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Offshore-trap for the money

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It would seem that may be safer than money in offshore accounts? Meanwhile, some of the money in the accounts of Western banks may soon be trapped or have already fallen into it. The point here is not the banks - they were all fine, but in themselves money, more precisely, in their origin. New standards to combat money laundering can cast a shadow on the capitals of many businessmen from CIS countries, especially made in the 90-ies.

One Western investment bankers, explaining the mechanism of action of the rules, "Know your customer" gave the following example: "Recently we had to refuse their services to a person who could become a profitable customer. He is slightly over fifty, he began business in the early 90's. with food imports. For convenience, with foreign partners, he registered a company in one of the classic offshore jurisdictions - so many came at a time. A few years later he changed his business profile, the offshore was not needed and turned into a comfortable family purse - a place of safe storage savings. This company has successfully played the role more than 10 years.

A businessman recently thinking about how to make work available on the company's account funds because the bank pays a penny of deposits and money inflation eats. Therefore, he requested to develop a program of investing in products known and trusted financial services companies in Europe or the U.S., which would bring the average income for a 5-7% higher rates on deposits in Western banks.

For the specialist will not be difficult to develop an acceptable option, but unfortunately, nothing I could not help him. The fact that in recent years dramatically increased the requirements of Western companies to clean money. It is connected with the fight against money laundering.

What does this have to our businessman who made his money honestly? Technically - no. But in practice it is likely to hear something like this: "If you want to invest in our fund, insurance, invest construction, etc., provide information on the activities of the company, its partners, contracts. It would be nice to get acquainted with your record over the last year , to learn more about the directors and owners of the company. We will study the documents you provided and if we see that we are dealing with "good" money, will be glad to see you among our clients.

If we have any doubts, then your money will not bind. We do not want to risk their reputation. "Kind of answer you get by making an attempt to invest money offshore in the western investment fund, company, or open an account for your offshore company in the prestigious European or American bank

Any European financial or investment company will try to check it out if money is involved, the origin of which is associated with CIS or offshore - it must do so in accordance with the principles of KYC. If until recently the company itself, each lined up protection against suspicious money, now it is gradually transferred to the state level.

Its main principle - "Know your customer", introduced in all financial and banking institutions in Western Europe, on ordinary enterprises is considered very desirable in the state of a special man who has passed courses on money laundering (AML) - without a bank employee can refuse company to maintain, especially if this is a new company with the owners of non-resident EU.

For example, to decide the purity of money on account of an offshore company, the bankers will require not only her apostilled charter, information on founders, directors (copies of passport and residential addresses), and major activities of its turnover and balance sheet for the last year, as well as indicate the main partners, confirmed this conclusion with them treaties rekomendalnymi letters from the bank to the founders (beneficiaries).

For a trust company - this documents the establishment of trust and purpose of its organization, the origins are in it's assets, as well as full information about the founders, protectors and beneficiaries of the trust.

These requirements are natural. If the company has earned money in the normal way, then it is easy to provide the requested information, for example, that it produces cakes, delivers them to supermarkets in Europe, its annual turnover is $ 10 - 15 million and it intends to place $ 500,000 in a hedge fund of Deutsche Bank or Merrill Lynch and no problems will not be - it was logical that the "white" turnover of 15 million is probably enough to make 500 yew. and invest fund.

And if the same $ 500,000 of unknown origin wants to put a company with an uncertain occupation, empty the annual balance sheets, lack of contact with European and American companies, the answer is unequivocally "no."

But applying these criteria to our "purely offshore" money gives amazing results. Since last 10 years the company used as a purse, she does not have a large turnover or customer contracts or payments from the real counterparts, to the same prescription for years, the businessman could document the origin of only a portion of the money.

He had documents on some operations early 90-ies. And then he just translated back money earned elsewhere. That money for many years are in a bank account, nothing changes. If the client can not prove the purity of their original source, then this money would be considered questionable.

A similar situation can be very many other businessmen from the former CIS. Yes, in Russia, Ukraine and the CIS has not yet decided to ask the question - Where did you get so much money? However, it's just a matter of time, trust, tax and other authorities are actively working to develop and implement rules that allow in the near future to do it, explaining it all need to combat terrorism, crime, etc.

The magnitude of this phenomenon is difficult to estimate, but one can assume that we can talk about no less than 100 000 such companies, as well as trusts, holding companies, and even personal accounts, most of which - we believe, belongs to the normal business people who, because of certain circumstances, forced to use foreign companies such as purses and family thought about creating a traditional credit and financial history, the company's reputation and justifying the origin of capital.

All this money may be in the original reservation and make it more difficult life, not only to their owners, but also to future heirs. To solve this problem should be now, because delay could aggravate the situation. For example, it is possible that after a while you, as a businessman-owner only "offshore money" will be available not only invest in top-notch company, but he can not spend the money to purchase real estate, business and even on school daughter, who after two Year finished school and dreams of a European university.

As a rule, there is a way - of course, if money is really clean, or will be established as a result of their compliance with the source and location of accepted norms.

As a minimum, you need to start creating a positive financial history for himself and for his business: he needed to "white" person - the "dark" shade of off-shore is now unacceptable in the modern business world.

Start, we can at least open yourself to the respectable company of European jurisdiction, and even better - by buying ready-made company with a positive history in Switzerland - as once purchased titles of Lords and nobles - that rich merchants and businessmen perceived in high society.

Yes, it's image. Image only financial. Image of business. It is important not only money but also their "quality". Therefore, the earlier we start working on it, the more chances to make the business legal, properly perceived by Western business partners.

The result - an increase in profits due to increased contact - in fact, with gray money of Western business prefers not to get involved - it can negatively appear that their business reputation.

Conclusion want to work with Europe, U.S. and other countries solvent - work by their rules ... or at least pretend. Do not know how? Call us - we can help!