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An Offshore Scam?
Posted: Saturday, August 13, 2011

Posted: 3/2/2008 2:20:56 AM

By: Offshore Atty

The phone numbers are US and UK listed. If VOIP going to Uruguay, then secrecy should not be an issue. But if VOIP is going the other way (if these guys are really NOT in Uruguay), then secrecy is non-existent.

If you haven't been reading the headlines for the last two weeks, remember that any bank employee can walk out the door with customer names and call the IRS. If you depend on secrecy to get by, best of luck... I'm not sure that you will ever really get it.

Straight to your point: why bank with some company that nobody has ever heard of? The website does not even remotely resemble a regular bank website. If you can't afford to travel overseas and do it yourself, you're better off hiding it under your mattress.

Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 2/29/2008 6:25:05 PM

By: Kyle

Found this website offering offshore services. Don't know if it's run by a real company or by gangsters.

What really got me thinking was this (From their website)

"Uruguay has the strongest bank secrecy law in the world. Bank secrecy can never be broken for any tax issues"

Urugua in South America is not really the first place you would think of, for setting up a offshore company.

Here's their website:

Posted: Saturday, August 13, 2011

Posted: 3/2/2008 8:07:37 PM


Just an FYI on these guys......
They use banks in Pakistan to conduct business and what they are not telling you is that the SAFI law will change within the next year or so. BTW - if you order a SAFI from them you will most likely never get a response as they WERE a provider of SAFI's for our company. The first few were fine but ofter that no response from the office in Uruguay. They also are established like a NZ Financial company - I would no put too much faith in that either as from what I have seen they tend to be akin to a payroll company more than anything else. In the end I think it boils down to being too cheap to get a banking license offshore or they cannot get approved for the DD/KYC portion of the application. Also, as a heads up they have hidden fees which you cannot find on the site - they charge to open the account as well as the require documents from you. So, if you look at this company in detail - you don't have nor will ever have any privacy with any company that uses banks in Pakistan, has a jalopy of a company in Uruguay that will convert to a regular S.A. soon, and uses Hushmail as their secure messaging service. Um, Hushmail is monitored by the US gov. Just check this for more info:

Hushmail was founded by Cliff Baltzley in 1999 after leaving Ultimate Privacy, and is based in Vancouver. The servers are in Vancouver, and there are also offices in Dublin, Ireland; Delaware, United States; and Anguilla.

Until September 2007, Hushmail received generally favorable reviews in the press.[1][2] It was believed that possible threats, such as demands from the legal system to reveal the content of traffic through the system, were not as imminent in Canada as they are in the United States and if data were to be handed over encrypted messages would only be available in encrypted form. However, recent developments have led to doubts among security-conscious users about Hushmail's security and concern over a backdoor in an OpenPGP service. Hushmail has turned over cleartext copies of private e-mail messages associated with several addresses at the request of law enforcement agencies under a Mutual Legal Assistance Treaty with the United States.[3] One example of this behavior is in the case of U.S. v. Tyler Stumbo.[4][5][6] In addition, the contents of emails between Hushmail addresses were analyzed, and a total of 12 CDs were turned over to US authorities. Hushmail also now states that it also logs IP addresses in order "to analyze market trends, gather broad demographic information, and prevent abuse of our services."[7]

If you want an offshore bank account you can either go to an offshore service provider, a law firm, or find Onshore Banks that offer Offshore Services like Barclays and Scotiabank. Since these banks are highly regulated you will be able to avoid such mishaps as Bank Crozier for example.

Good luck!

PD: Trust Companies, SAFI's, Financial Services Companies, as well as Swedish Credit Unions are NOT - I repeat ARE NOT banks. Just spend some extra cash upfront and get the real deal before you get burned - WHAT'S CHEAP NOW ENDS UP BEING EXPENSIVE LATER!!!!!!!!!!!!!!!!!

Posted: Saturday, August 13, 2011

Posted: 3/2/2008 2:03:30 PM

By: xxx

forget this outfit. it sounds as if they take your money,pretend to set up a bank account, and then pull a PONZI scam or some other type of Jamaican pigeon drop. i.e. they run away with your money. if you wanted to set up an account in Uruguay,why not go there and try a legitimate bank,e.g. Verwaltungs und Privat (VP) bank in Montevideo? this outfit and its people look like they may come from a background in shady banks in Montenegro or Eastern bloc areas prone to have ties with organized crime( viz a viz the "bratva" or Krasnaya Mafyia ( Russian mob). you may wish to run a background check( Europol) on the people they list in their organization.
I say forget it. deal with a legitimate law firm and set up an account with a legitimate bank offshore. tell the authorities in the place where you live ( file all forms be they FINCEN,FINTRAC,FSA,EU OR FATF). they will always find out anyway. if you do things legitimately then you can usually lower taxes but not totally avoid them. deal with a good outfit,not this thing


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