Caribbean Governments Close Suspect Foreign-Owned Financial Institutions.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2001 The Miami Herald

Feb. 21--Responding to a scathing Senate report on money laundering issued this month, offshore governments have shut down three suspect financial institutions and suspended the license of a fourth.

The actions, taken within the last week, are the most tangible evidence to date that recent United States and European attacks on rogue offshore banking practices are having an impact on the Caribbean jurisdictions where it has often been centered.

"It's a good move," said an aide to Sen. Carl Levin, who conducted the Senate study, which outlined money laundering practices where offshore institutions are a vital linchpin. "There are a lot more banks like them that need scrutiny."

The government of the Bahamas suspended the licenses of the Federal Bank and the British Bank of Latin America, an affiliate of Lloyds TSB Bank of London. Dominica revoked the license...

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