In China, it’s said you haven’t made it until you have your own subsidiary in the British Virgin Islands, which holds more assets belonging to Chinese nationals than any foreign location except Hong Kong.
Then there’s Ugland House, a building in the tax haven of the Cayman Islands. At last count more than 19,000 companies were listed there. There’s more money on deposit in the Caymans than in all the banks in New York City combined.
Offshore secrecy jurisdictions provide the perfect cover to funnel money and arms to rogue states and nonstate actors. On April 5, the arms dealer Viktor Bout, the so-called Merchant of Death, was sentenced to 25 years by a federal judge for conspiring to sell antiaircraft missiles to agents posing as foreign revolutionaries. Published reports have linked him to arms sales to Al Qaeda and the Taliban.
Aren’t there international sanctions to prevent the sale of arms to terrorists? Of course there are. That’s why the Merchant of Death found a Bulgarian weapons supplier — based on the offshore haven of Gibraltar.
But it’s not just shadowy fellows like Viktor Bout who evade sanctions to do business with rogue states or terrorists. Many American corporations, including Halliburton, have done business with Iran through their offshore tax haven subsidiaries.
Detailed report link : here