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August 26, 2003
By Salah Al Halyan |
Forward Planning: Offshore Alert website will help expose offshore fraud |
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Intro: |
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In many countries, expatriates and citizens
alike rely very much on Offshore Financial Centres (OFC) to invest
and shelter their money from taxes. Financial centres like the
Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Dublin,
Guernsey, Hong Kong, Isle of Man, Jersey, Luxembourg, Netherlands
Antilles, Singapore, Switzerland and soon Dubai provide a wide range
of financial services and great investment opportunities.
To many countries OFCs are another source of revenue very much
comparable with tourism. Indeed, they employ many people in their
service centres, bring in a steady flow of funds and enhance the
local economy. Many benefits have been realised by investors,
entrepreneurs and corporations utilising banking facilities and
offshore incorporations far away from red tape or government
restrictions. |
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Excerpt: |
Offshore Alert
is a Web site specialised in exposing offshore fraud and financial
abuse which has been established by David
Marchant, a British journalist who is on a mission to
make offshore financial operation a safe place to invest and conduct
business. He exposed many wrongdoers detailing their actions through
pictures, evidence and court judgements.
In 1993, Marchant's stories of
how regulators allowed some of Bermuda's most influential
businessmen to strip the Bermuda Fire & Marine Insurance Company of
over $40 million of assets before it went belly-up with a net
deficiency of over $1.4 billion were quoted in a U.S. Congressional
report concerning the lack of regulation in offshore domiciles.
KYC News Inc., the owners of
Offshore Alert web site, believe that they exist not only to protect
the public from the criminal activities of fraudulent groups but
also to expose their business partners.
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For complete story refer to original
source by clicking on logo
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