Antigua Prime Minister Promises to Look Into Stanford Affair

Apparently, the Securities and Exchange Commission in the United States has been looking into the affairs of R. Allen Standford and his offshore banking concerns for the past three years. And now, with movement to crack down on offshore banking practices that skirt U.S. law, it is likely that other banks could be investigated. In order to deal with this problem, the prime minister of Antigua is convening the parliament for a special session. Offshore banking is vital the economies of many countries — especially developing and island economies — for a number of reasons:

• Tourism
• Jobs that come with tourism
• Business meetings
• Set-up fees for offshore bank accounts
• Employees of offshore companies

It is important to remember that, even though there are some benefits associated with offshore banking, it is important to follow the law. And you should also be careful of where you put your money. Not every bank is on the up-and-up. Stanford’s bank is being investigated for “massive fraud”, however, and is not being investigated for issues related to tax evasion (like UBS).

In any case, if you choose an agent carefully, it is possible to open an offshore bank account with institutions that are reputable and legal. Additionally, you can get valuable help in determining how to properly report your taxes, and what you can do to enjoy better wealth management without skirting the law.

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