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Barclays Bank Seychelles discontinues offshore banking services

JohnLocke

JohnLocke

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Dec 29, 2008
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#1


Barcleys Bank Seychelles is closing and discontinueing the offshore bank account opening for clients not located in the Seychelles. Seems to be under presure of the USA!

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The Central Bank of Seychelles (CBS) says it is engaging with Barclays Bank Seychelles to ensure that clients have sufficient time to shift their deposits in their offshore bank accounts, following a recent decision by Barclays to discontinue its banking services for non-residents in foreign currencies.While Barclays refused to comment on the decision to SNA, the CBS issued a press statement jointly with the Seychelles Ministry of Finance, Trade and the Blue Economy, Financial Services Authority (FSA) and Financial Intelligence Unit (FIU) on Friday last week.Following a remediation exercise, Barclays determined that the level of risk arising from its offshore banking activities is not in line with its risk appetite, which refers to the level of risk that the bank is prepared to take," read the statement. "However, as a result of global tightening in the regulatory environment and large fines imposed on international banks, financial institutions are increasingly restricting business relationships with high risk clients or categories of clients to avoid the risk of sanction."Read more here

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#2
That's really bad news, means we that have an account with Barclays in the Seychelles have to move all our funds to another offshore bank! What about the people that don't able to switch just like that or that will have to open accounts somewhere else first, how much time will they get to move all their activities!!


To my luck I moved everything already long time ago but I bet thousands have a issue right now!!
 
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#3
You may simply be happy that you are not in the same situation as thousands of cutomers may be atm ;)
 
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#5
Got Damn I will have to switch to some other offshore bank. I got the letter yesterday or the day before, only because I'm very active in my research and testing of new opportunities I have been prepared to this!!
 
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#6
There are some real good alternatives you may look into.
 
#8
There are several Belize, Cyprus and Nevis are valid options for offshore banking!
 
#11
Never put all your eegs in 1 basket I would say here.
 
#15
You could look into Cyprus and Belize banking. If you have lots of money traveling to Switzerland or Lichtenstein are good options too risk is you won't become a customer of theirs.
 
#17
There are plenty of alternative bankins even offshore.
 
#19
There are banks in Mauritus, Belize and Cyprus which are better, what let you think that Seychelles for offshore banking was a great place?
 
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