Channel Island Finance "Pope say they are Tax evaders"

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 12:59 am

Simple Me wrote:The Pope is only a Front man for the mafia, The Mafia hates the Islands because they wont take "Dirty" money



Any proof to back your comments up

The islands wont take dirty money,that surely is a joke ?


http://www.marsgroupkenya.org/pages/stories/Kamani_brothers/index.php


http://www.taxresearch.org.uk/Blog/2008/02/06/guernsey-why-has-there-been-no-investigation-of-its-rampant-money-laundering/

Extract From richard murphy

We know that last year 45,000 people in the UK, being customers of just five UK banks, made voluntary declaration of tax evasion they had undertaken using the services of banks in Jersey, Guernsey and the Isle of Man. We know that HM Revenue & Customs suspect 200,000 might be involved in that practice: thatís the number they wrote to.


What does this mean for Guernsey? According to Marty Sullivan there might be $300 billion in Guernsey for the purposes of tax evasion. The equivalent figures are $500 billion for Jersey and $200 billion for the Isle of Man. Applying this ratio to the accounts declared (which is a broadly acceptable thing to do given the respective population sizes) suggests there may be at least 13,000 accounts in Guernsey on which tax was evaded.



But remember, that was five banks. There are 50 banks and 140 trust suppliers in Guernsey. And of course, thereís not one country using their services. So letís take 13,000 and multiply by 10 for the number of banks and by just five for the number of countries to allow for the fact that the UK is a major user of the place. That suggests at least 650,000 bank accounts on which tax evasion is taking place. You can see how Sullivan gets to his figures. And this assumes that 45,000 was the right number of evaders: I bet there were more.



My point is this: if Iím only right about the 13,000 accounts this is a catastrophic failure by the financial services industry to identify criminal money laundering taking place within its jurisdiction. If itís 650,000 then thatís not catastrophic just for Guernsey, itís disastrous for us all. And thereís no reason to presume otherwise: after all, Ireland had already proven how rampant abuse was by its citizens in the same places.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 1:11 am

plimmerton811 wrote:"The recent financial turbulence has highlighted potential problems with overseas territories and Crown dependencies such as the Isle of Man and the Channel Islands,í said Mr Darling. ĎThey attract banking customers with lower taxes without contributing to the United Kingdom Exchequer."

Part of the first post is above, it would seem that the Cof the Ex' is more concerned that we do not pay towards the UK exchequer. He does not appear to condemn Gsy for attracting customwers because of lower taxes it is just that he doesn't get his cut.

Something has to be done to rid the world of "TAX EVASION, MONEY LAUNDERING, ARMS FINANCE DEALS AND EVERY OTHER FINANCIAL CRIME THAT GOES ON IN THE WORLDS FINANCIAL CENTRES" and the CI are doing their best to keep this dirty money out but you have to remember that the better the system, the better the reputation in the industry and therefore the more credibility laundered funds have on integration, the third stage of money laundering. So for a criminal it is an added advantage to beat the system by lying and subterfuge and have the funds in the CI if they can get them in and believe me many try and are turned away.

As for arguing religion forget it. The catholic church is not squeaky clean, far from it. You can tell a catholic area by the poverty of its people and the splendour of the magnificent church.

I wouldnt call this third stage

We know that last year 45,000 people in the UK, being customers of just five UK banks, made voluntary declaration of tax evasion they had undertaken using the services of banks in Jersey, Guernsey and the Isle of Man. We know that HM Revenue & Customs suspect 200,000 might be involved in that practice: thatís the number they wrote to.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by gsyguy on Thu 11 Dec 2008, 1:29 am

at the endof the day if the UK didnt over tax their people then maybe they wouldnt go to other parts of the world with their money
simple tax small everone pay tax high and few pay others opt out somewhere else,simple in it like.
anda s for the pope well i cud say...................but i wont shurch power n all that cock n bull grrrr
oh by the way xmas is cancelled due to credit crash n all that so instead of tukeys n all that just do a sunday roast same thin different name in it like,oh n santa died in a slege ride acciedent rudolf add a few to many to drink...cheap crimbo this year eh guys n girls ... nuff said

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by plimmerton811 on Thu 11 Dec 2008, 3:45 am

Chok Dee, the banks/trust co's in Guernsey are only required to ask a customer if they have declared their earnings for tax purposes and to advise them that they have to do so and unless there is an obvious link to tax evasion then there is no requirement to report. It is a totally different reporting onus to terrorist financing and money laundering of proceeds of crime that is none tax related.
I suppose if Gsy paid the UK exchequor a sum of money all would be acceptable

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 4:59 am

plimmerton811 wrote:Chok Dee, the banks/trust co's in Guernsey are only required to ask a customer if they have declared their earnings for tax purposes and to advise them that they have to do so and unless there is an obvious link to tax evasion then there is no requirement to report. It is a totally different reporting onus to terrorist financing and money laundering of proceeds of crime that is none tax related.
I suppose if Gsy paid the UK exchequor a sum of money all would be acceptable


Its not to difficult to realise why someone from uk had previously opened a bank account in the channel islands,i dont think we need to take a exam to understand this.

Your above statement is a very weak argument regarding asking if they have declared their earnings.

The fact 45000 have already admitted shows there is a weakness in the system.KYC ?

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by plimmerton811 on Thu 11 Dec 2008, 8:31 am

There may be a weakness but it isnot deemed prudent to ask clients for proof of their tax status because they have to declare their tax to their home authority and in some cases this can be a complicated business taking in several jurisdictions. The emphasis is on the client to declare and unless it is obvious that they have not declared then there is nothing a bank can do. I recall one client actually saying that he was opening an account to dodge paying tax, needless to say he was politely declined, others were declined on suspicion.
Incidently integration is the third stage of money laundering but tax evasion only has two stages, layering and integration because the illegal funds are not what is deposited but the interest that is not declared. This is what makes it difficult to detect, the best defence for tax evasion is to tax the interest at source, so the bank would take 20% of the interest and pay it direct to the IR.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 10:37 am

plimmerton811 wrote:There may be a weakness but it isnot deemed prudent to ask clients for proof of their tax status because they have to declare their tax to their home authority and in some cases this can be a complicated business taking in several jurisdictions. The emphasis is on the client to declare and unless it is obvious that they have not declared then there is nothing a bank can do. I recall one client actually saying that he was opening an account to dodge paying tax, needless to say he was politely declined, others were declined on suspicion.
Incidently integration is the third stage of money laundering but tax evasion only has two stages, layering and integration because the illegal funds are not what is deposited but the interest that is not declared. This is what makes it difficult to detect, the best defence for tax evasion is to tax the interest at source, so the bank would take 20% of the interest and pay it direct to the IR.

Yes the final point is a good one.However i do believe banks can do more to stop tax evasion 45000 from uk amnesty alone thats a lot of oversights for staff who we are led to believe are well trained and regulated.

And the investc case is a clear example of how poorly regulated some financial houses remain ? Or were there other reasons ? Maybe they knew all along and got caught out? Do you have any views on that particular case?

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Thu 11 Dec 2008, 12:02 pm

Chok Dee Je your view that Guernsey is doing something wrong by excepting 'dirty money' from depositors is utter rubbish.

The practice of taking the money isn't illegal, the practice of depositing the money isn't illegal, it's the non-declaring of the money that is illegal, and that is the responsibility of the tax payer at the point at which their declaration should be made.

Would you hold Messer Le Lievres culpable if a somebody used a knife they sold to commit a murder?

What you propose is the beginning (although it could be argued it's already begun) of removing all responsibility from the individual from their actions.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 12:05 pm

Troy McClure wrote:Chok Dee Je your view that Guernsey is doing something wrong by excepting 'dirty money' from depositors is utter rubbish.

The practice of taking the money isn't illegal, the practice of depositing the money isn't illegal, it's the non-declaring of the money that is illegal, and that is the responsibility of the tax payer at the point at which their declaration should be made.

Would you hold Messer Le Lievres culpable if a somebody used a knife they sold to commit a murder?

What you propose is the beginning (although it could be argued it's already begun) of removing all responsibility from the individual from their actions.

Time will tell whos right :)

Btw, whats the purpose of kyc ?

If its not illegal why did bank of ireland receive a 1.75 million pound fine and get closed down in jersey ?

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by technophobe on Thu 11 Dec 2008, 12:59 pm

Chok Dee Ja

The purpose of KYC is chiefly to establish the identity and proof of address for an individual, as well as checking for criminal offences and any past activities that may be considered undesirable. It is not designed in order that the bank/trust company can verify that an individual pays all necessary taxes. How on earth could it be? That is a personal responsibility, not the bank's.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Thu 11 Dec 2008, 1:13 pm

The purpose of KYC is to ensure that the identity of the depositor and the legitimacy of the deposited funds is established.

If a financial institution has doubts it is incumbent upon them to decline the customer, and depending on the reason and extent of the doubts to inform the appropriate authority.

As for the Closure of BoI in Jersey, Iím afraid I canít comment as Iím not familiar with the particular case; I would hazard a guess however that they were not punished for the activities of their depositors that they could not know or control. I would further assume that if fined and closed they actually operated outside the law, which is extremely different to the accusations of a lack of regulations within a financial centre.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 1:47 pm

Troy McClure wrote:The purpose of KYC is to ensure that the identity of the depositor and the legitimacy of the deposited funds is established.

If a financial institution has doubts it is incumbent upon them to decline the customer, and depending on the reason and extent of the doubts to inform the appropriate authority.

As for the Closure of BoI in Jersey, Iím afraid I canít comment as Iím not familiar with the particular case; I would hazard a guess however that they were not punished for the activities of their depositors that they could not know or control. I would further assume that if fined and closed they actually operated outside the law, which is extremely different to the accusations of a lack of regulations within a financial centre.


So would kyc cover tax evasion eg your quote "the legitamacy of the deposited funds is established "

I can comment on bank of ireland for you,they got fined 1.75m pounds by the uk inland revenue for with holding information regarding suspected accounts that were use to evade tax and set up with trusts via the jersey branch.So it seems quite clear that channel island banks are prepared to take funds which they know are not taxed,despite your initial comments that my views on this are rubbish.

Oh and yes i have evidence to back my comments up.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 1:51 pm

Troy McClure wrote:; I would hazard a guess however that they were not punished for the activities of their depositors that they could not know or control.


I can confirm your guess is miles from the truth,the bank of ireland knowingly accepted funds which had not been declared for taxation in the uk and ireland.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Thu 11 Dec 2008, 2:17 pm

You're tarring all with the same brush.

You asked what the point of KYC regulations was, you seem to support the claim that the Offshore Financial Centres are tax evaders... yet when a OFC acts to close an individual bank/trust for breaching the laws you claim they don't adhere to, you use that as proof that they're exactly what they're fighting to prove that they're not.

You're argument is confused.

Because one bank is caught breaching the law doesn't mean that all are as bad; that would be like saying because one Catholic priest is a paedophile they all must be... and that would therefore include the Pope... so exactly why the head of such a huge ring or paedophiles view's on the legitimacy of Offshore Financial regulation be thought to be of any significance I don't know?

Let he without sin live in a glass house of cards, and all that.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Thu 11 Dec 2008, 2:21 pm

Chok Dee Ja wrote:
Troy McClure wrote:; I would hazard a guess however that they were not punished for the activities of their depositors that they could not know or control.


I can confirm your guess is miles from the truth,the bank of ireland knowingly accepted funds which had not been declared for taxation in the uk and ireland.
Re-read what you've written, and what you've quoted me as saying; you'll see that my original guess as posted was indeed correct, and that you confirmation that I was wrong is itself wrong.

Confirmation means nothing if the truth you believe in is flawed.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 2:22 pm

You previously stated it was rubbish i was just pointing out its not rubbish its factual banks in the channel islands knowingly accept funds which have not been taxed,and it isnt only one bank,lets not forget the uk tax amnesty were 45000 people came forward admitting they held untaxed funds in the channel islands.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Thu 11 Dec 2008, 2:31 pm

Chok Dee Ja wrote:You previously stated it was rubbish i was just pointing out its not rubbish its factual banks in the channel islands knowingly accept funds which have not been taxed,and it isnt only one bank,lets not forget the uk tax amnesty were 45000 people came forward admitting they held untaxed funds in the channel islands.
It's rubbish to say, as you are, that the OFCs are corrupt for excepting 'dirty money', they don't. If individual banks have or do than they are breaking the law of the OFC, and as you yourself have stated those OFCs have taken action.

You can't use the admission of 45,000 UK tax evaders as proof that other parties were knowingly involved in their breach of UK law.

You're confusing the individual financial companies with the regulatory authority and system.

Just because a Catholic sins doesn't make Catholicism evil, does it?

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Thu 11 Dec 2008, 2:32 pm

Troy McClure wrote:
Chok Dee Ja wrote:
Troy McClure wrote:; I would hazard a guess however that they were not punished for the activities of their depositors that they could not know or control.


I can confirm your guess is miles from the truth,the bank of ireland knowingly accepted funds which had not been declared for taxation in the uk and ireland.
Re-read what you've written, and what you've quoted me as saying; you'll see that my original guess as posted was indeed correct, and that you confirmation that I was wrong is itself wrong.

Confirmation means nothing if the truth you believe in is flawed.

i have read,your comment "you say they could not know or control their depositors funds"

Well here is a factual incident

Ring bank of ireland branch in uk,take funds 250000 cash, funds counted,no paperwork completed,no signatures signed,the funds are wired to the jersey branch and put into the clients trust.

In your opinion did the bank of ireland KNOWINGLY accept untaxed funds in this event ?

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by plimmerton811 on Thu 11 Dec 2008, 7:08 pm

Troy and Technophobe are right KYC is primarily to identify your client and to make sure that he/she is depositing legal funds. Tax evasion is illegal in Gsy and it is the responsibility of the institution to report any predicate offences under proceeds of crime (money laundering) legislation. Institutions are also told that they are not the policemenn they collate and report. The FIU who accepts the reports want quality reports not quantity, so they want a definate suspicion not an airy fairy maybe. If a client states he is paying his taxes in his home jurisdiction then they have to be believed. At that point it is the client who is being deceitful and lying not the institution. It would be hard work for a tax authority to split down where the taxed funds come from, especially for large corporations or people with intricate finances. I have also known clients to be reported because they insist that their account statements go to a PO box outside of their home jurisdiction and when asked why they can not come up with a good answer, suspicion therefor and reportable under the legislation.

I think it is important to remember that a horror story will always slip out and something will be done incorrectly or a crook will get lucky and launder but on a whole the finance in Gsy is respectable.

Sorry I can't comment on Investec because I know very little about the incident and will not comment on what I know nothing of (unlike some on this forum)

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Thu 11 Dec 2008, 7:19 pm

Chok Dee Ja wrote:i have read,your comment "you say they could not know or control their depositors funds"...
Well that's at least twice you've read it, yet you've still misquoted me!?!

Chok Dee Ja wrote:...Ring bank of ireland branch in uk,take funds 250000 cash, funds counted,no paperwork completed,no signatures signed,the funds are wired to the jersey branch and put into the clients trust.

In your opinion did the bank of ireland KNOWINGLY accept untaxed funds in this event ?
Okay, as a 'factual incident' that's alarmingly short on detail, but I'll comment on what I think it is you're trying to say:

Are you saying that it is possible to, via telephone banking, give an instruction to transfer £250,000 from an account held in a UK branch of BoI to an account held by the same person in a Jersey branch of BoI?

If so then in my opinion, based on the scant information you have provided, the Jersey branch did not knowingly accept untaxed funds in this event.

If you think, from the information you've provided for discussion, that the Jersey branch have done anything wrong then you might want to explain what in your opinion was done wrong; because if that's your view from the information of this 'factual event' that you've provided, then I don't think you really understand the processes involved.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Fri 12 Dec 2008, 12:05 am

Troy McClure wrote:
Chok Dee Ja wrote:i have read,your comment "you say they could not know or control their depositors funds"...
Well that's at least twice you've read it, yet you've still misquoted me!?!

Chok Dee Ja wrote:...Ring bank of ireland branch in uk,take funds 250000 cash, funds counted,no paperwork completed,no signatures signed,the funds are wired to the jersey branch and put into the clients trust.

In your opinion did the bank of ireland KNOWINGLY accept untaxed funds in this event ?
Okay, as a 'factual incident' that's alarmingly short on detail, but I'll comment on what I think it is you're trying to say:

Are you saying that it is possible to, via telephone banking, give an instruction to transfer £250,000 from an account held in a UK branch of BoI to an account held by the same person in a Jersey branch of BoI?

If so then in my opinion, based on the scant information you have provided, the Jersey branch did not knowingly accept untaxed funds in this event.

If you think, from the information you've provided for discussion, that the Jersey branch have done anything wrong then you might want to explain what in your opinion was done wrong; because if that's your view from the information of this 'factual event' that you've provided, then I don't think you really understand the processes involved.


It wasnt telephone banking,it was a pre arranged meeting with the manager the clients walked in with cash and it was accepted by the manager,no paperwork no signatures this was a regular occurence not a one off im just giving you one example,the BANK OF IRELAND MANAGER KNEW THE FUNDS HAD NOT BEEN TAXED,THE BANK OF IRELAND JERSEY KNEW THE FUNDS HAD NOT BEEN TAXED. Is that clear enough?

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Fri 12 Dec 2008, 12:37 am

plimmerton811 wrote:
Sorry I can't comment on Investec because I know very little about the incident and will not comment on what I know nothing of (unlike some on this forum)

Thanks for your reply,here are some details regarding the investec case.Your view from the information to hand would be appreciated.

http://www.ocnus.net/artman2/publish/Dark_Side_4/Where_Our_Money_Went.shtml

Extract from the above

Although he was not a customer of Investec, Rashmi Kamani issued fax instructions at least 4 times to Investec to send money from LBAโÄôs accounts to numbered Swiss Bank accounts โÄď money which had been received from the Government of Kenya based on fictitious contracts.

Richard Murphy

http://www.taxresearch.org.uk/Blog/2007/10/01/jersey-standard-chartered-and-hsbc-hosts-to-alleged-fraud/

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by plimmerton811 on Fri 12 Dec 2008, 3:36 am

Chok Dee, Sure I communicated on these cases with you some time back on Pete's most favourite site.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Fri 12 Dec 2008, 7:19 am

plimmerton811 wrote:Chok Dee, Sure I communicated on these cases with you some time back on Pete's most favourite site.

Da


Glad to see Pete still uses Ann Summers :)

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Fri 12 Dec 2008, 9:04 am

Chok Dee Ja wrote:...It wasnt telephone banking,it was a pre arranged meeting with the manager the clients walked in with cash and it was accepted by the manager,no paperwork no signatures this was a regular occurence not a one off im just giving you one example,the BANK OF IRELAND MANAGER KNEW THE FUNDS HAD NOT BEEN TAXED,THE BANK OF IRELAND JERSEY KNEW THE FUNDS HAD NOT BEEN TAXED. Is that clear enough?
Okay, with further information now forthcoming, I would have to agree that if the Manager knowingly accepted a deposit without completing KYC due diligence then he was clearly in breach of the law.

However the information you've given still doesn't actually state that BoI Jersey did anything wrong; knowing that funds weren't taxed means nothing, what I assume you mean is that the deposit was accepted knowing tax and KYCDD had been unlawfully avoided.

So clear in fact I wonder why you bothered to ask the question? this is the reason that BoI got fined in the UK I assume? Proof that the regulatory system in place was working; also proof that the original breach of compliance was in the UK branch, not offshore, further supporting my argument that those singling out the Offshore Financial Centres for critisism over their regulatory systems don't know what they're talking about.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Chok Dee Ja on Fri 12 Dec 2008, 2:32 pm

Troy McClure wrote:
Chok Dee Ja wrote:...It wasnt telephone banking,it was a pre arranged meeting with the manager the clients walked in with cash and it was accepted by the manager,no paperwork no signatures this was a regular occurence not a one off im just giving you one example,the BANK OF IRELAND MANAGER KNEW THE FUNDS HAD NOT BEEN TAXED,THE BANK OF IRELAND JERSEY KNEW THE FUNDS HAD NOT BEEN TAXED. Is that clear enough?
Okay, with further information now forthcoming, I would have to agree that if the Manager knowingly accepted a deposit without completing KYC due diligence then he was clearly in breach of the law.

However the information you've given still doesn't actually state that BoI Jersey did anything wrong; knowing that funds weren't taxed means nothing, what I assume you mean is that the deposit was accepted knowing tax and KYCDD had been unlawfully avoided.

So clear in fact I wonder why you bothered to ask the question? this is the reason that BoI got fined in the UK I assume? Proof that the regulatory system in place was working; also proof that the original breach of compliance was in the UK branch, not offshore, further supporting my argument that those singling out the Offshore Financial Centres for critisism over their regulatory systems don't know what they're talking about.


The jersey branch would have been rang during the meeting to be notified of the transaction so they are also guilty of receiving funds which they know were not taxed

Yes it is very clear as you said in the last statement,so its not rubbish that the channel islands KNOWINGLY accept untaxed funds.

Your assumption regarding the fine is wrong,they were fined because they would not provide the names of 9000 trusts in jersey and their beneficial owners.Further fines and stronger words prompted them to give the required information,yes the regulatory framework in uk got a result,but what did jersey do ? Very little,Until it was all out in the press.

And also funds from illegal arms deal and corrupt foreign goverments flow via the channel islands,Investec is a alarming example.

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by Troy McClure on Fri 12 Dec 2008, 6:51 pm

Chok Dee Ja wrote:The jersey branch would have been rang during the meeting to be notified of the transaction so they are also guilty of receiving funds which they know were not taxed

Yes it is very clear as you said in the last statement,so its not rubbish that the channel islands KNOWINGLY accept untaxed funds.

Your assumption regarding the fine is wrong,they were fined because they would not provide the names of 9000 trusts in jersey and their beneficial owners.Further fines and stronger words prompted them to give the required information,yes the regulatory framework in uk got a result,but what did jersey do ? Very little,Until it was all out in the press.

And also funds from illegal arms deal and corrupt foreign goverments flow via the channel islands,Investec is a alarming example.
Seriously, I don't know whether english is your first language, but the way you're writing your posts suggest that maybe it isn't and or you really don't fully understand the argument you're trying to make.

You say the Jersey branch would have been rung during the meeting; would? either they were or weren't, and unless you know that they were you shouldn't use this to support allegations against them. Why would they have been called? That isn't normal practice in my experience.

Without full disclosure of what you know about a specific case there's little point in trying to argue it with you; either give all the proven factual information you have, clearly and concisely or don't use specifics in your argument.

Why champion the UK regulatory body's result over Jersey's, when from the information you've given the breach of due diligence was in the UK, and you're ambiguous as to exactly what breach was made in the Jersey branch?

Troy McClure

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Re: Channel Island Finance "Pope say they are Tax evaders"

Post by plimmerton811 on Sat 13 Dec 2008, 6:20 am

I suppose the point that has not come up is what occured when the JFSC found out about this. I believe that BOI were sensured in Jsy for this which would prove that the system works.

I don't think anyone has said that the regulations are perfect and stop every piece of dirty money in fact we know the CI are used by criminals to launder funds and by joe public to avoid tax, but so is England, hey Obama should look at I think De La Ware in the US which will allow you to open a company online with minimal KYC certainly less than Gsy/Jsy and who knows what that company is then used for.

plimmerton811

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Re: Channel Island Finance "Pope say they are Tax evaders"

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