Kenneth Rijock

Kenneth Rijock

Sunday, July 19, 2015

FINED BY US FOR BANKING 567 AMERICAN TAX CHEATS, SWISS PRIVATE BANK USED ST KITTS-NEVIS SHELL COMPANIES

                       

For those who have bought the fiction that lawyers at the Federation of St. Christopher & Nevis a/k/a St. Kitts, have stopped their facilitation of illegal activities, read on. One of the two regional Swiss banks recently hit with a million dollar  civil penalty, Privatbank AG, which curiously terminated its banking license, used St. Kitts corporations, and other entities, to hide funds of American tax cheats.

The total listed by US authorities was $134m; the most damning element of the employment of St. Kitts-Nevis entities was the fact that Privatbank staff were named as officers & directors of these shell companies, whose sole purpose was to hold accounts at Privatbank AG whose beneficial owners were totally obscure. Why was the civil penalty so small, we wonder ?

The disclosure of the use of St. Kitts-Nevis companies to disguise American offshore money by one Swiss bank raises the question; How many other Swiss banks have routinely used St. Kitts corporations, and other business organizations or non-profits to assist tax evaders ?  

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