WASHINGTON – A deal with Switzerland settling U.S. demands for the names of suspected tax dodgers from a Swiss bank has a lot of wealthy Americans with offshore accounts nervously running to their tax advisers — and the Internal Revenue Service.

“They are very frightened,” said Richard Boggs, chief executive of Nationwide Tax Relief, a Los-Angeles-based tax firm that specializes in clients with tax debts exceeding $100,000. “You have the super rich who are not used to being pushed around and they are finding themselves in unfamiliar territory.”

Many Bajans do business in the US and are supposed to pay taxes there. It will be interesting to see if the names of any Bajan money-launderers will be revealed to the US.

Tax Reasearch UK, July 7th, 2009: Get real about PWC

PWC audit partners in India were thrown in jail loudly protesting their innocence

Past PWC CEO DiPiazza went running to India, not to knock them into shape but to smooth talk Indian politicians into ensuring that PWC’s 150+ year history of mugging the government with consulting contracts didn’t get derailed …

It now transpires that PWC didn’t audit Satyam but palmed it off to Lovelock and Lewes an associate firm that is consulting led yet…

PWC signed off on Satyam…and collected the fees

Quote from AccMan. Click here to read story on AccMan

When a state supports crime what rights does it have?

UBS shares outperformed the Swiss market strongly on Thursday as investors digested the latest twist in the battle of wills between the US and Switzerland over bank secrecy.

The Miami judge presiding over a crucial court hearing next Monday has called on the US authorities to specify how far they would go to force the Swiss bank to comply, should the court rule in their favour.

Alan Gold, the US district judge presiding over the case, late on Wednesday gave the US government until midday US time on Sunday to clarify whether it might go as far as seizing assets of the bank’s US operations, or forcing them into receivership, should the court rule against UBS and the bank not comply.

The move followed a deposition by the Swiss government saying it would forbid UBS to hand over confidential client information if the court ruled against it.

Tribune Daily, 05/19/2009 – Comelec faces failed bidding

Another report stated that Smartmatic, which participated in the ARMM election automation, has reportredly variously presented itself to be an American company, a Dutch company, a Curacao company and a Venezuelan company. This time they are said to be Barbados company, Pete Troilo, Director, Business Intelligence Pacific Strategies and Assessments said in a statement to the Tribune.

I did an online search for “Smartmatic” on the Barbados Corporate Registry, CAIPO, and this is what I found:

Source SEC: SEC Charges Two Accountants and Antiguan Regulator for Roles in Stanford Ponzi Scheme

The SEC also charged Leroy King, the administrator and chief executive officer of Antigua’s Financial Services Regulatory Commission (FSRC), for accepting thousands of dollars per month in bribes to ignore the Stanford Ponzi scheme and supply Stanford himself with confidential information about the SEC’s investigation. King obstructed the SEC’s case since 2005, when its investigation into Stanford began.

“Instead of buying the safe and sound investments he promised his clients, Stanford bought Antigua’s top securities cop,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “While Stanford quarterbacked his massive Ponzi scheme, he paid the referee to spy on the huddles and provide an insider’s play-by-play of the SEC’s investigation.”

Use of Private Jet

Stabroeknews.com-2009/06/20: Accused Antigua regulator gave Stanford clean bill

As a reward, the SEC says, King received cash bribes, and  other
inducements, such as the use of Stanford’s fleet of private  jets, the use of a corporate car from Stanford’s bank, and tickets  to the 2004 Super Bowl.

Yet in an interview with Reuters on Friday, Feb. 13, when  media reports were swirling that Stanford’s financial network  was tottering and investigators were closing in, King insisted  he had “no credible information” that SIB was not sound.

He said the last check on the bank had been “satisfactory.”

Politicians have to be careful when they accept rides on private jets!

In 2008, Antigua’s Online Gambling System was praised

Antigua – World’s First Online Gambling Jurisdiction

By: Racheal Adams, Wednesday November 12th 2008

The reason that Antigua is one of the best gaming jurisdictions is that it enforces corporate integrity and best management practices in its licensees. It has a three-pronged focus that includes prevention of money laundering, enhancement of the online gambling industry and above all player protection. Some of the notable practices that the licensees of Antigua have to follow are establish procedures regarding “Know Your Customer” and have their accounts audited by external auditors who also have to certify their solvency, safety, player protection and compliance with the regulations of the jurisdiction.

Antigua’s Online Gambling System was Supported by CARICOM

In the 28th yearly CARICOM summit that has been going on since Sunday the agenda was weighted towards international trade. Of particular importance at the summit was Antigua & Barbuda’s issue over Internet gambling with the United States.

CARICOM is composed of nations of the Caribbean and West Indies and include Antigua & Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines,
Suriname and Trinidad & Tobago.

At the summit nations expressed their strong support with Antigua over the Internet gambling matter.

Today Antigua is in Trouble

Antigua Takes Major Blow To Online Gambling Industry

“The news of Leroy King’s involvement in illegal activity could hurt the
reputation of the Antigua online gaming industry,” said observer Barney
Corral, “if that reputation is destroyed, online operators would no longer
consider Antigua as a place to open their businesses.”

Will CARICOM Continue to Support Antigua? Are Other Islands Involved?

Here is a Barbados-Antigua gambling connection, D’ Fast Lime:

D’ Fast Lime is a Casino in Christ Church, Barbados and is open daily 24 hours. The casino’s gaming space features twenty-five gaming machines. The property has one bar.

The website of this “Casino” is given as www.sunnycasinos.com/fastlime.html

The About Us page ( http://www.sunnycasinos.com/aboutus.html)
of the above has:

The Sunny Casinos were among the first casinos on the Internet.

The Casinos are licensed by the Gaming Commission of the government of Antigua and Barbuda. You
can get details of the Antigua and Barbuda Gaming Commission at the following link: www.Antiguagaming.gov.ag

A Video from the Grave Sends Guatemala into Crisis

On Sunday, Rosenberg was shot in the head while riding his bicycle. In the previously recorded video, he declares, “If you are watching this message, it is because I was assassinated by President Alvaro Colom, with help from [presidential secretary] Gustavo Alejos … I knew exactly how [they] were responsible for that cowardly murder [of Musa], and I told them so and told those who wanted and could hear it.”

Threats must be taken seriously

Violent Threats in the Tropical Paradise of Barbados

Witnesses Threatened – Court Cases in Canada and Barbados

Why have police in Barbados failed to investigate death threats?

Barbados Government Against Witness Intimidation – Unless Done By Powerful Government Insiders

PARAMARIBO, Suriname — A former Suriname government minister was sentenced on Monday to serve a jail term for money-laundering. Siegfried Gilds, a former trade minister in the incumbent Venetiaan-administration, was also found guilty of bribing a witness and slapped with a cumulative jail term of 12 months for the two offences.

Go Jamaica, 2009-05-14 Jamaicans arrested for money laundering in UK:

Several Jamaicans are said to be among 8 people arrested in the United Kingdom for their involvement in an international money laundering ring.

The eight are suspected of sending drug money to Jamaica. …

Some of the money is believed to be invested in substantial properties in Miami, Florida.

Today I noticed that Barbados Free Press had found the answer to my question about the existence of AMLA:
Government Admits Barbados Anti-Money Laundering Authority Acted Illegally and Without Authority For Two Years

Here is the source BFP quoted:

Barbados Advocate – 5/5/2009: Parliament resumes

“All functions purported to have been performed by the Anti-Money Laundering Authority in pursuance of the Money Laundering and Financing of Terrorism (Prevention and Control) Act during the period August 1, 2006 to September 14, 2008 (both dates inclusive), and all matters purported to have been done under that Act shall be deemed to have been lawfully and validly performed and done as if the Authority had been lawfully and validly appointed under section 5 of that Act,” the notice stated.

At the time I asked the question, AMLA did not officially exist! Now it exists! This problem would have started under the previous Barbados Labour Party (BLP) administration. Coincidentally, the current Prime Minister of Barbados, David Thompson, (Democratic Labour Party) had accused BLP “operatives”  of money laundering. (see previous post)

Prime Minister Thompson publicly accused “operatives” of the previous Barbados Labour Party government which was in power for thirteen consecutive years, of illegally removing “millions and millions” of dollars from Barbados to secret bank accounts in other countries. More recently he stated in the press that “hundreds of millions of dollars” are unaccounted for.

AMLA Whitewash?

Why was AMLA not “lawfully and validly appointed“? Is there a link between a toothless AMLA and Prime Minister David Thompson’s allegations of money laundering? If there is why did Thompson wait so long to take action?

Is this a case of Government incompetence, or is it something more sinister? Will anybody be held accountable? Will this retroactive Government legislation comply with  international law standards?

International Bar Association Money Laundering Forum

27/04/09 – Anti-Money Laundering Legislation Tabled in Guyana: Update

Last week Finance Minister Dr Ashni Singh tabled the report of the examination of the anti-money laundering bill in the National Assembly and it should be passed on Thursday this week.

The Guyanese government had previously urged the Special Select Committee, headed by Dr Singh, to fast-track the passage of the long awaited anti-money laundering legislation, which has been under review for nearly two years.

Jamaica News

And for those interested in Olint, I found this blog: http://www.olintja.com