Word: caymans
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...last year never got to them. Of $3.3 million given to one broker for the contras, only $150,000 was actually sent to Central America. Most of the money went to American companies and individuals, and $380,000 was funneled into offshore bank accounts on Grand Cayman Island or in the Bahamas. Alluding to President Reagan's controversial comparison of the contras to America's founders, Democratic Congressman Gerry Studds quipped, ''Our Founding Fathers did not maintain bank accounts in the Cayman Islands.'' The GAO investigation also found that some $743,000 in contra aid went to an unnamed Central...
Starting in 2000, the IRS went after records from American Express, MasterCard and Visa to track the spending of U.S. citizens using credit cards issued in Antigua, the Bahamas and the Cayman Islands, leading to hundreds of audits and criminal investigations. In a landmark 2005 case, the accounting firm KPMG admitted its employees had criminally generated at least $11 billion in phony tax losses, often routed through the Cayman Islands, which cost the U.S. $2.5 billion in tax revenue...
...suit in U.S. District Court in San Francisco, claiming a disgruntled ex-employee had passed stolen internal documents to Wikileaks, a venue for anonymous whistle-blowers to post allegations of corporate or government misconduct. The site says those materials detail money laundering and tax evasion at Julius Baer's Cayman Islands branch. At the bank's request, Judge Jeffrey White issued an injunction sealing Wikileaks' U.S. address...
...mainly agreed, and dissolved the injunction, effectively rebooting the site. The prior order "raises issues regarding possible infringement of protections afforded to the public by the First Amendment," he said. Beyond those issues, the judge expressed doubt that a Bay Area court held jurisdiction over a squabble between the Cayman Islands branch of a Swiss bank and a global confederation of whistle-blowers whose Net domain is owned by John Shipton, an Australian national residing in Kenya...
Last year, when the International Monetary Fund published a paper on offshore tax havens, it included Switzerland, the Cayman Islands, Jersey, the Bahamas and several other countries where the rich stash their money beyond the reach of grabby governments back home. But there was one surprising new entry on the list: the United Kingdom. The IMF was merely recognizing what wealthy foreigners in Britain have known for years. While British citizens shoulder taxes of up to 40%, residents who weren't born there can take advantage of the nondomicile - or nondom - rule, which means they're only taxed on income...