British Virgin Islands

Offshore Territories must enforce ‘all-crimes’ laws, not just pass them into law

Offshore financial centres that are also UK Overseas Territories have been told that it is not enough for them simply to introduce legislation outlawing ‘all-crimes' but that they must also enforce the new laws.That was one of the messages delivered to the House of Commons Select Committee on Public Accounts by Sir John Kerr, Permanent Under-Secretary of State for the UK government.

FCO letter presents gloomy picture for offshore finance centres

Further details obtained by Offshore Alert about the UK government's new proposals for regulations in its Overseas Territories confirm that what is being planned represents an offshore financial centre's worst nightmare. And there is growing evidence that independent offshore centres like the Bahamas and Antigua are also facing international pressure to conform to new standards.

Marc Harris says: ‘We’re cleaner than clean.’

David Marchant, the publisher of Offshore Alert, flew to the Bahamas on Wednesday, March 25 to meet with Marc Harris at the Radisson Grand Hotel in Cable Beach, near Nassau. Also present at the meeting were Larry Gandolfi, who is a salesman; Christopher Davy, head of computers; and Alan McAloon, head of trust services.

The Harris Organization’s multi-million dollar Ponzi scheme

Offshore Alert can today disclose that Panama's most-hyped financial services group, known as The Harris Organization, is being run as a massive Ponzi scheme in which clients are being defrauded out of millions of dollars. The situation is so serious that The Harris Organization, which employs 150 people in Panama, is hopelessly insolvent, with net liabilities of at least $25 million, according to sources knowledgeable of the group's financial affairs.

FCO announces end of bank secrecy in overseas territories

The clearest indication yet that the UK government will force its Overseas Territories to co-operate with foreign regulators investigating both fiscal and regulatory offences was given this week to Offshore Alert.Offshore centres like Bermuda, the Cayman Islands, the Turks & Caicos Islands and the British Virgin Islands are being told by the UK government to introduce within two years legislation that will be virtually identical to the UK Criminal Justice (International Co-operation) Act 1990.

BVI to stage due diligence conference

The British Virgin Islands has announced that its inaugural Due Diligence and Compliance conference entitled ‘Preserving the Integrity of International Business' will be held on March 9-11.The conference, which is being sponsored by the BVI government in conjunction with the financial services sector, is designed to provide industry participants with in-depth information on recent developments in the cross-border fight against ‘white-collar' crime.

Caribbean hotels insurer goes into run-off

The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.

BVI passes anti-money laundering legislation

Twelve months after a similar law was introduced in the Cayman Islands, the British Virgin Islands, which is home to more than 200,000 foreign companies, became the second Caribbean Dependent Territory to pass wide-ranging anti-money laundering legislation at the behest of the UK government. Bermuda is expected to be next, possibly before the end of the year.

John W. Henry sues Bank of Bermuda

Companies associated with John W. Henry, a futures fund manager with $1.9 billion under management, according to its own figures, is suing its former business partner, the Bank of Bermuda, for $300,000 at Bermuda Supreme Court.

Keith King: ‘Not Fit and Proper’

Isle of Man Financial Supervision Commission vs. Keith Leslie King - Notice of Direction - Isle of Man Financial Supervision Commission - December 5, 1995