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Saturday, May 21, 2022

Russian Entities Have $3 Billion in Bahamian Offshore Banks

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$3 billion of Russian money are believed to be in Bahamian international banks.

According to Reuters, the Central Bank of the Bahamas found $420 million in deposits and $2.5 billion in custody or trust assets “with ultimate beneficial owners from or connected to Russia” in its offshore banks.

The bank says the figures do not include Russian assets that may be in Bahamian commercial banks but only the international banks which serve wealthy clients outside of the country.

Last week, the Bahamas joined other western nations in sanctioning transactions with Russian entities.

The Bahamas is a tax haven for wealthy clients who set up finances there because it has low or no corporate taxes.  Tax havens rarely disclose the companies and the owners hiding in their banks.

Last year, the Bahamas ranked eighth in its investment in Russia with $22.96 billion.

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