Cayman number five in most secretive jurisdictions list

WASHINGTON, USA: Huffington Post, October 31, 2009 – The Government Accountability Office likes to point its finger at Luxembourg and the Cayman Islands for sheltering tax cheats. But according to the U.K.-based Tax Justice Network, the United States is the biggest tax shelter of ‘em all, thanks to the great state of Delaware.

Delaware, says the Tax Justice Network, is “the most secretive financial jurisdiction in the world.” That’s based on an analysis of 60 financial jurisdictions according to level of secrecy and cooperation with foreign tax authorities.

Luxembourg comes in second, followed by the Switzerland, the Cayman Islands, and the United Kingdom.


Cuban mafia laundered money through the Cayman Islands

SOUTHSEA, England: New Criminologist, _ October 31, 2009 – Jose Miguel Battle, the godfather of a criminal organization known as The Corporation and the biggest Cuban-American gangster to ever operate in Miami, made his name and fortune in gambling, not narcotics, although he did get involved later in his criminal career in the financing of cocaine deals.

The Corporation evolved into one of the most sophisticated money laundering syndicates in organized crime, and it operated in numerous domestic and foreign locations, including Peru, Spain, Panama, Switzerland, Curacao, the Dominican Republic, the Cayman Islands and the British Virgin Islands. The Corporation liked to establish what Federal prosecutors identified as “puppet companies” to launder their illicit profits into legitimate enterprises.


Mission millions diverted to accounts in the Cayman islands

LONDON, England: Money Market, November 1, 2009 – City of London police have uncovered an £80 million Ponzi, or bogus investment, scheme affecting 700 people – including celebrities and sports personalities – around the world. It is the largest fraud of its kind ever uncovered in Britain. The fraud targeted celebrities, mainly wealthy names in the sports, music and finance industries, although people with modest incomes have also lost their life savings.

Police trying to track down the missing £80 million, which has been diverted, to accounts in Dubai, the Cayman Islands and Thailand, have only recovered assets worth about £2 million.

Knightsbridge-based finance firm Business Consulting International (BCI), and several companies linked to it, offered returns of between six and 13% a month, claiming that the dividends were generated by lending money to struggling firms who were willing to pay high rates of interest.