text: Banks unmoved over gaming 'myth debunk' | The Tribune
  He explained that the costs involved in dealing with large cash sums often exceeded the potential earnings from accepting them, creating an unfavourable risk/reward situation for the banks - especially since web shops are the largest source of cash transactions.
  Mr Bowe then added that another obstacle to Bahamian banks accepting web shop deposits remained the correspondent banking links that the industry - and, indeed, entire economy - depends upon for its "survival".
  "Any business that is cash intensive - sales, deposits and withdrawals - are elevated to a higher risk even if they're accepted by the financial institution. The level of monitoring, what is acceptable and reasonable activity, gets elevated because the banks do not know the source of the cash being deposited," Mr Bowe continued.
  However, the three Canadian-owned banks - Royal Bank of Canada (RBC), Scotiabank and CIBC FirstCaribbean - have all said worldwide policies prevent them from accepting web shop industry deposits. And Commonwealth Bank and Fidelity Bank (Bahamas) have shown little interest in doing so either.
  This, though, remains an obstacle to one of the principle reasons for legalising, regulating and taxing web shop gaming - bringing the multi-million dollar sums it generates into the formal banking system and avoiding the scrutiny of international bodies, some of which have already listed The Bahamas for perceived weaknesses in its anti-financial crime defences.
  Recent past....foreign banks have foreign owners...shareholders....who have strong anti gambling accepting gambling business.....even Bahamian Voters many Christians who majority voted against the Gambling Referendum and won....and Bahamian Govt an Prime Minister.....at that time voted against the Bahamian population voters winning vote......and the same govt lost the ensuing Bahamian Election... in the worst ever ....by worst historic government loss result....4 seats to 35...by worst ever historic lost of the Prime Minister seat.....and present worst ever position of not even showing up in the House of Assenbly...35 to 0..seats vacant....walking out...One Point is never to go against the Christian people an ever to win...its history...
  Bowe has saliently and sagely crystallized the fundamental reason why the gaming web shops run by the racketeering numbers bosses should never have been legalized in the first place by the last very corrupt Christie-led PLP government. The establishment of a national lottery operated and managed by gaming experts like those who operate and manage state lotteries in the U.S. would have eventually driven the numbers bosses out of business and provided our government with mega millions of dollars each year to minimize the tax burden on honest and hardworking Bahamians, while at the same time providing urgently needed financial support for our public education system. King Sebas of Lucky Charms and Prince Craig of Flowers Galore should have long ago been charged and convicted of running illegal gambling establishments, among many other related crimes.
  They complain and run crying about the EU and being blacklisted but here is one of the most blatant forms of discrimination where la large portion of the banking sector do not want to accept money from a ligitimate, a licensed and tax paying sector of the economy. Albeit they are all Black and the protesting banks represent the racist and redneck policies of the EU. But yet they accept casino money. Money that the same of more exposure to the criminals even on an international scale. So not much has changed since when over fourth years ago Sir Milo Butler use to throw his very full size body on top of the service counter at Royal Bank and demand they hire more Blacks. Yes, more Black faces may be in the banks now but the evil, racist discrimination remain. And so now the time for countries like the Bahamas to draw away from organizations like The EU and banks that refuse legitimate money and join up with other countries with a new separate but equal law. And then persons in government who pander to and wet their pants every time these people speak must be removed from power. Modern day Uncle Toms.
  Playing that old, tired and worn out race card just doesn't work anymore. LMAO
  Race card may be. Old but it's still a Trump Car's. Got it? Good!
  Bahamian history has been public knowledge for decades an decades and drcades..during periods of illegal drug trafficking...illegal human trafficking....over 50 years for the inumber houses existed as ILLEGAL BUSINESS...fact in public knowledge. ADMIRABLE FOR THIS SENIOR FINANCISL OFFICER TO GENUINELY......ADVOCATE THAT THE MYTH DEBUNKED.......WITH THE PAST GOVT WENTING AGAINST THE WORLD WIDE DEMOCRACY IN BAHAMIAN PUBLIC VOTING AGAINST THE GAMBLING .....AND....THE GOVT 25 Legislators....LEGISLATING AGAINST PUBLIC MAJORITY DEMOCRATIC VOTE.......to make with a waving of govt legislators vote against the public and making Gambling web shops legal.....SUGGESTION: in da common financial sector ...financial experts are astute in looking at comments as not prudent raising further questions .....ask any financial person in persons making careful...and prudent financial comments....."myth"...."debunk".....???
  Ive always felt that Galanis was one of our country's brightest. Im surprised by his reported position here. I guess children just have to eat salty Ramen noodles and be grateful.