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United States Senate
PERMANENT SUBCOMMITTEE ON INVESTIGATIONS
Committee on Homeland Security and Governmental Affairs Norm Coleman, ChairmanCarl Levin, Ranking Minority Member
TAX HAVEN ABUSES:THE ENABLERS, THE TOOLSAND SECRECY
MINORITY & MAJORITY STAFFREPORT
PERMANENT SUBCOMMITTEEON INVESTIGATIONS
RELEASED IN CONJUNCTION WITH THEPERMANENT SUBCOMMITTEE ON INVESTIGATIONSAUGUST 1, 2006 HEARING
SENATOR NORM COLEMAN
Chairman
SENATOR CARL LEVIN
Ranking Minority MemberPERMANENT SUBCOMMITTEE ON INVESTIGATIONS
ELISE J. BEANStaff Director & Chief Counsel to the MinorityROBERT L. ROACHCounsel & Chief Investigator to the MinorityLAURA E. STUBER Counsel to the MinorityZACHARY I. SCHRAMProfessional Staff Member to the MinorityERIC J. DIAMANTDetailee to the MinorityJOHN C. McDOUGALDetailee to the MinorityRAYMOND V. SHEPHERD, IIIStaff Director & Chief CounselLELAND B. ERICKSONSenior CounselMARK D. NELSONSenior Counsel
Permanent Subcommittee on Investigations
199 Russell Senate Office Building – Washington, D.C. 20510Main Number : 202/224-3721; 202/224-7042 (fax)
p
Minority Office: 202/224-9505; 202/224-1972 (fax)Web Address: www.hsgac.senate.gov [Follow Link to “
Subcommittees
,” to “
Investigations
”]
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TAX HAVEN ABUSES:THE ENABLERS, THE TOOLS, AND SECRECYTABLE OF CONTENTS
I.EXECUTIVE SUMMARY
................................................. 4A. Subcommittee Investigation............................................... 4B.Overview of Case Histories............................................... 4C.Findings and Recommendations............................................ 8Report Findings........................................................ 91.Control of Offshore Assets............................................. 92.Tax Haven Secrecy................................................... 93.Ascertaining Control and Beneficial Ownership............................ 94.Offshore Tax Haven Abuses............................................ 95.Anti-Money Laundering Abuses......................................... 96.Securities Abuses.................................................... 97.Stock Option Abuses.................................................. 98.Hedge Fund Transfers................................................. 9Report Recommendations................................................. 101. Presumption of Control................................................ 102.Disclosure of U.S. Stock Holdings....................................... 103.Offshore Entities as Affiliates........................................... 104.1099 Reporting...................................................... 105.Real Estate and Personal Property....................................... 106.Hedge Fund AML Duties.............................................. 107.Stock Option-Annuity Swaps........................................... 108.Sanctions on Uncooperative Tax Havens.................................. 10
II.THE OFFSHORE INDUSTRY
.............................................. 11
III.EDG CASE HISTORY: AN INTERNET-BASED OFFSHORE PROMOTER
....... 17
IV.TURPEN-HOLLIDAY CASE HISTORY: A HOW-TO MANUAL
............... 29
V.GREAVES-NEAL CASE HISTORY
:
DIVERTING U.S. BUSINESS INCOMEOFFSHORE
.............................................................. 42
VI
.
ANDERSON CASE HISTORY: HIDING OFFSHORE OWNERSHIP
....... 49
VII.POINT CASE HISTORY: OFFSHORE SECURITIES PORTFOLIO
............. 55
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