The State Department’s International Narcotics Control Strategy Report (INCSR) is listing the Cayman Islands as a major money laundering country in its most recent release. Most of the money laundering is in connection with drug trafficking and fraud. See more here. Find the full INCSR here. Continue reading »
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Threat Finance?
During a panel session at the Association of Certified Financial Crime Specialist (ACFCS) Conference and Exhibition, panelists like Chief of Counter Threat Finance for the U.S. Special Ops Command, Jim Bischoff, explained that just as national security threats continue to evolve at a rapid rate, the financing of these threats involves requires much more than … Continue reading »
Bitcoin ATMs to Soon Open in Seattle & Austin
According to Reuters, bitcoin ATMs will soon open in two major U.S. cities. The ATMs will allow users to swap bitcoins for cash and make deposits for more bitcoins. A government issued ID will be necessary for withdraws. These will be the first bitcoin ATMs in the US. In North America, the first was installed … Continue reading »
Who Owns What Now? Uncovering Beneficial Ownership by Tim Michetti
As I was browsing the internet the other day, I came across this little gem created by the International Consortium of Investigative Journalists: http://www.youtube.com/watch?v=gy2RgjIIZyA It is a short animated clip entitled, “Tax Havens 101: The High Cost of Going Offshore”. The video provides good insight into the world of offshore tax havens, shell corporations, and … Continue reading »
FATCA: Implications for Foreign Financial Institutions and US Persons by Rie Maki
The Foreign Account Tax Compliance Act (FATCA), which comes into effect on July 1 2014, is a new provision intended to combat tax evasion by U.S. citizens using offshore accounts. While advocates have claimed that FATCA could wrest back $100 billion in tax revenue, critics have argued that it is a violation of sovereignty, costs … Continue reading »
