07.17.09
How to Distinguish Offshore Jurisdictions
Today many (unscrupulous firms are presenting companies and bank accounts in numerous assorted authorities with a shopping list of nations available, almost every one of them no longer credible, many being based on Caribbean islands and are deceiving the clients into thinking they are proper offshore authorities with secrecy benefits. That is so wrong!!!
Let’s over a few things to view when looking for an offshore jurisdiction.
Bank Privacy – Without this we are not participating. We wish the bank to not be able to divulge any information relating to the bank account as well as whether or not such a bank account even exists, unless there is an order from a capable court in the country where the bank is based. Any privacy regulations more than this, is no longer available anywhere today. Numbered accounts are defunct. Sparbuch accounts in Austria are all obsolete. Yes, I know people extend them for sale on websites but they are all long gone and closed down. The bank secrecy policies must be inscribed into the law of the nation in enquiry. Belize has no such bank secrecy policies written in their laws, people just appear to have confidence in them although there would be no legal penalization for them to reveal bank information if they realize it fit to do so. We need bank privacy policies to call for incarceration and civil penalties for any infringements in addition to permit for one to file a lawsuit against the bank for violations. Panada clears this particular prerequisite.
MLAT – Mutual Legal Assistance treaty. Numerous states have entered into these accords. To checkfor the listing of countries that have inscribed into these arrangements with the USA courtesy of the US Government click here: http://travel.state.gov/law/info/judicial/judicial_690.html
It is interesting to know that numerous countries have participated into these agreements. Panama is one of such countries although its scope is restricted.
