Anguilla

Petition by Penha Image Duty Free Ltd. to wind up Hurlstone Holdings Ltd. filed at the Grand Court of the Cayman Islands on May 13, 2011.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in St. Vincent and the Grenadines by Graham Crabtree, as Foreign Representative of Safe Harbor Bank Ltd., at the U. S. Bankruptcy Court for the District of Massachusetts.

Letters Rogatory Request to the Bahamas in USA v. Martin E. Weisberg at the U. S. District Court for the Eastern District of New York.

Letters Rogatory Request to Anguilla in USA v. Martin E. Weisberg at the U. S. District Court for the Eastern District of Anguilla.

First Amended Complaint in Richard G. Vento, Lana J. Vento, Gail C. Vento, Nicole M. Mollison, and Renee S. Vento v. Duane Crithfield, Stephen P. Donaldson, Keithley Lake, Alliance Holding Co., Ltd., Alliance Royalties LLC, Alliance Royalties Inc., Westminster, Hope & Turnberry LLC, Westminster, Hope & Turnberry Ltd., First Fidelity Trust Ltd., Fidelity Insurance Co. Ltd., Foster & Dunhill Ltd., Fortress Family Office Group LLC, Offshore Trust Services LLC, Citadel Insurance Co., Ltd., BPS International LLC, Waterberry Ltd., AXA Holdings Co., AP Holdings, Ltd., New Hope Holdings Ltd., Handler Thayer & Duggan, LLC, Handler Thayer, LLP, Duggan Bertsch, LLC, James M. Duggan, Thomas J. Handler, and Steven J. Thayer at the U. S. District Court for the District of the Virgin Islands.

U. S. businessman Robert F. X. Sillerman, whose assets include the hit television show 'American Idol' and the late Elvis Presley's estate Graceland, has satisfied a summary judgment for $24.2 million that was entered against him in favor of Credit

Insiders at Bahamas based financial services firm Caledonia Corporate Management Group appear to have destroyed corporate emails shortly before putting the massively insolvent and allegedly fraudulently operated company into voluntary liquidation, according to liquidator Anthony Kikivarakis, of Deloitte & Touche

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Bahamas by Juan Lopez, a.k.a. John Lopez, as the Foreign Representative of British American Insurance Company Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.

Bermuda based husband and wife financial advisors were charged with stealing $360,000 from one of their companies, Emerald Capital International Ltd., and laundering the proceeds during a hearing at Bermuda Magistrates Court on July 9, 209. David Bolden, 44, a

Two lawsuits for damages totaling more than $50 million have been filed at New York State Supreme Court against a well known entrepreneur over personal guarantees he provided for a luxury resort project in Anguilla. The sole defendant in both

Anguilla Financial Services Commission suffered a blow to its credibility on April 6, 2009 when the local High Court struck out its application to appoint an administrator for ten companies associated with offshore provider Joseph Brice, who has been criminally

A civil complaint has been filed in New York by plaintiffs who claim they were defrauded of $1.7 million in a Ponzi scheme that was based around a land development project in Anguilla. The complaint was filed at the U.

Complaint in Jonathan David Christenbury v. Keithley F. T. Lake and First Fidelity Trust Limited at Nevis High Court.

On January 12, 2009, Bermuda and the USA signed a Mutual Legal Assistance Treaty, pursuant to which each country can formally apply to the other to obtain information for criminal investigations. The Bermuda Government lauded the agreement as "yet another

A prominent offshore provider in Anguilla has been charged with misappropriating US$950,000 from a trust fund that he managed. The beneficiaries of the trust are believed to be non residents. Joseph Brice was arrested in Anguilla on January 7 and

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Australia by Barry Taylor, as the Foreign Representative of Super Save Superannuation Fund, at the U. S. Bankruptcy Court for the Southern District of New York.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Australia by Barry Taylor, as the Foreign Representative of Integrity Plus Unit Trust, at the U. S. Bankruptcy Court for the Southern District of New York.

US Senator John Kerry intends to look into offshore tax evasion; First Curacao International Bank to "start repatriating" frozen assets; UK Government commissions review of offshore financial centers' Condor Insurance sued in California; and US criminally indicts Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking and a member of the Swiss bank's Group Executive Board.

The current global economic crisis has prompted the United Kingdom Government to commission an "independent review" of all British Crown Dependencies and Overseas Territories that serve as offshore financial centers.Details of the review, which is due to be completed by

A Kentucky-based husband-and-wife claim they were swindled after depositing US$1.9 million in an offshore tax planning and asset protection plan involving insurance, trust, and investment-management companies in Anguilla, the Bahamas, and Nevis. Dallen Wendt, 53, and his wife, Peggy Wendt, 50, were told the offshore products in which they invested during 2002 and 2003 carried "no-risk" and returned 8% and 8.5% annually, according to a complaint they filed at the U. S. District Court for the Northern District of Illinois on June 24, 2008.

The United Kingdom Government has been asked to provide details of any and all steps it has taken to ensure that corruption and fraud in Bermuda is "properly investigated".The request was made in a new report on British Overseas Territories by the Foreign Affairs Committee, which is appointed by the House of Commons to examine the administration, expenditure and policy of the Foreign and Commonwealth Office and its associated agencies.

A new report on British Overseas Territories by the Foreign Affairs Committee of the United Kingdom Government has highlighted evidence of corruption in the Turks and Caicos Islands, Bermuda and Anguilla. By comparison, the British Virgin Islands and the Cayman Islands emerged relatively unscathed. The Committee has recommended that the UK Government sets up a Commission of Inquiry to investigate corruption in the TCI, encourages the Anguillan government to establish an "independent inquiry" to look into corruption, and details the steps it has taken to ensure that allegations of corruption in Bermuda are "properly investigated".

A New York-based securities attorney who became a major shareholder in a firm that was turned down for a Bermuda insurance license has been indicted in New York for the second time in nine months. Martin Eric Weisberg was indicted on ten counts of wire fraud and one count of money laundering at the U. S. District Court for the Eastern District of New York on May 22, 2008. He has pleaded not guilty.

Indictment for securities fraud in USA v. Martin Weisberg at the U. S. District Court for the Eastern District of New York.

The board of directors of one of the offshore world's biggest reinsurers, ACE Limited, has decided to move its domicile from the Cayman Islands to Zurich, Switzerland; Offshore promoter David Rose indicted for the second time in six weeks in Kentucky; Anguilla limited partnership is relief defendant in SEC fraud complaint; and residents of the Bahamas "don't like credit cards", according to accused cash smuggler Edward Okun.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Dieter Behring, Arthur Buck, Beat Bengerter, Jean Kampf, Peter Josef Weibel, Willy Wuthrich, Raymond Pousaz and Anita Zweifel-Reidy for alleged investment fraud, theft, forgery and money laundering involving Moore Park Funding and related companies.

Investigators in Switzerland say that a Bahamas based fund group headed by accused fraudster Dieter Behring is believed to be insolvent by more than US$600 million.Details of the estimated scale of the alleged scam and the identities of those being

Offshore corporations in Anguilla, the Bahamas and St. Lucia, including one operating as a bank, have been implicated in an alleged conspiracy to defraud the United States Government of tax revenue.Details are contained in an indictment against four individuals, including one who is both a former U. S. Attorney and state court judge, that was brought at the U. S. District Court for the Western District of North Carolina on April 4, 2006 and unsealed on April 18.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Dieter Behring, Arthur Buck, Beat Bangerter, Jean Kampf, Peter Josef Weibel, Willy Wuthrich, Raymond Pousaz, and Anita Zweifel-Reidy for suspected fraud, embezzlement, forgery and money laundering.

St. Kitts: Noel Heath and Glenroy Matthew finally extradited to USA; Costa Rica: New tax bill on its way to becoming law; Anguilla: New laws passed dealing with insurance, protected cell companies and mutual funds; Dubai: Dubai International Financial Centre issues first hedge fund license.

The IRS has asked a U. S. federal court for permission to serve a “John Doe” summons on Internet money transfer firm PayPal Inc. as part of a clampdown on tax evasion using offshore credit and debit cards.“The records requested in the summons will identify the holders of bank accounts at, or payment cards issued by banks in, the listed jurisdictions, information which is not otherwise readily available to the Internal Revenue Service,” stated the IRS in its petition.

Section 304 Petition for Assistance in Insolvency Proceedings in the Bahamas by Clifford Johnson and Wayne Aranha, as the Foreign Representatives of Globe-X Management Limited and Globe-X Canadiana Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Total Systems Services Inc. has become the latest third party credit card processor to be ordered to turn over client records to the IRS as part of its offshore tax evasion investigation. An order allowing the IRS to serve a

The world's largest processor of credit card payments has been ordered by a United States court to assist the IRS in its investigation into tax evasion using offshore accounts.First Data Corp. must turn over information about transactions by holders of American Express, Visa and MasterCard credit cards that were issued by or on behalf of certain offshore financial institutions.

A Cayman Islands-registered exempted insurer has accused a United States bank of withholding $467,582 of its funds.Star Insurance Company (Cayman) Ltd. claims to have been trying to gain access to the funds in six trust accounts at Wachovia Bank since March 4, 2003.

A Florida-based firm which processes card transaction payments has been ordered to turn over its records to the IRS as part of an investigation into offshore tax evasion using MasterCard, VISA and American Express. An order issued on September 11, 2003 at the U. S. District Court for the Southern District of Florida allows the IRS to serve a "John Doe" summons on Credomatic of Florida Inc., of Brickell Avenue, Miami.

A lawsuit alleging fraud has been filed by multiple plaintiffs who say they invested approximately $79 million in three failed hedge funds, including Cayman Islands-domiliced Bristol Fund.

Five weeks after being exposed in the September 30, 2002 edition of OffshoreAlert, Washington state based Sterling forex LLC has stopped operating and its clients have incurred substantial losses.The firm sent its clients a letter on November 15 stating that

A California court has approved a request by the Internal Revenue Service for leave to file "John Doe" summonses on VISA International as part of an investigation into tax evasion using offshore credit cards. The order, issued on March 28, 2002, allows the IRS to examine the records of VISA credit or debit cards issued "by, through, or on behalf of banks or other financial institutions" in 31 offshore jurisdictions.

Recently-filed warnings from securities regulators around the world.

A claim by St Vincent &the Grenadines that it is serious about combating financial crime was dealt a blow on November 22 when it allowed suspected money launderer Thierry Nano to avoid an arrest warrant.Nano flew from the island on

How concerned is the Financial Times newspaper about being used to facilitate fraud? Not enough to stop publishing bogus valuations for the Cayman Islands domiciled Aristocrat Endeavor Fund. The FT is continuing to accept and publish sham Net Asset Values

Anguilla-based Hansa Bank and Trust is being sued in Canada by a client who claims to have been defrauded of CDN$11.9 million (US$7.5 million). The action was filed by Vancouver resident Robert Edwards at the Supreme Court of British Columbia on July 12, 2001.

Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Companies based in Barbados and Anguilla and a Barbados attorney are at the center of an investigation in the U.S. into an alleged $323 million insurance fraud. The investigation was launched after the liquidation on January 21, 1998 of Pennsylvania-based medical malpractice insurer PIC Insurance Group Inc., formerly known as Physicians Insurance Group.

Anguilla has become the latest offshore center to introduce new legislation in order to comply with internationally-accepted standards of regulation. "The new legislation is part of the Government's determination to effectively match the growth of Anguilla's financial services with robust and progressive laws that meet international regulatory standards," said John Lawrence, Director/Anguilla Financial Services Department.

The high stakes poker game between onshore and offshore governments lost six players recently but another 35 have 12 months to decide whether the OECD is bluffing with the threat of sanctions.Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino have all signed an 'Advanced Letter of Commitment' agreeing to co-operate with international tax investigations.

The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

Anyone who still has doubts that UK Overseas Territories such as the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands will be forced to co-operate with foreign tax investigations should read a paper published by the UK Treasury in February. Titled 'Exchange of Information and the Draft Directive on Taxation of Savings', it makes it clear that UK Overseas Territories are being pressured not only to co-operate with requests for information on tax matters but to take the initiative and report suspicious tax-related transactions.

Telecommunications Review in Bermuda-Caribbean region: Bermuda continues to offer by far the cheapest overseas telecommunications rates compared with its rival offshore jurisdictions in the Caribbean, we can disclose. While rates have generally fallen in many islands since our last survey in April, 1997, the gap between Bermuda and the pack remains huge, largely due to the introduction of competition for international calls.