Nevis Financial Atmosphere Facilitates Money Laundering says Int’l Narcotics Control Strategy Report

Despite its physical size, Nevis has managed to cause the entire country of St. Kitts and Nevis to be labelled as a place “susceptible to corruption and money laundering activities.” This is according to Volume Two of the International Narcotics Control Strategy Report 2017 that was published in March 2018.

The report stated that findings revealed that financial oversight on Nevis was still a huge problem as it allowed for the creation of anonymous bank accounts by way of strong bank secrecy laws. Such a provision makes the island “a desirable location for criminals to conceal proceeds because of the ambiguous regulatory framework regarding customer due diligence makes Nevis a desirable location for criminals to conceal proceeds.” 

Referencing the citizenship by investment programme, the report stated that despite the establishment of a citizenship processing unit (CPU) to screen applicants, “The CPU does not maintain adequate autonomy from politicians to prevent political interference in its decisions.” It also stated that U.S. law enforcement is “increasingly concerned about the expansion of these programs due to the exposure to local corruption and the visa-free travel.…” 

The report also expressed that although each island has authority to organize its own financial structure and procedures, most of the offshore financial activity is concentrated in Nevis. Confirming this statement is the website www.offshore-protection.com.

This website that is dedicated to advertising offshore jurisdictions in the Caribbean does not only list Nevis as an offshore tax haven but it also provides in great detail the reasons why one should choose Nevis to stash their untaxed monies. Additionally, the site details the ways in which one goes about establishing an offshore business on Nevis in an area of their choosing.

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