ARTICLE · 20 SEPTEMBER 1999

Et Tu Brute? Offshore Banking Attacked

Hanver Trust Company

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A review of past events:

1997 "The European Commission is currently considering plans to order the shutting down of British offshore tax havens which, if successful, may well be extended to cover all other European offshore jurisdictions, including Switzerland. The catalyst for this move is Germany’s allegations that the equivalent of GBP 40 billion of German capital has, for the purpose of tax evasion, been transferred mainly to the islands of Jersey, Guernsey and the Isle of Man. The move was being led by German Finance Minister Theo Waigel.

Thursday October 1998 BVI Beacon, headlines, "Offshore banking attacked … Open warfare has been declared on offshore financial centres, Chief Minister Ralf O’Neal charged at Tuesday’s Legislative Council meeting."

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