Obama crackdown could mean trouble

Read storyUS Treasury Secretary Timothy Geithner renewed President Barack Obama's commitment to crackdown on offshore banks that allow Americans to evade taxes.

Geithner said the President supported the Stop Tax Haven Abuse Act, which lists The Bahamas as one of 34 'secrecy jurisdictions'.

Brian Moree and Ryan Pinder, both prominent figures in The Bahamas financial services industry, said the country must be proactive in proving our banks do not encourage or permit illegal activities if we expect to avoid pressure from US authorities.

Full Story in The Nassau Guardian here