Russia’s Economic War Against the West
According to a financial crime consultant, Russia is considering economic sanctions against the United Kingdom due to their alleged support of Russian tax evaders. Ken Rijock from the World-Check was the first to report this story, and states that the information was obtained from a reliable financial source in Moscow.
Rijock reports that many wealthy Russians are evading taxes using a scheme that involves UK territories including the British Virgin Islands and Cayman Islands.
He writes, “Russia is blaming the United Kingdom for failing to terminate local legislation that allows companies with bearer shares to exist in the British Virgin Islands, and to allow non-UK nationals to form such entities.”
Apparently, Russian natives are purchasing BVI companies and then opening accounts in the Cayman Islands. Then, cash can be transferred to an account where ownership cannot be tracked.
The British Virgin Islands is the largest provider of offshore companies. In fact, the islands rely heavily on these accounts for their own economy.
Rijock claims that a large financial services firm in Road Town, Tortola refers clients to offices in Grand Cayman, where a bank account is then opened through a local provider.
Rijock is a former banking attorney, money launderer and advisor to drug traffickers, however now he works with law enforcement and the financial services industry. After being arrested and serving time in a US federal prison, Rijock began to assist government officials with tracking and capturing money launderers on a global scale.
