With only three persons charged, but allegations of a multi-country conspiracy heavily based in Brooklyn and Barbados, there have to be some other very worried folks in Barbados right now. We’re talking hundreds of millions of dollars, tons of drugs and violence by a criminal organization that has tentacles “throughout the Caribbean”, according to the US Attorney’s office.

Is this related to the Suleman Esuf case? Continue reading

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Filed under Barbados, Corruption, Crime & Law, FBI, Police

Government Admits Barbados Anti-Money Laundering Authority Acted Illegally and Without Authority For Two Years

International Embarrassment For Barbados

For over two years, personnel of the Barbados Anti-Money Laundering Authority (AMLA) illegally shared confidential financial, banking and other information with law enforcement agencies and governments around the world. Just one little problem: AMLA personnel had no legal authority to do what they did.

AND THAT, my friends, means that Barbados AMLA personnel committed crimes. Lots of ’em – at least one for every time they transferred or received certain information.

According to a Barbados Advocate article, the Government of Barbados today proposed legislation to retroactively make the illegal AMLA acts “legal” – AND GET THIS – “and all matters purported to have been done under that Act shall be deemed to have been lawfully and validly performed and done as if the Authority had been lawfully and validly appointed…”

“Purported” ???

The Owen Arthur BLP Government Took The Foreign Aid Money But Failed To Legally Establish AMLA

According to the legislation proposed by the current Barbados Government, the AMLA personnel were operating illegally from August 1, 2006 to September 14, 2008 (both dates inclusive). In 2006, Owen Arthur was Prime Minister. The BLP Government had several Attorneys General with the last being Dale Marshall who famously failed to pass the required legislation to make the new $300 million Dodds Prison “official” – thus delaying its occupancy by inmates. Mia Mottley was also Attorney General under Owen Arthur. In August 2001, then Attorney General David Simmons (now Chief Justice) delivered the feature address at the launch of the Anti-Money Laundering Authority.

Each one of the BLP Attorneys General had the responsibility for AMLA but it seems that the government fouled up in August of 2006 and the unit operated without legal authority until September 15, 2008 – some eight months into the new DLP government of David Thompson.

One can hardly blame the current DLP government for failing to immediately realize that a government agency they inherited was operating without legal authority to do so. There is, however, the matter of all the money that the USA has provided to Barbados to establish and operate the Anti-Money Laundering Authority.

And there is a case to be made that, as with the European Union sugar subsidies, Barbados took the AMLA funding from the USA and then spent it on something else…

Did A Blog Article Set Off American or Barbados Government Alarm Bells?

On February 16, 2009 the Keltruth Corp’s Barbados Money Laundering and Offshore Business Advisory blog published a story that asked Does the Barbados Anti-Money Laundering Authority Really Exist?

This excellent piece of investigative journalism made the astounding observation “I can find a little evidence to suggest that AMLA is fully operational or even that it exists…”

Barbados Free Press picked up on the article and stated…

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? (Original BFP story – Report: Barbados Anti-Money Laundering Authority A Phony Shell – Doesn’t Really Exist!)

Judging by the legislation put forward today to “legalize” the past illegal acts of Anti-Money Laundering Authority personnel, the folks at Keltruth Corp.  may have raised the alarm with their February 2009 report.

While we hardly expect the Barbados or American governments to admit that an article on a blog had anything to do with this latest legislation, at the very least the legislation shows that Keltruth Corp. was spot on with their doubts about the legitimacy of the Barbados Anti-Money Laundering Authority.

Well done, Keltruth Corp!

Further Reading

Here is the article from the Barbados Advocate so it will be available in full after it is pulled from the internet by the paper… Continue reading

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Filed under Barbados