Joined: 8/2/2014
Posts: 1
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Let's say I set-up a bank account in the name of a Trust on an offshore
island in the Pacific. As is often the case, the Trustees of the Trust are nominees
based in the offshore jurisdiction, for security. Therefore the bank
account is in their control.
There are always bad eggs in this world and what's to stop a nominee
Trustee from transfer my money, in the Trust's bank account, to his own
account? The bank account login details etc. go to him, as he's the
Trustee on the papers.
Do jurisdictions like the Cook Islands, Nevis and others have
examples of having promptly and effectively dealt with such scenarios?
The reason I am asking is because, in my experience, the more
'exotic' countries have laws to protect people's rights, but in most
cases they are rarely enforced and there is a lot of corruption (people
often know each other in these circles in such countries). I was
defrauded by somebody based in Mauritius and the legal system and police
did nothing about it, even though he had clearly broken the laws in
Mauritius.
Which offshore legislations have robust and easily enforceable
legislation to protect Settlors and Beneficiaries from fraudulent
Trustees and which ones don't? Case studies and examples would be most
welcome, as all these jurisdictions talk the talk, but walking the walk
is another matter, as the Editor of this very website has commented
previously.
Would you suggest this is a reason to go with more of a 'mid-shore'
jurisdiction, where it is easier to deal with a rogue individual or
trust provider being fraudulent?
Many thanks.
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