The Bank recently issued a public warning about the fake bank, which is reportedly based in New Providence.
Sabadell Atlántico Private Offshore Bank Bahamas, whose address is listed as 18 East Bay Street, is the most recent addition to the list of unlicenced companies operating in The Bahamas.
Sixty-three fictitious companies are now listed on the Bank’s Cumulative Warning List.
“The entity . . . is not licenced under the Banks and Trust Companies Regulation Act, 2000 to conduct banking and/or trust business in or from within The Bahamas,” the Bank said in its warning notice.
“Members of the public who transact business with this entity do so at their own risk.”
The Central Bank also said Sabadell Atlántico Private Offshore Bank Bahamas has no relationship, whatsoever, to Banco Atlantico (Bahamas) Bank & Trust Ltd., which is licenced to operate in The Bahamas.
The latter is currently in voluntary liquidation.
Calls placed to Central Bank Governor Wendy Craigg for comment were not returned up to press time. However, in previous interviews Mrs. Craigg noted that Bank officials were made aware of the illegal banks after spotting a number of fake promotions over the Internet.
Last November the Bank issued a warning about Banco de Bahamas, which was operating illegally.
The Bank first published the warning list in 2005. However, several illegal operations have been going on since September 2002.
The Securities Commission recently shut down loan scheme operation, Lamont Pays the Bills.
The company had been advertising no interest personal loans ranging from $1,000 to $5,000.
The Commission issued the company a cease and desist order and ordered company officials to return their clients’ money. According to the Financial and Corporate Service Providers Act (FCSPA), 2000, money lending without a licence is a criminal offence.
The illegal banks listed on the Cumulative Warning List include: Alliance Central Bank, Allied Chartered Banks, Alpha Credit Union; Alpha Trust Group; Agro Capital Trust, Banco de Bahamas; Banco de Paribas; Banque de Bogota; Brent Bank Bahamas; Brent Bank & Trust Company; Caribbean International Bank; Central Credit Unions (CCU); Century Bank & Trust Ltd.; Century Financial Trust Services; Colina Financial Trust Services; Continental Credit Union Bank (CCUB); Continental Trust Bank.
Crown Choice Financial, Crubank Corporation, Deltec Financial & Trust Services; Equitorial Capital Trust; First Atlantic Offshore Banking Corporation; First Capital Financial & Trust; First Atlantic Offshore Banking Corporation; First Capital Financial & Trust; First Citizen Trust Bank; First Pacific Financial Corp; First Standard Finance; Globenet Finance & Trust; Gonet Trust Company; Greenefield International Bank Ltd.; Greenefield International Private Bank; Guyana Finance and Trust; Highland Bank; Icon Trust Bank; Imperial Finance & Credit Nominees; Imperial StrongHold; International Investment Banking Corp; International Investments Bank (Group) and International Investments Clearing S.A. are also on the list.
Jyske Bank Bahamas; Meridian Trust Banking Corp; Nassau Finances; Nassau Trust Ltd; National Trust Bank; Noble Finance Company; Noble Trust Services Co (Promoter James A. DiLullo); Pacific Union Trust and Finance Ltd.; Pinnacle Investment Bankers; Progressive Investment Bank; Prudence Trust and Finance; Reddington Capital Trust; Royal Bank Mutual; Royal Pacific Trust; Sabadell Atlantico Private Offshore Bank Bahamas; Sherbourne Financial Ltd.; Sky Private Bank & Trust (Bahamas) Ltd.; Standard Financial Trust; Standard National Bank & Trust; Trinity Savings Bank, Ltd.; Uniglobe Investment Banking; Union Center National Bank (UCNB); United Alliance Trust; United Bank of Bahamas; Universal Alliance Company and Universal Credit Union Bank also make the list.
Most of the banks purport to operate from the downtown area.
One of the banks claims to operate out of Freeport.
