At 02:37 PM 1/18/2003 -0600, Jim Davidson wrote:
Not sure I agree about them not having information. This program started in 2000 when we were living in the BVI. They found a way to get the information - from Mastercard. In the local Carib papers they outlined how individuals would have offshore accounts and use credit cards issued by banks in Carib countries. They would then use the credit cards everywhere, and their attorney's or the bank would draw money from their offshore account to pay the credit card.As you all know, the Infernal Revenue Stealers (IRS) have issued a so-called "amnesty" and seek info on your offshore credit cards, if any. It is never a good idea to trust these people in government, and I seriously doubt they would ask for you to volunteer the information about your cards if they were in any position to get reliable information by some other means.
Initially the IRS said there were 1-2 million people involved, but since lowered that number to hundreds of thousands. They analyzed the credit card records and found many were legitimately out of the country and used their cards in those countries.
From the US DOJ:
"In October 2000, the court in Miami approved a similar "John Doe" summons on MasterCard International relating to the years 1998 and 1999, for records of cards issued by banks in the Bahamas, Antigua and Barbuda, as well as the Cayman Islands. The petition filed today seeks records relating to the years 1999, 2000 and 2001, of cards issued by banks in more than 30 countries. The 30 countries include Liechtenstein, Switzerland and numerous Caribbean nations, such as Belize, Bermuda, and St. Kitts and Nevis. Recently, a federal court in San Francisco authorized the IRS to serve a summons on Visa International for records of cards issued by banks in those same 30 countries."
They have expanded on that for current years.
Some sources:
http://www.usdoj.gov/tax/02_tax_472.htm
http://www.collectionproof.com/Offshore%20Cards%20Are%20For%20Amateurs.htm
George
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