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“USA CREATING WATCHDOGS FOR “AMERICAN FLIGHT MONEY”
FROM THE -
JOURNALS of Monte Friesner ~ Tuesday March 01, 2011 > Financial Crime Consultant for WANTED SA >
Watch for American "Flight Capital" in Transit - Contributed by Kenneth Rijock
Rumours abound in the global marketplace that US law enforcement agencies now plan on widening the scope of their international investigation of foreign banks aiding wealthy American tax evaders, from European tax haven banks, to also include Asian financial institutions. Since there have been multiple reports that European tax haven bankers have bluntly advised their US clientele to transfer their undeclared funds into Asian banks, this news could stampede these customers into again relocating their "flight capital" on an urgent basis. Where on earth will they go, and what can you do to keep them out of your bank ?
If you are a compliance officer at a non-US bank, and an ultra-wealthy American businessman seeks to initiate what would seem to be a potentially lucrative account relationship, ask yourself (and the client) these questions:
- Are the funds coming from either a European tax haven jurisdiction, or an Asian bank ?
- Was he or she a long-time established client of the transferring financial institution ? Wht do they indicate they are opening an account with you ?
- Is there a valid reason why they are now moving their funds halfway around the world, and far away from their country of residence ?
- Does the client own and operate a successful business in the USA, but a business that has no presence in your country ?
Positive answers to more than one of these questions could indicate flight capital fleeing a soon-to-be-transparent or taregeted jurisdiction. Watch yourself: if the client later avails himself of the American IRS amnesty programme, US law enforcement will learn that he was banking with you, and you may find your bank the subject of unwanted attention.
WANTED SA Thanks to Mr. Kenneth Rijock of World Check and all the Parties, Law Enforcement and Securities forces who have contributed to this article and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
