Offshore Voluntary Compliance Initiative

One of the biggest issuers of offshore credit cards, Leadenhall Bank & Trust in the Bahamas, has had its card issuing license terminated by MasterCard.Effective July 29, 2003, all MasterCards issued by Leadenhall Bank were cancelled - a victim of the U. S. clampdown on the use of offshore cards to access the proceeds of crime, including tax evasion.