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Proposal to recover  misappropriated funds presented to government

The owner of an international corporate intelligence and investigations firm said he has presented a plan to Prime Minister Dr. Hubert Minnis that would help The Bahamas to repatriate millions of misappropriated dollars funneled out of this country.

Juval Aviv, who spoke to the media after delivering a presentation at a cybersecurity and risk management seminar on Monday, said he has yet to receive a response from the prime minister about his proposal.

He said the proposal has been successful in several other countries where his company, Interfor, has implemented it.

“The program is coming in, looking at the system, looking at the previous government’s activities, and we know from rumors and stories and stuff that we have done already, that money has left The Bahamas into private pockets,” said Aviv.

“So the program is going after that kind of money, recovers the money and brings it back home. And that could make a big change in the government’s budget, because we’re talking about hundreds of millions of dollars… it’s not a small amount.”

He said the people at the top have to be invested in fighting government corruption and invest in prevention methods.

He said his service can teach law enforcement agencies how to deal with fraud and fraud prevention. 

“In other countries we look at the legal areas, at the judges, because we found out in other countries that judges have accepted bribes and so on, so it’s an overall program, very well documented and it just needs the will of the government to do it,” Aviv said.

According to him, based on his work in Canada he has found that Canadian fraudsters hide their money in accounts in The Bahamas.

He said he wants to see this country build a reputation as a jurisdiction where fraudsters do not hide their money, and where international financial watchdogs finally strike The Bahamas from their lists.

“We are already a vendor of the EU (European Union), we go to third world countries to help them to come up to a level where the EU can loan them money,” said Aviv.

“Today those countries cannot borrow money anywhere, because the corruption is beyond. One of the goals is to clean it up so the country can have a favorable rating, that countries will trust us and come and do some business here.”

He said serious investors will continue to think twice about bringing their money to The Bahamas if it does not build a favorable reputation.

“It has to start at the top and they need to know that the top guy is interested,” Aviv said.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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