PHILIPSBURG:--- The Windward Islands Bank (WIB) has come under intense scrutiny as a major fraud investigation unfolds, implicating one of its employees in a scheme that allegedly siphoned thousands of dollars from customer accounts. Despite the gravity of the situation, WIB has chosen to remain tight-lipped, offering no comment when approached by SMN News.
In a brief statement, WIB’s spokesperson, after consulting with the bank’s management, declined to address the allegations or provide any reassurance to its customers. This silence has only fueled public outrage, as customers demand accountability and transparency from the financial institution.
Adding to the growing concerns, it has been revealed that banks on St. Maarten, including WIB, do not have insurance in place to protect their customers from such fraudulent activities. This alarming fact was confirmed by the International Monetary Fund (IMF) during a recent assessment of transparency practices on the island. The lack of insurance leaves customers exposed to significant financial losses, with little to no recourse in the event of fraud.
The ongoing investigation, led by the detectives and fraud departments of the Korps Politie Sint Maarten (KPSM), has already resulted in the freezing of several accounts. Police Spokesman Joe Josepha confirmed that the police is conducting a very broad investigation but refrained from providing specific details.
Sources indicate that the scheme involved an employee transferring large sums of money—up to $15,000 at a time—to accomplices, who then funneled the funds to the employee’s boyfriend in Sint Eustatius. The boyfriend was apprehended in St. Maarten while driving a stolen vehicle, accompanied by another woman who is also alleged to have received stolen funds.
The scandal has left WIB customers questioning the bank’s internal controls and security measures. How could such a scheme go undetected? What safeguards, if any, are in place to protect account holders? The revelation that banks on St. Maarten lack insurance to cover customer losses only deepens the crisis of confidence.
The IMF’s findings on transparency practices further highlight systemic vulnerabilities in the island’s banking sector. The transparency assessment was conducted on the request of Central Bank of Curacao and Sint Maarten.
Without proper insurance or robust oversight, customers are left to bear the brunt of financial crimes, eroding trust in local financial institutions.
WIB’s refusal to comment or provide clarity on the situation is a disservice to its customers and the community at large. This is not just a financial scandal—it is a breach of trust that strikes at the heart of the bank’s relationship with its customers
As the investigation continues, the public will be watching closely. WIB’s silence is not an option. The bank owes its customers’ answers, accountability, and a commitment to ensuring that such a betrayal never happens again. Until then, the shadow of this scandal will loom large over the institution and the island’s banking sector as a whole.
PHILIPSBURG:--- Member of Parliament Darryl York says he is deeply disappointed in the direction signaled by the Government following recent remarks by Minister of Finance Marinka Gumbs suggesting that one or two additional casinos may enter the market.
PHILIPSBURG:--- The Government of Sint Maarten extends its warmest congratulations to the Government of the Netherlands on the successful formation of a new coalition administration led by Prime Minister Rob Jetten.
SURINAME/ PHILIPSBURG:--- Motorworld Group is proud to announce the official launch of GAC in Suriname, marking the brand’s 18th official territory in the Caribbean region, in partnership with Fernandes Autohandel, GAC’s exclusive authorized dealer in the market. The launch event, hosted at Fernandes Autohandel’s showroom in the P&D Complex on February 13, introduced guests to GAC’s innovative vehicle lineup, including the GS3 Emzoom, Emkoo, GS8, and the electric AION V.
