Grenada is planning to relaunch its offshore financial sector, six years after it collapsed, following a multi million dollar fraud scheme.
Prime Minister Tillman Thomas told the Caribbean Financial Action Task Force his government is prepared to ensure it complies with international standards.
In 2002, Grenada suspended its financial sector's operations, after the First International Bank of Grenada collapsed, and investors were cheated out of US $170 million.
The offshore bank took money from investors but never paid them back, leaving a trail of ruined retirements and personal bankruptcies.
Reprinted from bbccaribbean.com
Want to know something?? I forgot to mention this. Obama intends to stop or shut down these Offshore Schemes within the Caribbean and bring back the Tax Free money base back to the United States where they will be duly and truly taxed. He also says one will not be taxed more if his income is under $250,000.00 and below. Now hear this. Littleboy believes if your income is $50,000.00 and below, your taxes will certainly increase. Shabama has to get all that money from somewhere to do all his bidding and it will come form yeah, the middle class and the rich. Watch and see. Yes we can tax all these devils. Yes we can and we will. Hey hey.
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By: Littleboy 10/27/2008 4:10:11 PM
I don't think this is a really good idea at this time. Right now Grenada is known as the place of corruption, bank frauds, offshore schemes, theft among other things because of the live cadaver Keith Mitchell and his past regime. Americans have lost most of their hard life's savings, and the US goverment would not look too kindly towards this sort of thing in the near future. First we need to clean up the whole situation and maybe, a big maybe I'd say within the next eight years or so, with the help of good honest qualified finance and accounting personnel with impecable characters, - and thats hard to find these days especially in Grenada with the likes of the Antoine family among others- who wants to do something good for Grenada and not their pockets books to try to get involved into the offshore business. There is money to be made in the offshore areas once its regulated correctly and honestly. Then again, if Obama becomes the next President, it may be difficult getting into the offshre areas. Companies are moving this business outside of the US because of taxes and he may just not allow that these days. Nah I would strongly advise against it at this time. Tillman better use your head boy and not your heart. Remember the heart is treacherous. If you really want Grenada to get ahead and you need help form other neighbouring countries I'd think twice about this one.
A word to the wise: Be carefull with Nazim Burke and especially Peter David.
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By: Littleboy 10/27/2008 7:43:34 AM
The Grenada's economy will be smiling if this becomes a reality.Uncle Tilly and Mr. Burke hurry up.
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By: sheila jones 10/23/2008 1:07:05 PM
What are the security measures the goverment will be implementing to ensure that investors are secured and protected from the calamity from happening again?
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