Thursday, July 16, 2009

Channel islands operators encouraging dirty money

From the Wall Street Journal:

"Offshore financial centers might be feeling the heat from Washington, Paris and Berlin but could yet come out of the financial turmoil with a new ally - the wealthy from emerging markets."

And then a nasty little detail:

"Wealth managers in Switzerland, however, say there has been an extraordinary surge of money from the Middle East and Latin America in the past six months. Members of the Channel Islands financial community make regular trips to Asia and the Middle East to sell their offshore services. They say these efforts are paying off with accounts coming in from these regions."

Channel Islands secrecy jurisdictions, notably Jersey and Guernsey, are on the OECD's hopeless white list. Switzerland, it seems, is about to get onto the white list. Shame on you, OECD, for legitimising these places - epicentres of global corruption.


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