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The fallout from the Panama Paper scandal, in which Mossack Fonseca records indicate that it formed the majority of its offshore corporations, mainly used by clients for illicit purposes, in the British Virgin Islands, has included prohibiting foreign journalists from not only conducting interviews there, but even entering the Island nation. Several journalists, including one with a confirmed appointment with the governor, have been detained upon arrival, and declared persona non grata, and promptly put on thew next plane out, without any legal proceedings.
Eyewitness reports indicate that BVI nationals, and their government, has regarded any news about the BVI dodgy corporate formation industry, as a direct threat to their economy. Those corporations, formed to evade taxes, launder criminal proceeds, and hide bribe and kickback money, bring in an estimated $200m a year, for the local government in Tortola. What's wrong with this picture ?
Considering that the UK Foreign and Commonwealth Office has taken only token action to bring transparency to the BVI, it is humbly suggested that compliance officers, when they see that a bank client intends to use a BVI company, for any purpose, decline to assist. This means that the bank should refuse to open an account for any BVI company, for any purpose, as there are very, very few legitimate users of these tax evading corporate entities. Refuse the business, please, lest you later receive a visit from law enforcement, asking tough questions about Willful Blindness.
Eyewitness reports indicate that BVI nationals, and their government, has regarded any news about the BVI dodgy corporate formation industry, as a direct threat to their economy. Those corporations, formed to evade taxes, launder criminal proceeds, and hide bribe and kickback money, bring in an estimated $200m a year, for the local government in Tortola. What's wrong with this picture ?
Considering that the UK Foreign and Commonwealth Office has taken only token action to bring transparency to the BVI, it is humbly suggested that compliance officers, when they see that a bank client intends to use a BVI company, for any purpose, decline to assist. This means that the bank should refuse to open an account for any BVI company, for any purpose, as there are very, very few legitimate users of these tax evading corporate entities. Refuse the business, please, lest you later receive a visit from law enforcement, asking tough questions about Willful Blindness.
