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By Paul Lashmar |
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November 5, 2000 |
US TAX BLITZ ON
OFFSHORE CREDIT CARDS; AN INSIDER TURNS SUPERGRASS AND NOW THE IRS
WILL TURN OFFSHORE HAVENS INTO HELL |
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Intro: |
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AMERICAN EXPRESS and Mastercard
have been ordered by a judge to identify to the US Internal Revenue
Service (IRS) their customers who hold cards issued through the
offshore tax havens of Antigua, the Bahamas and the Cayman Islands. |
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Excerpt: |
The ruling follows evidence that
mainstream credit and debit cards issued by offshore banks have been
extensively used for money laundering and tax evasion. According to
the Miami- based Offshore Alert
newsletter, the IRS took court action after the former Cayman Island
banker John Mathewson turned "supergrass" and revealed how credit
and debit cards were used in tax scams.
Mathewson, 72, ran the Guardian Bank in the Caymans until his arrest
for money laundering in July 1996. After revealing the methods used
in the scams he received a non-custodial sentence in the American
courts.
Offshore Alert editor
David Marchant said: "This court
decision re-emphasises the need for offshore territories to attract
clean international business, as opposed to simply providing
facilities for the criminally-minded to launder money.
"More offshore centres should take their lead from Bermuda, which is
not only the most successful offshore centre but also the cleanest." |
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