The Misuse of Offshore Companies in 2011

[redeye]

A Number of reports and surveys have concluded that corporate vehicles (offshore companies) are used extensively in criminal activities. For example, a recent survey conducted of EU member States indicated that almost every criminal act, including economic crimes, involves the use of legal persons and the Euroshore Report asserted that corporations throughout the world are used to launder money!!


Tax authorities in OECD Member countries have also expressed concern that individuals using corporate entities to hide their assets and activities in order to escape taxes legally due will likely grow!!

 

[bitotan]

Why do you call it muse:s-confused: As the USA has it in their constitution that man can freely carry a weapon then the rest of the world's countries should have it written in their constituions that man has only to pay tax if he is stupid enough and don't know better

 

[JohnLocke]

When something can be used for illicit business and it wil be used for that purpose it is "misuse"

 

[wosniak]

Very true but a offshore company don't have the sole purpose to be misused or does it?

 

[JohnLocke]

No that's true, actually the majority of offshore companies that we have been involved in never have been into anything illegal as far as we know, that's one of the few requirements we have that such things don't take place.

 

[orangeye]

Is tax evasion considered ilegal in Cyprus or Seychelles? I'm asking because some countries don't recognise tax evasion to be a criminal crime.