UBS Update

Tax Research UK, July 10th, 2009:

When a state supports crime what rights does it have?

UBS shares outperformed the Swiss market strongly on Thursday as investors digested the latest twist in the battle of wills between the US and Switzerland over bank secrecy.

The Miami judge presiding over a crucial court hearing next Monday has called on the US authorities to specify how far they would go to force the Swiss bank to comply, should the court rule in their favour.

Alan Gold, the US district judge presiding over the case, late on Wednesday gave the US government until midday US time on Sunday to clarify whether it might go as far as seizing assets of the bank’s US operations, or forcing them into receivership, should the court rule against UBS and the bank not comply.

The move followed a deposition by the Swiss government saying it would forbid UBS to hand over confidential client information if the court ruled against it.

Stanford case new black eye for Caribbean finance

Jamaica Observer, Friday, February 27, 2009 by Pascal Fletcher – Stanford case new black eye for Caribbean finance

The Allen Stanford fraud case is another black eye for the image of the Caribbean offshore finance sector, which must improve oversight and regulation to stay competitive in tough times, a regional trade expert said.

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Bajan Banks and Insurance Companies Inadequately Supervised

Inadequate supervision of insurance companies and banks is a topic of interest to the money laundering community, so I am publishing this story under this blog. You may want to read the entire FSSA report carefully as it may be implying that a local Bajan bank is in trouble.

Nation News (Feb 24, 2009 – Insurance queries by GERALYN EDWARD) ran a story that tipped me off to finding an IMF report on Barbados. Here is a quote from the Nation:

THE INTERNATIONAL MONETARY FUND (IMF) has raised serious questions about the supervision of Barbados’ insurance sector.
An IMF Financial System Stability Assessment (FSSA) released yesterday evening said the “lack of adequate supervision of the insurance sector” exposed the sector to “material risks”.

I am posting a couple of snips from the original source, the FSSA report. Clicking on these snips will download the entire report so that you can read it. (Or if you prefer, I have a standard page with the key findings here.)

The mention of Trinidad, Barbados and insurance in a single paragraph brings a certain insurance company to mind!

Is a Certain Barbados Bank in Danger of Failing?

Bank capitalization

Why is Supervision Important?

There was an insurance problem in Barbados in 2006.  Under Supervisor of Insurance Carlos Belgrave, the following companies operated:

• Strategy Insurance Limited,
• Reliant Insurance SCC
• River Reinsurance Limited – formally licensed by the Barbados Supervisor of Insurance as an Exempt Insurance Company, (see SEC report, also this), owned by River Capital Group, Inc.  a.k.a. Sonterra Resources, Inc.  (SOTR)

These three companies were investigated in 2006, by Offshore Alert and KYC (Know your client) News, who voted Carlos Belgrave as the worst insurance regulator. (The “OffshoreAlert Awards – Best & Worst of 2006″ can be purchased from the KYC News Story Library.)

I am not going to quote the details in the report as I cannot cross-reference them from other sources.  However, my research on the three companies shows that they are worth very little. Last time I checked, Strategy Insurance Limited was $0.0005 (20 shares for 1 cent), Reliant Insurance SCC was $ 0.001 (20 shares for 1 cent), and Sonterra Resources, Inc. was $0.35 after a reverse 1:10 split under its former name of River Capital Group, Inc.

An insurance company should be as solid as a rock. These companies may not be that solid.

Without adequate supervision, the insurance policy holder is at risk. Without adequate supervision, companies may fail without warning or company assets may even be purposely diverted.

UBS Bank Switzerland Advised Of Barbados Prime Minister’s “Secret Bank Accounts” Speech

Swiss Banking Giant Receives Barbados Money Laundering Advisory

Barbados Money Laundering Advisory (BMLA) sent the following letter via courier to the Chairman of the UBS Bank in Zürich, Switzerland. A copy of the letter is also being sent via email to 197 other UBS employees worldwide. (Wikipedia: UBS AG)

Mr. Peter Kurer
Chairman
Board of Directors
UBS

Bahnhofstrasse 45
8001 Zürich
Switzerland

Telephone: (withheld)
Facsimile: (withheld)

Re: Barbados Money Laundering Advisory

Dear Mr. Kurer,

We support the efforts of UBS and other financial leaders to curtail the activities of those who illegally conceal financial transactions.

On this theme, Barbados Money Laundering Advisory wishes to bring your attention to the allegations made by the current Prime Minister of Barbados, David Thompson, during a September, 2008 speech in Canada and in the Barbados news media in January, 2009.

Prime Minister Thompson publicly accused “operatives” of the previous Barbados Labour Party government which was in power for thirteen consecutive years, of illegally removing “millions and millions” of dollars from Barbados to secret bank accounts in other countries. More recently he stated in the press that “hundreds of millions of dollars” are unaccounted for. We attach a copy of a Barbados newspaper article that reported Prime Minister Thompson’s allegations.

To assist the anti-money laundering initiatives at UBS, we are also including a list of names of persons who were members or operatives of the former Barbados government during the past 15 years. While Prime Minister Thompson did not mention specific names of those who presumably are under investigation for money laundering, we respectfully suggest that your internal investigators should compare these names against your banking records for individuals and corporate clients worldwide.

Should UBS determine that any of these persons or their proxies have or had dealings with any of your UBS businesses worldwide, it would seem prudent that their financial activities with UBS should be carefully examined, considering the allegations made by the Prime Minister of Barbados.

Yours truly,

Keltruth Corp.

Publisher of Barbados Money Laundering Advisory

Keltruth Corp. – Who We Are And What We Do

Barbados Money Laundering Advisory is published by Keltruth Corp., a company registered in Miami, Florida. The overriding mission of the Corporation is to provide news on Barbados matters not reported by the traditional media of newspapers, radio and television. Our focus is on the Kingsland Estates litigation being heard in the courts of Barbados, and issues concerning undeclared Conflicts of Interest in the Barbados government and judicial system.

More detailed information concerning our interest in the Kingsland Estates litigation can be found at our website at www.barbadosmoneylaundering.wordpress.com

Keltruth Corp.
320 S. Flamingo Road
#347
Pembroke Pines, FL. 33027
USA
email: keltruth@yahoo.com

cc: 197 Employees of UBS

Attached:

1. List of BLP Operatives
2. Barbados newspaper article

List of BLP Operatives

List of Names of BLP Operatives during the 14 year period ending January 15, 2008.

Owen Seymour ARTHUR
Barbados Prime Minister Sept 6, 1994 – Jan 16, 2008
Born: Oct 17, 1949, Address: Barbados

Richard Delisle ARTHUR
Born: October 5th 1961. Address: Barbados

Rev. Joseph Junior Sylvester ATHERLEY
Born: 26th February 1959 Address: Barbados

Errol BABB

Carlisle BEST

Delisle BRADSHAW

Gray BROME

Wendell CALLENDER

Sir Richard L. CHELTENHAM QC, PhD

Gline A CLARKE
Born: November 2nd 1951, (Parliamentary Secretary in the Ministry of Housing 1994, Minister of Housing 1999)

Errol Christopher CRAWFORD

Dr. William DUGUID
Born: November 20th 1967

Lynette EASTMOND
Born: 30th May 1964 (Senior International Tax Manager at Price Waterhouse 1989 – 1997, Director of International Business in the Ministry of Economic Development 1977 – 2002)

Rawle Cyprian EASTMOND
Born: October 23rd 1952, (Minister of Labour & Social Security 1999–2003)

Joseph EDGHILL
Born: May 22nd 1946.

Reginald FARLEY
Born: June 26th 1961, (Senator with the Ministerial portfolio of Industry, Commerce and Business Development 1994, Leader of Government Business in the Senate 1994-1999, Minister of Industry and International Business 1999-2001, Minister of Economic Development 2001, Treasurer 1996-1998, Chairman 1999-2002 of the BLP, Governor for Barbados on the Boards of the Caribbean Development Bank, the Inter-American Bank and the World Bank.)

Cynthia Yvonne FORDE
Born: March 1st 1952

Sir Henry de Boulay FORDE
Born: March 20th 1933 (Foreign minister of Barbados 1976-81, Leader of the Barbados Labour Party 1986-93. Minister of External Affairs, Attorney General, Minister of Legal Affairs.)

David Theobald GILL
Born: April12 1955

Rudy GRANT
Born: December 31st 1964

Rudolph Nathaniel GREENIDGE
Born: December 6th 1944 (Minister of Labour, Sports and Public Sector Reform, Minister of Education, Youth Affairs and Sports.)

Hamilton Fitzgerald LASHLEY
Born: 1952 on May 5th

Noel Anderson LYNCH
Born: December 26, 1956 (Senator 1994, Minister of Tourism and International Transport 2000)

Dale Dermot MARSHALL
Born: November 25th 1963 (Senator 1999, Chairman of the Board of the National Housing Corporation 1994-1997, Chairman of the Urban Development Commission 1997-1999, Chairman of the Barbados Tourism Authority 1999-2000.)

Rommell Delano MARSHALL
Born: November 2nd 1947

Billie Antoinette MILLER
Born: January 8th 1944 (Deputy Prime Minister, Minister of Health and National Insurance, Minister of Education and Culture, Minister of Foreign Affairs, Foreign Trade, International Business, Tourism and International Transport)

Mia Amor MOTTLEY
Born: October 1, 1965
Minister of Education, Youth Affairs and Culture.

Hallam NICHOLS
(Government contractor and middleman for government purchases. Has many companies known and unknown, including ESL Consulting)

Jessica C. ODLE
(Consul General, Consulate General of Barbados in New York)

Anthony OLTON

George Walton PAYNE
Born: September 28, 1948 (Minister of Public Works, Transport & Housing from 1994 – 1999, Minister of Tourism from 1999 -2000, during which time he was Chairman of the Caribbean Tourism Organisation.)

Philip PILGRIM

Trevor Anthony PRESCOD
Born: January 1st 1949

Ishmael Alphonsa ROETT
Born: April 21st 1944 (Speaker of the House of Assembly 1994)

Sir David Anthony Cathcart SIMMONS
Born: April 28, 1940, Barbados (Attorney General, Chief Justice)

Kerrie SYMMONDS
Born: June 1st 1966 (Senator 2001, Deputy Chairman of the Caribbean Broadcasting Corporation and on the Board of Directors of the Barbados Industrial Development Corporation. Member of the National Advisory Commission to the Government of Barbados on matters relating to External Trade Negotiations.)

Henrietta Elizabeth THOMPSON
Born: November 22nd 1961 (Former Cabinet Minister)

Joycelyn THORINGTON

Pat THORINGTON

Ronald St.Clair TOPPIN
Born: January 4th 1958

Louis Randall TULL
Born: January 27th 1938 (Minister of Education & Culture 1976-1981. Minister of Foreign Affairs and Attorney General from 1981-1985. Minister of Commerce, Industry and Consumer Affairs from 1985-1986.)

Dr. Jerome WALCOTT
Born: April 2nd 1957 (Former Minister of Health)

Mark Zachariah WILLIAMS
Born: April 13th 1940

Anthony WOOD
Born: July 11th 1960 (Minister of Agriculture and Rural Development.)

Barbados Newspaper Article

Online readers of Barbados Money Laundering Advisory can access the Nation newspaper article sent to UBS at the following link…

NationNews.com – Secret Accounts

The article starts…

“PRIME MINISTER DAVID THOMPSON is convinced that millions of dollars “bizarrely spent” during the previous Barbados Labour Party (BLP) Administration are now stashed in foreign bank accounts.

He did not call any names but he made it clear that he hoped one day to be able to track down the bank accounts and expose the culprits…”

Welcome to Keltruth Corp.’s new blog!

Thanks for visiting!

This  new blog will focus on the topic of money laundering in Barbados.

We will be posting our first article tomorrow.