{"id":28448,"date":"2012-11-21T20:44:20","date_gmt":"2012-11-22T01:44:20","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=28448"},"modified":"2012-11-21T20:44:20","modified_gmt":"2012-11-22T01:44:20","slug":"multi-million-scheme-built-upon-rbc-bahamas-strategy","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2012\/11\/multi-million-scheme-built-upon-rbc-bahamas-strategy","title":{"rendered":"Multi-Million Scheme &#8216;Built Upon&#8217; RBC Bahamas Strategy"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-18472\" title=\"rbc-wealth-management\" src=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/02\/rbc-wealth-management.jpg\" alt=\"\" width=\"200\" height=\"150\" srcset=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/02\/rbc-wealth-management.jpg 200w, https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/02\/rbc-wealth-management-150x112.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/>Royal Bank of Canada (RBC) has described as irrelevant claims by US regulators that it \u201cfalsely represented\u201d its Bahamian branch was responsible for devising a multi-million dollar \u2018wash trading\u2019 scheme, having asserted that this \u201cbuilt upon\u201d a strategy previously devised in this nation.<\/p>\n<p>A batch of documents filed by Royal Bank\u2019s attorneys with the New York courts this month, in response to a lawsuit filed against it by the US Commodities and Futures Trading Commission (CFTC), give a further insight into the role played by its Bahamian branch in the alleged scheme.<\/p>\n<p>In particular, the documents disclose that \u201ceither the Bahamas or Cayman Islands\u201d branches initiated almost every transaction that the CFTC is complaining about, and detail the Canadian tax advantages Royal Bank\u2019s Bahamian operations sought to obtain.<\/p>\n<p>Royal Bank added that it had already disclosed that the trading strategy had been approved by senior managers and \u201cbuilt upon\u201d an earlier one devised by its Bahamas branch.<\/p>\n<p>And it said there was nothing in US law\/regulations that made a trading strategy permissible depending on who approved it.<\/p>\n<p><span style=\"color: #888888;\"><em><strong>Follow the link below to read Neil Hartnell&#8217;s complete article.<\/strong><\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Royal Bank of Canada (RBC) has described as irrelevant claims by US regulators that it \u201cfalsely represented\u201d that its Bahamian branch was responsible for devising a multi-million dollar \u2018wash trading\u2019 scheme, saying that this was \u201cbuilt upon\u201d a strategy previously devised in this nation.<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[87,153,32,98,113],"class_list":["post-28448","post","type-post","status-publish","format-standard","hentry","category-business","tag-banking","tag-business-2","tag-courts","tag-financial","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/28448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=28448"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/28448\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=28448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=28448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=28448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}