Word: caymans
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...celebrations and predictions of imminent world dominion. This was the so-called Salinas affair, the curious tale of how a resourceful Citibanker named Amy Elliott helped Raul Salinas move some $100 million into untraceable accounts owned by offshore "trusts" that were in turn owned by dummy corporations in the Cayman Islands...
...most large banks and brokerages in the western hemisphere have moved into some form of private banking, with Citibank using its peerless retail network to develop business among local elites around the world. Most of the private-banking departments offer trusts and accounts in Switzerland, the Caymans and other havens with tight bank-secrecy laws. (An ad for Citibank's Monaco private bank touts its "trust companies and private investment companies in the U.S., Bahamas, Cayman Islands, Jersey or Switzerland" that "can give the client confidence that their assets are held...in a way that is both tax-efficient...
...will be interesting to see whether this true perpetrator, once located, also happens to have been in the company of the Cayman Islands banker who disappeared after a 1996 meeting with Sante Kimes in the Bahamas--or of David Kazdin, 63, a Southern California businessman who turned up dead two weeks after telling a friend he was in a jam involving Sante Kimes...
What are the risks associated with a brave new world of Cayman Island trust funds and retirement accounts built on leverage? No one yet knows. But some suspect. Sholom Rosen, vice president of emerging technologies at Citibank, has what may be the perfect mantra: "It's definitely new, it's revolutionary--and we should be scared as hell...
...urge for offshore banking but not the cash to try it? Rather than saving up for a plane ticket to Grand Cayman, check out a new online bank opening its virtual doors this week. Sicherheit und Privat (Security and Privacy) is an Austrian bank that offers encrypted communications, digital cash transactions and a privacy-protected MasterCard for a minimum deposit of $1,000 (as opposed to $10K to $50K in a typical Swiss bank). Could be just the thing for low rollers trying to hide cash from a spouse's divorce lawyers...