BERMUDA IS BUSINESS

There are more important national issues.

National debt.
Public debt.
Bank Interest rates.
Taxing vacant Realestate.
Cost of living.
Waste.
Public holidays
Efficiency.
Time management.
Redundant services.
Money management.
Future energy Requirements.
2 hour Lunch breaks.

How much is this going to cost the taxpayer or is this something the US CIA will facilitate?

“Examples of financial intelligence analysis could include:

Identifying high-risk housing tenants on the basis of past rental
histories.
Deterring tax payers trying to avoid their fiduciary obligations by moving
wealth surreptitiously out of a tax-levying jurisdiction.
Discovering safe havens where criminals park the proceeds of crime.
Accounting for how a large sum of money handed to a targeted individual
disappears
Checking to see if a corrupt individual has had any sudden and unexplained
windfalls.
Detecting relationships between terrorist cells through remittances.

From a legal standpoint, this type of collection can be quite complex. For example, the CIA obtained access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) data streams through the Terrorist Finance Tracking Program, but this violated Belgian privacy law.”

Do we have privacy laws in place first and foremost in Bermuda? How do we know all our international customers will not flee our jurisdiction for fear of being monitored, like they all did in Switzerland? The banks in Switzerland have no customers anymore.

Yet, in the USA, in safe havens like Nevada, Delaware, Montana, South Dakota, Wyoming and New York they don’t have to comply with half the stuff we are bowing to in Bermuda! Such a completely double standard and a way the US is attracting our customers back on shore in a very “clean” yet dirty way!!

It’s now tough to do business in Bermuda, almost as onerous as major market centers..?
Try keeping a bank account open? Need a lawyer to keep your account open? Faster and easier to open and maintain a bank account in US?
There is NO distinction between local or foreign business or small versus large business for regulatory purposes?
Small local business are getting buried in additional costs and bureaucrazy? Banks can do whatever they want…
Killing local innovation and small businesses, one rule at a time! Less economic opportunity for Bermudians!
I really feel sorry for those trying to start a local company (with limited liability protection).
Can the PLP Government not review this to create less burden on local/small companies, which at this moment are struggling? LITE?

Smiths!