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
mr littleboy i have been away for a couple of days and now i am back and yes i do hope this new government stays focus on its promise to our people so we shall just wait and see the path they are taking and as a ship in the ocean the captain is always in charge therefore we as the crews it is our duty to again i say remind them (the government) of their promises to our people.
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By: gabe 10/31/2008 12:31:50 PM
Brother Gabe, I see Keith Mitchell not only stole funds from Grenada, but also deceived his own people. You see now why I always thought that boy should be in Jail. We use to call these fellows traitors a long time ago.I think they should take his house and land in Grenada and auction it and use the funds to build Grenada, but this new goverment aint together. It seems to me they are also in dire straits.
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By: Littleboy 10/28/2008 9:37:29 PM
Mr. Gabe, I see we are always on the same tune. It seems we think alike and we are always for Grenada nad our Grenadian people, and that is very good. We need to find a way however to motivate these young fellows into doing something good, not only for themselves but for the whole community as well. Maybe a good start would be to organize a trash pick up day, where everyone does a clean up job in his community by picking up trash, and papers that are on the ground and put them into trash cans all around the island. What do you think?
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By: Littleboy 10/28/2008 6:01:54 PM
As much as i agrees with you mr littleboy re the government proposed relaunching of the off shore banking sector i must say that yes, strigent action must be put in place for example the vetting of persons wishing to get involved in such business, for we cannot go back to thoes days when rights were given to some dodgy people who then turned out to be unacceptable characters, grenada needs new progressive thinking blood in our country providing that they meet and have been checked out by the financial sector watchdog and validated internationally we cannot afford to have another issue as we have had recently with cap bank where our people have loss thousand of dollars of their savings.
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By: gabe 10/28/2008 9:08:16 AM
As much as i agrees with you mr littleboy re the government proposed relaunching of the off shore banking sector i must say that yes, strigent action must be put in place for example the vetting of persons wishing to get involved in such business, for we cannot go back to thoes days when rights were given to some dodgy people who then turned out to be unacceptable characters, grenada needs new progressive thinking blood in our country providing that they meet and have been checked out by the financial sector watchdog and validated internationally we cannot afford to have another issue as we have had recently with cap bank where our people have loss thousand of dollars of their savings.
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