Tag Archives: Caribbean Money Laundering

Banking executive from CIBC’s FirstCaribbean International Bank carried FIFA bribe!

Why would a CIBC FirstCaribbean International Bank executive travel from the Bahamas to New York to personally pick up a US$250,000 cheque?

Why not just wire the funds? Why not send the cheque via courier?

The answer appears to be that the US$250,000 was being money-laundered by one of FIFA’s top officials, Chuck Blazer. After picking up the cheque in New York, the banking executive returned to the Bahamas and deposited the cheque into Blazer’s personal offshore account.

I didn’t really catch onto this at first. I thought it was a situation where the CIBC had been unknowningly duped or had a client misuse the bank. But that isn’t what happened according to the articles in the press – the CIBC FirstCaribbean International Bank was directly and knowingly involved in money-laundering.

Surprised? You shouldn’t be. Anyone who has seen the award-winning documentary about the 2008 meltdown – Inside Job – knows that the banks are rotten to the core, and in conjunction with bribed elected and appointed officials ensure that the motto of the inside crowd remains “Profits are private. Losses are public.”

Closer to home just look at Clico and the Barbados DLP government.

But for you and me though, just miss a mortgage payment or don’t pay taxes and see what happens. Wuhloss!

FIFA scandal exacerbates Canadian banks’ Caribbean troubles

An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the Bahamas.

This unusual courier service, which reduced the electronic trail on a $250,000 payment to former FIFA official Chuck Blazer in May 2011, was provided by an unnamed officer of Barbados-based CIBC FirstCaribbean International Bank, the indictment shows. CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank.

That cheque, U.S. prosecutors allege, was part of a $10 million bribe paid in return for the votes of then FIFA vice president Jack Warner, Blazer and another FIFA official in support of South Africa being granted the rights to host the 2010 World Cup.   Continue reading

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Filed under Barbados, Business & Banking, Corruption, Offshore Investments

Breaking: Brother of former Turks and Caicos Finance Minister arrested for Crown lands fraud, money laundering

TCIpost Reports…

Earl Hall, the brother of former Turks and Caicos Minister of Finance Floyd Hall (photo above) has just been released on bail by the UK anti-corruption investigators.

The TCIpost is breaking the story and reporting that Earl Hall will face numerous charges including defrauding the government on the sale of Crown land and money laundering.

Someone actually charged with corruption offenses? How unusual!

Of course Earl Hall is presumed innocent until proven guilty and he will have his day in court – but that is a different story than in Barbados where we don’t have trials for corruption. In Barbados when elected or appointed public officials or their family members are found to be engaged in corrupt activities, the politicians will trade some insults in the press or in Parliament but no one is charged. Ever.

That’s the rules here. No charges. Ever. We’ve seen all kinds of incidents where Barbados government assets mysteriously end up in private hands, where politicians place “campaign donations” into their personal bank accounts and where the United States FBI complains to the Prime Minister about money laundering by government officials and that file somehow went missing. Never any charges though.

Here at Barbados Free Press we’ve even posted photos of a Minister of Government building a home with his mistress on land that his government expropriated and never paid for. How did that work out? The government and the opposition ignored it, as did the Barbados news media.

Nobody wanted to throw rocks while living in a glass house and all that.

So as we watch the events unfold in the Turks and Caicos, we are reminded that Barbados government officials shouldn’t be too smug. If we hadn’t become an independent country, the UK anti-corruption investigators would be on our doorstep too. But it’s our country so our corrupt politicians don’t have to worry about that.

Sleep tight boys and girls in Barbados Parliament. You have nothing to worry about because the rules still apply: No charges. Ever.

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Filed under Barbados, Corruption, Crime & Law, Political Corruption, Politics, Politics & Corruption

Wikileaks to soon put Caribbean Money Laundering Laws to the test

Cayman bank account info to go on WikiLeaks as CARICOM announces Anti-Money Laundering Deal

“Stopping money laundering in Barbados would be like cutting our own throats.”

Two money laundering news items arrived in our in-basket today from different sources, and when we put them together we thought, “Hey, synchronicity!” See? I was awake in school at least on one day. (Actually, I was awake most days because I didn’t want to get a stick across the knuckles from Mr. W.)

Thanks to one of our old friends in Manitoba Canada (brrrrrr!!!!! Youbee, come on home for February!) we know that Swiss whistleblower Rudolf Elmer is going to hand over bank data to WikiLeaks founder Julian Assange on 2000 people who have money parked offshore in the Caymans.

Barbadian Politicians on the list? Continue reading

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Filed under Barbados, Business & Banking, CARICOM, Corruption, Crime & Law, Economy, Offshore Investments