Regulatory Warnings: December 31, 2001
Recently-filed warnings from securities regulators around the world.
St. Vincent: Money Talks and Nano Walks
A claim by St Vincent &the Grenadines that it is serious about combating financial crime was dealt a blow on November 22 when it allowed suspected money launderer Thierry Nano to avoid an arrest warrant.Nano flew from the island on
Insider Talking: September 30, 2001
How concerned is the Financial Times newspaper about being used to facilitate fraud? Not enough to stop publishing bogus valuations for the Cayman Islands domiciled Aristocrat Endeavor Fund. The FT is continuing to accept and publish sham Net Asset Values
Hansa Bank and Trust sued by client
Anguilla-based Hansa Bank and Trust is being sued in Canada by a client who claims to have been defrauded of CDN$11.9 million (US$7.5 million).
The action was filed by Vancouver resident Robert Edwards at the Supreme Court of British Columbia on July 12, 2001.
Insider Talking: March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.
Barbados and Anguilla firms and Barbados attorney defendants in $323 m fraud lawsuit
Companies based in Barbados and Anguilla and a Barbados attorney are at the center of an investigation in the U.S. into an alleged $323 million insurance fraud. The investigation was launched after the liquidation on January 21, 1998 of Pennsylvania-based medical malpractice insurer PIC Insurance Group Inc., formerly known as Physicians Insurance Group.
Anguilla passes new laws to meet international standards
Anguilla has become the latest offshore center to introduce new legislation in order to comply with internationally-accepted standards of regulation.
"The new legislation is part of the Government's determination to effectively match the growth of Anguilla's financial services with robust and progressive laws that meet international regulatory standards," said John Lawrence, Director/Anguilla Financial Services Department.
Major countries strike hard against offshore centers
The high stakes poker game between onshore and offshore governments lost six players recently but another 35 have 12 months to decide whether the OECD is bluffing with the threat of sanctions.Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino have all signed an 'Advanced Letter of Commitment' agreeing to co-operate with international tax investigations.
OECD backs off publishing an offshore ‘hit list’
The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".
UK pressures offshore centers to report suspicious tax transactions
Anyone who still has doubts that UK Overseas Territories such as the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands will be forced to co-operate with foreign tax investigations should read a paper published by the UK Treasury in February. Titled 'Exchange of Information and the Draft Directive on Taxation of Savings', it makes it clear that UK Overseas Territories are being pressured not only to co-operate with requests for information on tax matters but to take the initiative and report suspicious tax-related transactions.
Bermuda tops Year 2000 Telecommunications Review
Telecommunications Review in Bermuda-Caribbean region: Bermuda continues to offer by far the cheapest overseas telecommunications rates compared with its rival offshore jurisdictions in the Caribbean, we can disclose. While rates have generally fallen in many islands since our last survey in April, 1997, the gap between Bermuda and the pack remains huge, largely due to the introduction of competition for international calls.Â
Q&A with Cable & Wireless over its high telecommunications rates
Questions and Answers with Rhonda Kelly, the Public Relations Manager for Cable & Wireless' regional headquarters in the Cayman Islands, about C&W's telecommunications service in the Bermuda-Caribbean region.
Offshore Territories must enforce ‘all-crimes’ laws, not just pass them into law
Offshore financial centres that are also UK Overseas Territories have been told that it is not enough for them simply to introduce legislation outlawing ‘all-crimes' but that they must also enforce the new laws.That was one of the messages delivered to the House of Commons Select Committee on Public Accounts by Sir John Kerr, Permanent Under-Secretary of State for the UK government.
FCO letter presents gloomy picture for offshore finance centres
Further details obtained by Offshore Alert about the UK government's new proposals for regulations in its Overseas Territories confirm that what is being planned represents an offshore financial centre's worst nightmare.
And there is growing evidence that independent offshore centres like the Bahamas and Antigua are also facing international pressure to conform to new standards.
Insider Talking: March 31, 1998
John Deuss courts PLP political party in Bermuda, offshore regulators John Lawrence and Marcus Killick find new jobs, proposed purchase of Little Switzerland by Colombian Emeralds International may have implications for Crisson's, Leigh Bruce Ritch is apparently now living in Cayman under the name Bruce Ritchie after completing a prison-term in the USA for narcotics-trafficking, Rex Crighton receives 'in principle' planning approval to dredge Cayman's North Sound, Grenada appoints Viktor Kozeny as its Honorary Consul in the Bahamas, investors make approximatly $1 million on call options bought one day before announcement of sale of Bermuda reinsurer Mid Ocean Ltd.
FCO announces end of bank secrecy in overseas territories
The clearest indication yet that the UK government will force its Overseas Territories to co-operate with foreign regulators investigating both fiscal and regulatory offences was given this week to Offshore Alert.Offshore centres like Bermuda, the Cayman Islands, the Turks & Caicos Islands and the British Virgin Islands are being told by the UK government to introduce within two years legislation that will be virtually identical to the UK Criminal Justice (International Co-operation) Act 1990.
UK Foreign Minister announces plans to reform offshore regulations
UK Dependent Territories that are also offshore financial centres have until 1999 to comply with a "check-list" of four key areas of financial regulations to improve standards, UK Foreign Minister Robin Cook announced in London today.
Caribbean hotels insurer goes into run-off
The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.
Comparison of supervisory resources of UK offshore jurisdictions
Comparison of supervisory resources applied to financial services in UK Dependent Territories.
UK GAO report outlines drive to force offshore regulators to co-operate more with foreign authorities
A wide-ranging report into the Dependent Territories by the UK National Audit Office has outlined a further drive by the Foreign and Commonwealth Office to force financial regulators in offshore jurisdictions to co-operate more with foreign authorities.
Statistical comparison of Caribbean-based offshore financial centers
Statistical comparison of Caribbean-based offshore financial centers. Figures supplied by Foreign & Commonwealth Office/National Audit Office.
Mexico acts to curb offshore money transfers
The Mexican government has amended the country's tax laws to try to curb the massive outflow of capital being lost to the world's tax havens.
USA v. Kenneth Rijock: Criminal Information
Criminal Information in USA v. Kenneth Walton Rijock at the U. S. District Court for the Northern District of Florida.
USA v. Kenneth Rijock et al: Superseding Indictment
Superseding Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, a.k.a. Tico Rodriguez, a.k.a. Herberto Castellano; Michael Clinton Gruener, a.k.a. Michael Rossi, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.
USA v. Kenneth Rijock et al: Criminal Indictment
Criminal Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, Michael Clinton Gruener, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.
