Their old wheezes are running out of steam
a court in Miami will start hearing an unusual trial: that of Andre Fahie, the former elected leader of the British Virgin Islands . In 2022 he was arrested in the United States. The American authorities say he promised an informant working undercover for them that he would allow illegal drugs destined for the United States to pass through his territory’s ports, in exchange for a fee. Mr Fahie, who is under house arrest in Miami, has pleaded not guilty.
Offshore centres provide a seafood buffet of useful and legitimate services. But among laymen, however, it is the way that Caribbean islands have sometimes been used by crooks and kleptocrats that most often fuels debate. The Tax Justice Network , anbased in Britain, guesses that wheezes involving financial centres in the Caribbean and Bermuda account for about 20% of the $472bn that it thinks governments around the world lose each year to cross-border tax evasion and minimisation schemes.
was selling brass-plate companies to people from all over. Hong Kongers grew especially keen; protecting their assets using offshore shells was one way to hedge against risks posed by their own island’s looming return to China. In the 1990s thes financial sector grew around 50% each year. At their busiest, bland buildings in Road Town lent their addresses to some 480,000 fee-paying companies. That is more than 15 for every resident.
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