Offshore Companies - A Case Study of Money Laundering Trends

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The BVI Registry has reported in Public Statement No. 1 of 2012, more vigilant efforts to blacklist countries who are not, in their opinion, conforming to generally accepted principles of money laundering procedures.

Offshore Company

Offshore Companies

Opening bank accounts for offshore companies who trade with any of the above companies or whose directors or shareholders are resident of those countries is going to be quite difficult.

Any businesses looking at offshore companies should consider their choice of jurisdiction very carefully. A recent report produced for 2012 by The BVI Registry has reported in Public Statement No. 1 that more vigilant efforts are being carried out to blacklist countries that are not, in their opinion, conforming to generally accepted principles of money laundering procedures.

The report available at Offshore Formations 247 confirms the jurisdictions that are not complying and therefore should be blacklisted. The list of countries includes Bolivia, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Myanmar and Nigeria. Any business looking at specific locations for offshore companies will find the report a valuable resource for helping in selecting a chosen jurisdiction. There are many examples where the vindicated countries have not met the general guidelines for money laundering procedures.

The report outlines countries that have not made sufficient progress in implementing their action plans with and certain strategic AML/CFT deficiencies remaining. The FATF has confirmed that these countries should work on addressing these deficiencies which include

1.    Adequately criminalizing money laundering and terrorist financing
2.    Establishing and implementing an adequate legal framework and procedures to identify and freeze terrorist assets
3.    Ensuring a fully operational and effectively functioning Financial Intelligence Unit
4.    Implementing effective, proportionate and dissuasive sanctions in order to deal with natural or legal persons that do not comply with the national AML/CFT requirements.

Opening bank accounts for offshore companies who trade with any of the above countries or whose directors or shareholders are resident of those countries is going to be quite difficult. Individuals with ties to these countries should be aware of this when looking to set up an offshore company.

OffshoreFormations24.7 is a highly trusted offshore formation agent with over 25 years experience in setting up offshore companies. Their professional team has an in-depth knowledge of each jurisdiction, tax laws and local legislation. They have successfully incorporated in excess of 100, 000 offshore companies.

They also offer other services including bank accounts in co operation with Barclays, full nominee and virtual office services. The company aim to assist clients in getting their offshore companies incorporated in the quickest possible timeframe, in the most professional manner. For some jurisdictions, company packages can be delivered in just 24 hours.

Website: http://www.offshoreformations247.com/

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Marc Labelda
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