This 2016 BU log is highlighted to respond to the page 3A article in today’s Sunday Sun (posted in BU’s comment Box below- Blogmaster


BU continues our spotlight on the Barbados Bar Association (BA) and the Disciplinary Committee (DC), in particular the little known Compensation Fund (CF). The CF can easily be compared to the useless Catastrophe Fund (CF#2), government recently made a decision to transfer the balance outstanding of 35 million dollars to the Consolidated Fund (CF#3). The BA’s website provides the following information on practicing certificates. There are only two references to the CF.

FEES PAYABLE TO THE REGISTRAR OF THE SUPREME COURT:

Practising Certificate-$ 2500.00

Practising Certificate – (Queen’s Counsel)- $ 2500.00

Compensation Fund- $ 200.00

AND:

Q. What are the fees payable prior to admission?

A. (a) Cheque (or cash) payable to Barbados Bar Association.

Less than 5 years $293.75

5 years and over $440.63

10 years and over $625.10

15 years and over $625.10

20 years and over $1175.00

Queens Counsel $1562.75

(b)Separate Cheques (or cash) payable to The Registrar of the Supreme Court

$200.00 – Compensation Fund – mandatory.

$2500.00 – Professional Registration Fee – [manadatory].

N.B. we only accept cash or cheque no debit or credit cards

NOTE: The standards of professional competence of the BA seems to exclude a spell-check that allows it to spell “mandatory” correctly. This is very encouraging if we consider competency as a measure.

Apart from that, there is no part of the BA’s website that explains the CF. See BU’s search string. There is absolutely nothing in a Google search from the BA to explain the CF. The Legal Professions Act states, inter alia:

50. (1) Where it is proved to the satisfaction of the Bar Association that any person has sustained loss in consequence of dishonesty on the part of an attorney-at-law or any clerk or servant of an attorney-at-law in connection with that attorney- at-law’s practice as an attorney-at-law or in connection with any trust of which that attorney-at-law is a trustee, then, subject to the provisions of this section, the Association may, if it thinks fit, make a grant to that person out of the Fund for the purpose of relieving or mitigating that loss.

(2) A grant may be made under this section whether or not the attorney-at-law had a Practising Certificate in force when the act of dishonesty was committed, and notwithstanding that after the commission of that act the attorney-at-law has died or had his name removed from the Roll, or has ceased to practise or been suspended from practice.

(3) On the making by the Bar Association of any grant under this section to any person in respect of any loss-

(a) the Association shall to the amount of that grant be subrogated to any rights and remedies in respect of that loss of the person to whom the grant is made or of the attorney-at-law, clerk or servant; and the person to whom the grant is made shall have no right under bankruptcy or other legal proceedings or otherwise to receive any sum out of the assets of the attorney-at-law, clerk or servant in respect of the loss until the Association has been reimbursed the full amount of its grant, and in paragraphs (a) and (b) of this subsection reference to the person to whom the grant is made or to the attorney-at-law, clerk or servant includes, in the event of his death, insolvency or other disability, a reference to his personal representative or any other person having authority to administer his estate.

(4) The Bar Association may make rules with respect to the procedure to be followed in giving effect to the provisions of this section and of the Sixth Schedule and with respect to any matters incidental, ancillary or supplemental to those provisions or concerning the administration or protection of the Fund.

(5) No grant shall be made under this section in respect of any loss unless notice of the loss is received by the Bar Association in such manner and within such time after the loss first came to the knowledge of the loser as may be prescribed by rules made under subsection (4).

(6) For the purposes of enquiring into any matters which may affect the making or refusal of a grant under this section, the Bar Association or any committee appointed by the Association and authorised by it to exercise any of its functions under this section or to assist it in the exercise of any such functions may administer oaths.

In other words, the BA has the right to make a grant out of the CF, but if the complainant then is paid back the sum claimed from the attorney, they must refund the BA the amount the BA granted them out of the CF. This seems a fair position.

Note that in the Google search above, apart from the opaque reference to the CF on the BA’s website, the ONLY references to be found are to BU’s publications on the matter of the CF. The only substantive explanation BU can offer comes from Mrs Woodford-Riley QC, head off the DC which states, inter alia:

“I recall you had raised the issue of the compensation fund. In my opinion the existing provisions do allow the compensation fund to make payments with the provisos that it may require the applicant to pursue civil or criminal or disciplinary proceedings. It does then have something to do with our committee and we do give priority hearings to complaints involving funds. However the legislation limits our powers to a finding of professional misconduct and the ability to recommend removal, suspension, fine, reprimand, order for payment of costs. An Order by the Court of Appeal supporting our finding of professional misconduct would then be supportive of a claim to the fund. Action through civil proceedings is also an effective way to obtain a resolution and support a claim to the fund.”

We reflect on: “In my opinion the existing provisions do allow the compensation fund to make payments with the provisos that it may require the applicant to pursue civil or criminal or disciplinary proceedings.” What if the attorney is impecunious? Is it being suggested that a complainant, already burdened by financial loss attributable to some dishonest lawyer be required, at the complainant’s expense, to bring civil proceedings, with the legal costs, delays etc. to further screw up their lives? As for bringing a criminal action, surely that is a matter for the DPP to decide and prosecute, not the victim of a theft and breach of trust by a ‘teefing’ lawyer and, often, member of the BA?  What makes their crime of theft different from those incarcerated at Dodds? read Speaker Michael Carrington.  That they are lawyers and therefore must be deemed to have known what they were doing was criminal? Surely that makes it worse and even more deserving of a custodial sentence? What the hell are the Police and the DPP doing? Creating an immunity to prosecution to which only the Queen is lawfully entitled? Should we start addressing lawyers as “Your Majesty”?

We accept that the DC cannot order payment out of the CF, but what prevents it, in cases of hardship, from recommending it in its findings to the Court of Appeal and what prevents the Court of Appeal from passing on the recommendation in its judgement.

BOTTOM LINE: Due to a lack of transparency on the part of the BA and the justice system, complainants have probably never realised that they could make a claim under the CF and their lawyers sure as hell are not telling them about it. This has allowed the BA to grow and maintain its nest egg of now well over $2 million without ever making any payment at all, except to advertise the estates of deceased attorneys.

We want to make it clear that, until she proves us wrong, we have the greatest respect for Mrs Woodford-Riley QC, the head of the DC and we are encouraged to look forward to far-reaching changes to the efficiency, speed, transparency and the way the DC operates under her (recently appointed) leadership. As always BU will be closely monitoring and sharing feedback to our readership.

78 responses to “Barbados Bar Association and the Useless $2,000,000.00 Compensation Fund”

  1. Violet C Beckles Avatar
    Violet C Beckles

    Maybe they are the ones that paid back the money for the speaker of the House?
    was it 240,000 bds$?


  2. So far what BU has attempted is to show this issue is much bigger than shouting like idiots ‘look the teefing lawyers’. It is systemic.

  3. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    The BAR association like the judiciary is all about keeping up appearances.


  4. Keep at it BU ! Be relentless ! To date,you are the people’s only hope, especially since we are continuing to pay to send them to Cave Hill only to come out qualified to rob and steal !What difference is there between them and ‘the boys on the block’ except that they use fancy terminology and a pen whilst the latter may be less eloquent and use a gun ? It’s like the difference between excrement and faeces! Same jobby, ain’t it ?


  5. It’s like the difference between excrement and faeces! Same jobby, ain’t it ?
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    No it ain’t!

    The ‘faeces’ is MUCH worse than the ‘jobby’ when you consider what we have paid in educational taxes to produce THAT shiite…
    …also, the jobby tends to remain on the blocks …while the damn faeces is in Parliament, in court, on every damn board and committee …. Everywhere …stinking up the damn place.

    Until lawyers clean up their act, ALL LAWYERS on national Boards should be placed under SPECIAL scrutiny to guarantee that they are squeaky clean….

    If not by government (and THAT will never happen), then by BU and other such bodies…


  6. Who wunna think destroyed Barbados cricket?
    …not a bunch of damn lawyers…?

  7. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    With respect to ” manadatory ” I wish to advise that while they have studied the law a careful check at the UWI campus regarding their grades in Use of English and spelling competencies would make many a reader cringe.

    Even Mottley ‘s subject verb agreement is disturbingly bad at times when the subject is far from the verb in her dialogue rather monologue

  8. Violet C Beckles Avatar
    Violet C Beckles

    Well ,on our end more than 63 lawyers for more than 20 years have been doing the dog, rat and the monkey, People now want to agree that they are crooks, liars and scumbags,now that the fire is at their doors , Early warnings seem not to work in Barbados,,, ”Not in Barbados these things cant happen” , ”We have the BEST this and the BEST that,” ,Well its a rerun for us . We hope you all enjoy your own show.
    More fraud to come by there hands ,, keep a TOP Eye open,

  9. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Ahhh, Bushie…”Who wunna think destroyed Barbados cricket?…not a bunch of damn lawyers…?

    WI cricket too…remember the Jamaican President who took us into our current business model wid incorporationand all that was a big time lawyer too…

    But in fairness to the lawyers tho, was it not the aggrieved cricket clubs – and folks like Jeff Broomes- who HIRED the lawyers, who then laid the suits which brek up de cricket??

    Ahhh…life !

    I gone.

  10. Well Well & Consequences Avatar
    Well Well & Consequences

    Ha-ha-ha…Woodstock-Riley must be laughing.

    Why did the supreme court, after disbarring Therold Field’s not refer the lady whose money he stole, to the committee so the fund could be accessed for her 600,000 thousand dollars, as a matter of fact, why did Woodstock-Riley and Tariq Khan not direct the lady to the fund before Fields was disbarred.

    We all know that fund has never been used to repay the thousands of clients/victims of thieving lawyers on the island or off the island….and that is the bottomline.

    All clints are seen as suckers.

  11. Well Well & Consequences Avatar
    Well Well & Consequences

    *clients…lol


  12. @Well well. The Compensation Fund would not refund the full amount that Fields or any other attorney has misappropriated/”teefed” from clients, merely a part of it. I have no real knowledge of how it operates and have to rely on the Act, since the BA has not seen fit to provide the general public with any information on the fund, far less guidelines about how to claim against it. Why are the rules and regulations about the fund not on the BA’s website and available to the general public? Is it because the BA wants any claimant to have to employ one of its own in order to make a claim? A kick-back to its members? We all know that the BA falls within the description of a trade union, but this is just ludicrous. As is the suggestion that a condition of relief from the fund is that civil and criminal proceedings may be required. Is the BA proposing to meet the legal costs of a civil action? Is the BA proposing to do the job of the Police and the DPP? Or is it being suggested that a person from whom a member of the BA has stolen and defrauded ought to undertake these costs? I respectfully suggest that Ms Woodstock-Riley provide BU with the documentary source from which she obtained her information – hearsay is not satisfactory at all. Document it. Let the general public read it for themselves. The BA’s own website is the appropriate place to post this information. So, BA, do it!!!!


  13. @Well well. One other point. You say “why did Woodstock-Riley and Tariq Khan not direct the lady to the fund before Fields was disbarred”. If you read the Act as provided by David in his report, you will see that there is no requirement that Fields still be un-disbared for the fund to be accessed. So you need to rephrase. “why did Woodstock-Riley and Tariq Khan not direct the lady to the fund.” Hopefully the lady is reading this and will now make an application. AND provide David with a copy of it and any and all correspondence from the BA.


  14. $2M seem a paltry sum in light of the number of claims and the size the sums that are being quoted. The refund would have to be “pennies on the dollar”. In this case, not knowing of this fund may be more beneficial than harmful ;-). Comedic.


  15. *size of


  16. Modification to the fund can only be assessed if there is draw down.

  17. Well Well & Consequences Avatar
    Well Well & Consequences

    Amused…I knew I could depend on you to set things straight.

    Dont be surpried that honest attorneys will also be kept in the dark about tbe fund and it’s functions, obviously, honest attorneys would or are supposed to, tell clients who seek redress via the fund, so therefore, neither bar association woild want that information to be public knowledge, it would have been a well kept secret for the next 20 years or more hsd social media not been so determined to grt answers…..Amused

  18. Well Well & Consequences Avatar
    Well Well & Consequences

    ” If small firms cease to have client accounts, will banks still lend to them?

    2 Would some form of escrow account in fact reduce fraud, and, if so, by how much? Law firms don’t really hold client money now: banks do, and fraudsters are adept at finding their way round systems.

    3 Could an alternative system handle the volume of Friday afternoon completions?

    4 Would an alternative system really cost less? There would still be an internal compliance cost ensuring the payment instructions were properly given in the right amount, and there would be a third party to pay.”

    Using this as a guide..the chief justice needs to come up with a way to reduce the attorneys on the island handling large amounts of client’s money.

    It’s a crying shame that no one, from the chief justices office back in the 80s told the public about the fund, it’s suppowed to be public knowledge, not some deep dark secret to benefit lawyers.

    Law firms should not be allowed to use client’s accounts as collateral to obtain loans, it’s too fickle a practice, which could see clients easily losing thrir money.


  19. @ Jeff

    Re: WW&C 2:17 PM

    Surely it must be illegal for a lawyer to pledge the funds in his clients’ account in order to secure a loan. Isn’t it?


  20. The Bank wouldn’t know that it is clients monies unless declared by the lawyer right? If this is a yes then the discovery must be part of BA governance.


  21. @ David

    My understanding is that money held in escrow has to be in a separate bank account clearly described as Clents’ Account. Can such an account be pledged?

  22. Well Well & Consequences Avatar
    Well Well & Consequences

    David said it well…the bank does not know it’s client’s funds, neither do they care, collateral is collateral, the clients dont know their funds are being used in that manner and the police cannot lock up the lawyer because not only is it not a criminal act but there is no proof that the lawyer plans to steal the money, because none of it has been criminalized through legislation.

    The authorities are all slack and careless when it comes to protecting clients.

    What I know is, financial institutions readily accept client accounts as collateral along with other proof of funds….and they should not.

    Maybe Jeff can explain the level of “illegal” if any, associated with this practice…lol

  23. Well Well & Consequences Avatar
    Well Well & Consequences

    BTW….client’s accounts, very clearly states…CLIENTS ACCOUNT…on the bank statement, it’s not like the lending institution can miss that.


  24. @ WW&C

    I just wanted to know if the banks were so slack that they would accept an account clearly marked CLIENTS ACCOUNT as collateral.

  25. de pedantic Dribbler Avatar
    de pedantic Dribbler

    David, of course that is accurate at 5:14 PM. When I read the original query I shook my head in amazement at the naivety of the remark.

    So with all the sterling work you have done on this matter it is time for an activist Consumer Lawyer Protection Group….

    A non-profit that provides the hand-holding and guidance (virtually!) to those being victimized by the attorneys…

    You David with your technical nous can get that going with a new website offering the details where, how and what to do in crisp, clear guidance. Along with the bad egg lawyers you also publicize here.

    And of course I can think of the absolute perfect candidate to help you lead and guide consumers on that site…Unless of course he is too busy drafting another book!

    Because I am sure a man of Jeff’s stature would give some quiet behind the scenes assistance with such a site, if you asked…in fact borrowing (can I, Mr BT ) Bushie’s previous suggestion, maybe even UWI students could be incorporated to add data and info to the site to assist the process.

    Someone earlier said that the burden falls on us the client to be informed and take action against the lawyer’s malfeasance; that is very accurate. Yet, we must remember that everyone is not a Bushie who as he describes does not muck around when professionals mishandle his affairs or a Pieces who can sic his grandson on them electronically.

    Many folks see attorneys as wondrous people there to help them and save them…rather than as just another service provider selling a well tailored set of clothes..if you don’t pay ..you don’t get the clothes. Simple as 1-2-3.

    No ‘regular Bajan’ sees a lawyer is such stark terms…(no disrespect intended lawyers, all)

    So ….

  26. de pedantic Dribbler Avatar
    de pedantic Dribbler

    BTW, a clear concern throughout these debates on legal matters is the ineffective, almost colluding nature of the BA. The attorney Amused bluntly suggested as much in his remarks.

    Why then do we continue to look there for guidance or real action?


  27. A clients account is under the control of the law firm and the bank is not in the position to do other than as instructed by the law firm. However, there is a legal requirement that there should be a yearly taking of account and that is down to the law firm to arrange for the firm as a whole and all which that implies. If we take the case of, for instance, Cottle Catford, these accounts were not taken as required for a number of years, including those of its senior partner turned author.

    But this point, while certainly relevant and related, takes us away from the intent and content of BU’s report. Compensation funds exist and work in common law jurisdictions such as the UK, Canada, the USA, Australia and New Zealand. They are even operated in countries like Finland, Denmark and Germany.

    Unfortunately, our compensation fund was simply cobbled together so that we could give the appearance of being able to play on the global stage and impress those who give us the most money and from whom the highest foreign investment comes/came. Cobbled together, rather like that fatally flawed document, the Legal Professions Act, that is in direct conflict with the Constitution. What is truly dismaying is the number of attorneys who only now are actually starting to smell the cawfee. What is even worse is to have a nose-dead CJ who still doesn’t get it and, frankly, never will.

    Until the Compensation Fund is properly used and administered, the actual policing of members of the BA is still going to be a serious problem, because the CF has to go hand-in-hand with the DC and its work. I note there is a limitation period in most jurisdictions on applications to the CFs, with England and Wales being 6 months and Ontario 2 years. But in both those cases, disciplinary measures do not have to be referred to the Court of Appeal and are handled expeditiously. It is common sense, therefore, that Barbados in setting its limitation period has to make it within a specified time AFTER the Court of Appeal has ruled. Either that, or we need to do away with the Act and start from scratch with a proper law society, instead of this global joke of a BA.


  28. Here are two more sites. Be sure to check the second link and report for 10 points why it is the more important.

    https://www.lsuc.on.ca/with.aspx?id=1143

    https://www.google.co.uk/#q=australia+bar+association+compensation+fund

  29. Well Well & Consequences Avatar
    Well Well & Consequences

    Yeah Amused….I am starting to see your point with the current CJ….he is not even new anymore…7 to 8 years to reach the court of appeals to have something done about an attorney who was recommended by the bar association and disciplinary committee to be disbarred 3 or 4 years before…is crap.

    Even worse, the aggrieved client still has to wait many more years to get paid, if ever…something is very wrong with all of that.

  30. Well Well & Consequences Avatar
    Well Well & Consequences

    “Claimants need not be Canadian citizens. Eligible claimants include trusts and estates. The fund does not pay grants to banks or financial institutions in the business of lending money.”

    Bottomline as it relates to the 2 entities in Barbados.

    The bar association has responsibility…without power.

    The disciplinary committe e has poeer without responsibility

    The public is not protected.

    The banks and lending institutions on the island take a huge risk taking clients accounts as collateral forvloans from law firms, although it’s usually combined with other collateral.

    The BA and DC are pretending to be world class institutions while condoning, enabling and implementing dark ages practices..they ain’t ready yet.

  31. Well Well & Consequences Avatar
    Well Well & Consequences

    *the disciplinary committee has power….without responsibilty.


  32. No wonder we are having problems maintaining links with International Banks and their fear of money laundering in these buccaneer islands.Anything goes.Stupid politicians,thieving lawyers and no laws to protect citizens’rights.
    Amused,in my copy of his book,Nicholls was at pains to point out his difficulty in getting his senior partner Watson to have the books audited.I will have to read it more slowly the second time around.Maybe I missed something.


  33. And where is Mia in all of this? She couldn’t care less. Just waiting to stick her snout in the trough.


  34. @Gabriel

    PcW was prepared to audit but with a qualification. Such an action would have precipitated the collapse of CC much earlier in the game.

  35. millertheanunnaki Avatar
    millertheanunnaki

    @ Gabriel March 17, 2016 at 10:00 PM #
    “No wonder we are having problems maintaining links with International Banks and their fear of money laundering in these buccaneer islands.Anything goes.Stupid politicians,thieving lawyers and no laws to protect citizens’ rights.”

    An excellent comment there, Gabriel.

    When one of the major international banks refuses to act as “Correspondent” to any locally-operating retail banking institution you are going hear all sorts of comments coming the politicians similar to those leveled at the credit rating agencies in downgrading Barbados to junk.

    From big countries taking advantage of small island states to the exploitation of ‘weak’ economies by international money predators and capitalist loan sharks. It is going to be the same attitude as that taken by the head-honcho in regard to the collapse of CLICO and the MoF in regard to the RBC female official’s comment on the pathologically weak state of the Bajan economy.

    What do politicians think would happen when they seek to sell economic citizenships to international criminals, backed the likes of the disgraced FIFA ex-officials and offer protection from justice to the likes of the CLICO fraudsters?

    Can you imagine what it looks like in the eyes of the international financial regulators when a C B guv can confess to not knowing the facts regarding the circumstances surrounding the disappearance of $300 million representing a very significant portion of foreign reserves in a small and vulnerable small-island economy despite the ‘fact’ the MoF is given a daily status report?
    Maybe he has a valid excuse of the books being “cooked” by hackers as in the case of his Bangladeshi opposite number.
    And to top it all off, openly allowing a tax evader and established fraud to park his laundry machine in the vault at the same church village green

    They have been warned (again, ad nauseam) by OSA about the seriousness of the threat.
    Let them downplay it like they did to those regarding the management of the uniquely vulnerable Bajan economy. Wild boys then, wild boys still.


  36. @Miller etc.
    When one of the major international banks refuses to act as “Correspondent” to any locally-operating retail banking institution you are going hear all sorts of comments coming the politicians similar to those leveled at the credit rating agencies in downgrading Barbados to junk.

    ++++++++++++++++
    Are they any such creatures as “locally-operating banking institution”?

  37. millertheanunnaki Avatar
    millertheanunnaki

    @ Sargeant March 18, 2016 at 6:43 AM

    Yes there are! It was Not said there are locally-owned banks.
    If you think Republic Bank cannot be affected by such a move you better think again.

    Do you think that either Scotia or CIBC would not use the opportunity to divest themselves of retail operations with an ever increasing portfolio of non-performing loans in stagnant one-cylinder high risk economies like Barbados?
    Why risk the contamination of over 90% of your profits to keep 4% of business making up nearly 50% of your non-performing loans portfolio?

    Banks are in the business of lending money to make profits. Not to fritter away shareholders’ investment and run the risk of attracting heavy fines from regulatory bodies in more ‘enlightened’ and effective jurisdictions like Canada.


  38. Let us face it. The BA is confronting a major PR disaster, rather like the CJ is. It needs to go to the executive and discuss the means whereby matters can be corrected and the executive needs to correct constitutional breaches in a subservient piece of legislation. This may well mean:

    • amending the Legal Practitioners Act;
    • doing away with the BA completely and forming a law society that has the power and authority to determine who is admitted to the Bar;
    • the authority to discipline without needing to have the Court of Appeal do it on recommendation;
    • setting up a DC comprised of senior, retired silks and judges and paying them for their time; and
    • organizing a proper and functional compensation fund.

    For working templates, they can look to the Law Societies of England and Wales, Scotland and Upper Canada.

    Until and unless that is done, the practice and practitioners of law in Barbados will be seen as even lower than pimps and receive commensurate respect from the public – none, in other words. Unfortunately for the public, this, along with our disastrous justice system, will also deter foreign investment. It will continue to be the main reason why the country is impoverished and sliding (has slid) into bankruptcy.

    But, of course, the likelihood is that the executive, neither D nor B, for all their high words, will have the guts to take the matter on full force and will, instead, bury their heads in the sands of the closest beach and whisper their mantra, “This is Barbados and we are the best in the world.” And they will dish out financially based citizenships and, like St Lucia, diplomatic immunity to anyone who can pay, in other words, allow the criminals of the world to take over the country. By the way, I see that St Lucian diplomatic immunity was denied by the UK courts to this Arab gentleman who was trying to get out of massive alimony payments.


  39. When Bushie says one thing, perhaps we need to also say the other…
    It COULD well be the situation that Owen realised that Bajans are so unrepentantly dishonest and incompetent … that our best bet is to hand anything of value over to foreigners…. where at least there is the chance of its survival…

    If the Central Bank could continue to be a loss-maker …while going through issues like disappearing FOREX, …money stolen from its vault, ..holding stolen CLICO money for the PM’s friend …and generally losing credibility ..even among its own staff …..
    …what the hell would have happened under a LOCAL BNB….?

    And all this under a near 100-year-old, clearly demented, fossil of a Governor….

    We must be under one SERIOUS curse….
    Sackcloth and Ashes for our asses…
    …or we will burn.


  40. @ Amused
    Boss, you know full well that the BA cannot initiate any such move to regularise the legal framework …and for ONE SIMPLE REASON….
    Too many lawyers …own TOO MUCH money ..to the collective “Client – Fund- Ponzi” to open up that pandora’s box.

    It would be CLICO all over again…..


  41. It is too tempting to dip into the Clients’ Account with little chance of any repercussions. Lawyers have needs too. Why should they deny themselves an Alaskan cruise for the family or a Range Rover? And of course they will put back the money. Just as soon as that big case is completed. Common, have a heart.


  42. @Old Bajan

    To your question yesterday, unless the lawyer, law firm discloses that it is clients money in the bank account how will anyone know unless an oversight body has access to the ‘books’.


  43. @Miller etc.
    First I think that you are being a bit over dramatic, Correspondent Banking as I understand it is when a Bank in one country facilitates banking arrangements for a bank in another country that may not have access to the domestic or retail market in the first country. If I am in Barbados and want to purchase a draft in US or Canadian dollars then my Bank in Barbados would issue a draft drawn on a US or Canadian equivalent.

    For obvious reasons the Canadian Banks in Barbados would issue instruments drawn on their branches in Canada or the US, in the case of Republic Bank they would have to maintain an account at a Bank of their choice to issue foreign currency instruments and so long as Republic maintains deposits in that account the arrangement will continue. Banks will not cancel this arrangement easily unless there is a breakdown in relationship because it not only encompasses over the counter instruments but it may also include Letters of Credit, Letters of Sight etc.

    As for Scotia and CIBC divesting themselves of local operations, I’m sure they could if the price is right, but sometimes relationships overrides profit and many wealthy Canadians still maintain homes in Bim. The late Lord Thomson had a home in Bim don’t you think that whatever Bank he did business with was happy that he could walk into a local Branch and get his needs met?


  44. @Sargeant

    The issue has a lot to do with


  45. @Sargeant

    The issue has a lot to do with de risking strategies by big banks driven by Basel 3.


  46. Incompetence and recklessness reigneth in things legal,political and financial in the once fair and fearless isle of Barbados.
    Carlos Holder former economic and financial guru,a gentleman and a scholar was retired by the government of the day at age 59,in his prime,while the government of the day just renewed the tenure of a dinosaur and incompetent,nay ignorant and reckless 70 year old doddering,dribbling old fool to advise a bigger lot of fools on matters fiscal and monetary although informed by the IMF to cease and desist.Mark my word.Moves are afoot to relocate and consolidate controlling banks in the Eastern Caribbean, as a sine qua non.

  47. millertheanunnaki Avatar
    millertheanunnaki

    @ Sargeant March 18, 2016 at 8:19 AM

    Overdramatic?? it is not the miller issuing the warning.. Check with OSA the wolf before trying to shoot the messenger called the miller. He would know what he is warning about.

    “As for Scotia and CIBC divesting themselves of local operations, I’m sure they could if the price is right, but sometimes relationships overrides profit and many wealthy Canadians still maintain homes in Bim. The late Lord Thomson had a home in Bim don’t you think that whatever Bank he did business with was happy that he could walk into a local Branch and get his needs met?”

    Sarg,. we are not talking about the likes of Lord Thomson. We are talking about international criminals who can easily control the local officials without fear of regulatory surveillance.

    I guess you are unaware of the activities of Allen Stanford and the CLICO Ponzi operators.
    Money laundering is not just a fear but a real activity taking place with the tacit support of corrupt politicians and officials. Just look what is happening at the local CB and Greenverbs’s deposit of millions of ill-gotten gains.

    Most rich people now do their banking internationally and online with their living expenses met through payment by plastic card. The need for so many retail banking outlets is fast becoming a thing of the past.

    BTW, if Barclays can ‘pull’ out of the region and is considering doing the same in Africa why not any Canadian-owned bank out of measly Barbados or those with similar potential risk in the region?

  48. Well Well & Consequences Avatar
    Well Well & Consequences

    “Juvenile justice is a major concern.
    Inconsistencies in the definition of a child,
    anachronistic laws and procedures, and a
    lack of appropriate facilities and training for
    the police, judiciary and legal profession all
    appear to be contributory factors.”

    When this kind of information can find itself in a UNICEF Reprt re Barbados and other Caribbean islands you know you have hit rock bottom…..and for the Paula”s and ACs who would want to justofy by saying it happens everywhere….please do not bother to make yourselves look any dumber…the issues are very real and are no longer hidden.

  49. Well Well & Consequences Avatar
    Well Well & Consequences

    “Owen Arthurz Barbados Today: ““I am not going to point fingers at anybody, but the Caribbean will not escape. It is the image that the Caribbean is soft on perpetrators of financial crimes. We have some interesting and well-written legislation in respect of combating money laundering and combating financial crime,” Arthur said.

    However, he argued that while existing legislation addressed issues such as the proceeds from money laundering, the region was considered a place where people were allowed to get away with major financial crimes.

    Arthur explained that international regulators had “the sense that the Caribbean is always ready to lock up a man for corned beef and sardines” but go easy “when fellows carry way $5 million”.

    “What I am saying is that the Caribbean does not have a wonderful record in dealing with issues in relation to bringing people swiftly to justice for financial fraud and things that may equate to money laundering.

    “Anything that stops the Caribbean from becoming a capital inflow driven economy and an export driven economy means that we do not have a good future. And this correspondent banking issue therefore strikes at the very development strategy, without which, we are not going to make it,” warned the former Minister of Finance.”

    Here is Owen with all his faults….telling it as it really is and not how the politicians are still pretending it should be……they better start locking up their corrupt business partners, bribers and yardfowls who are nothing but criminals.

    And Owen would know who the whute collar crikinals are in Barbados, he rubbed shoulders with them…so it’s time for politicians to choose….let’s see if they love corruption more.

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