Of course banks use tax havens for innocent purposes

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From the Irish Independent:

AIB's stockbroking arm used black-listed tax havens to circumvent rules preventing it from buying and selling the bank's shares, the bank's former auditor told a Dail committee yesterday.

Goodbody Stockbrokers used a complex scheme which involved companies based in the Caribbean island of Nevis and the South Sea island of Vanuatu, and exploited an innocent Londoner who happens to share the surname Furstenberg with one of Germany's richest brewing dynasties, said former AIB auditor Eugene McErlean.

The scheme was designed to hide the beneficial ownership of the AIB shares by using obscure tax havens with strong secrecy rules. At that time, Nevis was named by the Financial Action Task Force as one of the 10 tax havens in the world actively promoting money laundering.

Market rigging. Insider dealing. Fraud.

An every day story of the use of tax havens.

And let’s be clear: evidence from the markets suggests the a significant proportion of major share announcements are preceded by major price movements suggesting insider dealing -  and I’ll guarantee 100% of it is done offshore.

And that not a cent of it is ever considered suspicious by those arranging it.