Two government Members of Parliament called for a Commission of Inquiry into the island’s banks last night, claiming they were “practising unfair injustices every week”.

Zane DeSilva, a former government minister and now a backbench MP, told the House of Assembly that it was up to MPs “to do something about it”.

He said: “It’s unfairness and it starts with our young people coming out of prison.”

Mr DeSilva accused the banks of barring young men released from prison an opportunity to open a bank account.

He questioned: “How are our young men going to make it if you cannot have something in this day and age like a bank account?”

Mr DeSilva said the gaming sector on the island was not progressing because of stipulations set out by the banking system.

“That same word again, ‘banks’. What’s their agenda?” asked Mr DeSilva. “I’m going to call on the Premier. I would like to see a commission of inquiry into the banking system.”

Derrick Burgess, the Deputy Speaker of the House, supported Mr DeSilva’s call.

He said: “We are trying to help our people, former inmates, get back into the community and they can’t get a bank account.”

He added: “This we cannot tolerate any more; we have to do something about it.

“I am asking, just as my colleague Mr De Silva, for a commission of inquiry.”

He questioned: “Why are the banks targeting certain people and not doing business with them any more?”

Addressing MPs, David Burt said a bank account was a basic necessity for residents.

“What we have seen in the Ministry of Finance recently are that banks have been going above and beyond the requirements that have been set by the Government in issues relating to customer diligence and AML and KYC,” the Premier said.

“Some banks are, in some way shape or form, going above and beyond the guidance that has been laid out.”

The Premier added: “And so in that case one has to question whether or not these actions are fair.”

He said the Ministry of Finance has been “actively looking” into the issue which had been previously brought to his attention by Progressive Labour Party backbenchers and the community.

Last August, Mr DeSilva criticised Butterfield Bank for shutting his account and credit-card facilities, and accused it of treating him as a criminal guilty of money-laundering charges, which were later dropped.

Mr DeSilva faced charges in connection with an alleged scam involving the loss of $800,000 of taxpayer money, but the Department of Public Prosecutions said it was no longer proceeding with the case.

After the announcement, Mr DeSilva said: “My family and I have been through turmoil the last few years. The banks have not been helpful. Let me clarify, the Bank of Butterfield has not been helpful.

“For the Bank of Butterfield to close people’s accounts, cut off credit cards, that needs to be dealt with and it needs to be dealt with quickly.

“No one should be deemed guilty; they should be deemed innocent until proven guilty. The Bank of Butterfield needs a good ‘cut tail’.

He said the bank froze his account, adding “they also closed my credit-card usage, which is absolutely wrong and it needs to be dealt with”.

A bank spokesman emphasised at the time that Butterfield would not comment on individual client matters.

In February 2023, Mr Burgess revealed that he was aware of four people, including two PLP premiers who had been “kicked out” of Butterfield Bank.

He raised the issue in the House of Assembly again last July, demanding that the bank explain why it had shut the accounts.

The Government avoided answering questions on whether the Butterfield Bank accounts of Mr Burt and Alex Scott, a former PLP premier, were closed by the banking institution.

Mr Scott ruled himself out of being involved in the situation.

Butterfield Bank maintained last August that it could not discuss individual client relationships, but that it was required to monitor “transactional activity”, and comply with domestic and international laws when terminating accounts with clients.

A spokesman said: “Any decision to terminate an account is consistent with Butterfield’s general terms and conditions and within the bank’s contractual right.”

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