Cash block

slot machine operators barred from making deposits

Slot machine operators here are having a cash problem – too much of it and nowhere to deposit it.

Attorney General Adriel Brathwaite today disclosed that commercial banks are refusing to accept large amounts of cash from these businesses because of the labelling of Barbados as a money laundering haven.

Brathwaite said the intake at these businesses was being classified as the proceeds of gambling.

“These are legitimate businesses but someone sits outside of the region and makes a decision that ‘this is gambling, therefore we are not touching it’. So you have as I saw a couple days ago, a legitimate business sent me a note on WhatsApp with lots of cash on a table saying, ‘AG help me, we don’t know what to do with this; our bank account has been deactivated and we are paying our staff with cash’, and they can’t operate like that,” Brathwaite said this morning at the opening ceremony of a three-day anti-money laundering workshop at the Radisson Aquatica Hotel.

It has become increasingly common for large banks and other financial institutions to restrict or terminate relationships with categories of customers they believe pose a high risk of money laundering, terrorist financing or other forms of crime, according to the Financial Action Task Force (FATF), the inter-governmental body which promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

This has become a severe problem in correspondent banking where global banks have been closing down relationships with many of their respondent banks, especially in emerging economies, partly for commercial reasons, but mainly because these smaller banks cannot always meet today’s higher financial crime standards, the FATF said.

In addition, commercial banks are also mandated to consider whether or not their clients operate in, or are subjected to, a regulatory environment, which is internationally recognized as adequate in the fight against money laundering.

Brathwaite said it was unfair to paint everyone with the broad money laundering brush, while restricting people from making a living legitimately.

“If you take away ability to function and to function legally, then what else will we do as a region? The criminal element will take over. We have gone back to days where suitcases of cash are being moved around because people cannot bank legitimately.

“Here in Barbados we have the issue of our slot machine operators, these businesses have been around for 30 years and employing hundreds of persons and waking up one day and being told that we cannot bank with you anymore,” he lamented.

In a 2016 report by the US State Department, Barbados was named among a number of countries which Washington regarded as major money laundering havens.

Braithwaite last month dismissed that report as misleading, stating it was not supported by the intelligence.

“Criminal activity in Barbados is immaterial as far as the international community is concerned. Funds, which may be laundered in Barbados, are minuscule when measured on the scale of international laundering. Barbados is not a world financial centre and, therefore, any larger than usual financial transaction which takes place here will receive immediate attention, both here and abroad. Large-scale launderers know that the place to hide a tree is in the forest. Barbados does not fit that bill,” he stressed at the time.
colvillemounsey@barbadostoday.bb

25 Responses to Cash block

  1. Ali Baba
    Ali Baba May 23, 2017 at 3:13 am

    CORRECT ME IF I’M WRONG, THIS FALLS UNDER THE BARBADOS LOTTERY/TURF CLUB? IN THE AUDITOR GENERAL REPORT, IT SEEMS NO TAXES WERE COLLECTED OVER THE YEAR….HUMMMMMMMMM

    Reply
  2. Kim Smith
    Kim Smith May 23, 2017 at 6:17 am

    So this person is your friend? Ppl that vote for you can’t find you but he can message you? Please send me your number cause i want help getting money to pay Bill’s and buy food,maybe your friend can help me.#checkforthepoor

    Reply
  3. Mr Rock usa May 23, 2017 at 7:34 am

    The best people the keep your money is you my friend. With all that money its better to build a safe and keep you money. Go back to old school commonsense way of life. Most people would perfer to be paid in cash. We need to start doing thing the Bajan way again. Tell the banks and the world to figg off.

    Reply
  4. Rawle Spooner
    Rawle Spooner May 23, 2017 at 7:40 am

    Very interesting.

    Reply
  5. Alex Alleyne May 23, 2017 at 8:22 am

    Sound more like a “SCARFACE” style thing. In the movie the banker told him , “you bringing me too much MONEY”, he replied are you a bank, and you told me that’s where you keep money.
    Foot in mouth at it again, his friend call him up told him his situation and he bring it to the public. Tell him to fix some roads , open a business and hire some people. If all that fail, then full up his bath tub.

    Reply
  6. Bajan First May 23, 2017 at 8:24 am

    Mr. Rock that is a bad idea in the world in which we now live. When the criminals come into your home and order you at gunpoint to open up the safe what can you do but to give up ALL! A solution to this problem needs to be found to protect legitimate businesses

    Reply
    • Mr Rock usa May 23, 2017 at 11:56 am

      @ Bajan first. Its not what you do, its how you do it. As you can see. I live outsider Barbados and most home have safes. It can be dont. Small mine’s and small thinking is why little Barbados is so far behind today. If little Barbados want to play on the world stage, learn the rules. Laws are made to bent right up to the breaking point.

      Reply
  7. Dave Person
    Dave Person May 23, 2017 at 8:41 am

    Wait slot machines are gambling though…. that is good. Spend back some of the poor people money wanna trick them out off. Them got tables full of cash and paying minimum wage

    Reply
  8. fedup May 23, 2017 at 8:46 am

    Such bull***t. The outside world running this place.

    Reply
  9. Sonia Seale
    Sonia Seale May 23, 2017 at 9:10 am

    “Too much money and nowhere to deposit it”. Solution – pay the gamblers more when they win and the government should increase the taxes. Then they will not have any excess.

    Reply
  10. Donild Trimp May 23, 2017 at 9:26 am

    The solution is simple.

    How about a local Bank?

    How about “THE BANK OF BARBADOS”?

    Reply
    • Mr Rock usa May 23, 2017 at 11:59 am

      Well said. A local bank with our rules banking our way!

      Reply
  11. Ali Baba
    Ali Baba May 23, 2017 at 9:36 am

    DUM AINT PAY NO TAXES OVER THE YEARS, GETTING AWAY WID MURDER AND BRAGGING..WHAT AN INSULT TO INJURY

    Reply
  12. hcalndre May 23, 2017 at 10:24 am

    The guy call the politician for an idea but he did not got the answer that he was looking to hear. The operator of the slots really wanted know where and how the politicians deposit theirs. There was a $10m that banks wanted nothing to with sometime ago and was told to bring it to the CB for safe keeping, since the man is no longer there, I wonder what has happened since.

    Reply
  13. Alex Alleyne May 23, 2017 at 10:52 am

    I do not believe for one minute that the slot machines gave him that wicked access of CASH.

    Reply
  14. Zeus May 23, 2017 at 11:32 am

    Waitttttt……I thought I hear bajans brek but yer the owners of slot machines got so much money they don’t have anywhere to put it ….please can somebody tell me the truth …….BABBADOS TODAY are bajans broke or not

    Reply
  15. jrsmith May 23, 2017 at 11:38 am

    Our politicians are the ones who has exposed barbados to any form of criticism around the world,, but why is Barbados a target for any international institution, accusing us of being a tax haven and money laundering….
    What is being hidden from our bajan people as regarding barbados being label a tax haven and money laundering country for some time now………………………………..
    If these people money is clean and was only made from they business in barbados, how long have they been hoarding this money….

    Reply
  16. helicopter(8P) May 23, 2017 at 12:10 pm

    What a a masterplan in motion!! It’s becoming an inperialistic world by reason of capitalist world wide greed and selfish motives. We will go back to our cultural heritage and utilize the local credit unions and lodge membership savings banks as we did back in the 1930’s 40’s and fifties. This system is developed to distroy tourism, that’s why agriculture maintains a countries liberialism. One very special group of global citizens are making sure that liquidity is hoarded and reservored for a chosen few! I guess as some see it as being said; ” You have progressed a little too much so have a back seat for a moment”! The real envy here is the climate weather. We do’nt have to buy tons of salt in our city every year, don’t have tornadoes, volcanoes and just slight flooding. Hurricanes usually pay us a generous courticy call and sunshine smiles for over 300 days per/annum.

    Reply
  17. BOB May 23, 2017 at 12:19 pm

    People need to start their own banks… Family banks are virtually non-existent these days… maybe it’s the lack of knowledge. A bank is basically a middle man that gets paid to conduct business on your behalf. Form your own banks, write and cash your own cheques…

    Reply
  18. Andrew Simpson May 23, 2017 at 2:09 pm

    If the slot machine operators have all this money, it must have come from somewhere. Maybe the silly gamblers should put two and two together to discover who are the real winners and losers.

    Reply
  19. Sunshine Sunny Shine May 23, 2017 at 3:57 pm

    Who else got you whatssapp number? Stuuuuuuuuupse

    Reply
  20. Milli Watt May 23, 2017 at 4:52 pm

    deposit wid me nuhhh……….I can hold it for you.

    Reply
  21. Johnathan May 23, 2017 at 9:08 pm

    Ask this dumb ass we have for an Attorney General what he has done to help rectify situation this idiot knows little to nothing and drives around with his car windows rolled up with total disregard for the people of this country. He for one like the Prime Minister get what they didn’t expect and just parading around the country as though they are Gods with little or no respect for the people who put them there. This disrespectful clown is totally out of place and is the worst thing we have ever had as an attorney general.

    Reply
  22. Bentley May 23, 2017 at 9:28 pm

    All the hype written above my posting, it seems everyone has missed a very very glaring disparate item.

    The Slot Machine Operators can’t deposit their revenue as its classified as “Gambling.”

    Exactly what category does the The Barbados Lottery, aka Gtech Global Services Corp fall under when they have to deposit their proceeds (revenue) into the banking system?

    Just asking.

    Reply
  23. Sunshine Sunny Shine May 24, 2017 at 12:36 am

    Eww eww, I just remember. Could they not put the money in the Central Bank? I mean Leroy Parris was able to put his in there without a problem and he is not exactly Mr. Standup Integrity. So ask the Prime Minister a question or the former Central Bank governor how Parris was able to put his money in the Central Bank after the banks refuse to keep it.

    Reply

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