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Crime which exploits offshore haven banks, trusts and companies is extensive, and is expanding. Criminals, tax evaders, and fraudulent offshore operators can rely on the secrecy and non-cooperativeness of specific offshore havens to shield them from detection and prosecution. The Subcommittee has also identified a number of cases involving what appear to be otherwise ordinary Americans engaged in the illegal use of offshore facilities to facilitate tax fraud. These cases signify that the illegal use of offshore facilities has enveloped "the man next door" - a trend which forecasts severe consequences for the country.The Permanent Subcommittee on Investigations produced this staff study (and held these hearings) to present the issues in context and perspective, describe various criminal cases, and document their conclusions.
This book brings together the issues surrounding banking secrecy and confiscation of criminal proceeds. The book examines the existing legal agreements at the international, regional and national levels and their interaction in the substantive areas of confiscation, anti-money laundering and banking confidentiality laws. It looks at how these agreements have been applied in offshore financial centers and demonstrates that despite a number of legally binding UN Conventions as well as global anti-money laundering recommendations, the implementation of them is often lukewarm by those Parties who have ratified the Convention and adopted obligations, because of this the confiscation legislation is incompatible with strict banking confidentiality laws. The work draws on the experience of criminologists to offer critical insight into the legislative frameworks designed to deal with banking secrecy and confiscation in offshore financial centers. It goes on to offer suggestions for measures that may be taken by major economies to circumvent the lack of cooperation by offshore financial centers as intolerance towards money laundering grows in light of recent political and economic events. This book will be of particular interest to students and scholars of Law, Finance and Criminology.