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EUB - Pay attention next time guys.
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Tx
Posted-Date: Mon, 7 Oct 1996 17:08:12 -0400
>Date: Mon, 7 Oct 1996 17:09:35 -0400 (EDT)
>From: Black Unicorn <[email protected]>
>X-Sender: unicorn@polaris
>To: John Young <[email protected]>
>Cc: [email protected]
>Subject: EUB - Pay attention next time guys.
>Sender: [email protected]
>
>On Mon, 7 Oct 1996, John Young wrote:
>
>> 10-7-96. WaPo:
>>
>> "Russian Crime Finds Havens In Caribbean"
>>
>> Russian organized crime groups are using unregulated and
>> secretive Caribbean banks to launder their illicit
>> gains, according to U.S. and Caribbean law enforcement
>> officials. One bank that has drawn the scrutiny of U.S.
>> authorities is European Union Bank in Antigua. EUB
>> describes itself as the first bank on the Internet,
>> offering the chance to open accounts, wire money, order
>> credit cards or write checks by computer from anywhere
>> in the world, 24 hours a day. A U.S. official said, "The
>> bank is being investigated for violating U.S. laws with
>> open solicitations on the Net, which is at best for tax
>> evasion and at worst for money laundering."
>>
>
>Of course I'm very interested to hear exactly what laws have been broken
>in this case. Last I checked offering accounts, credit cards, and checks
>24 hours a day was a selling point, not a crime. This hardly surprises me
>however. The money laundering and tax evasion rhetoric is dragged out
>whenever there is no tangible crime being committed.
>
>EUB is probably in more trouble than they realize because they chose an
>interesting solution to their bandwidth problem.
>
>For a long time their home page resolved to a U.S. access provider, and
>only forwarded offshore for the secure HTTP connection. This might still
>be the case.
>
>See below:
>
>European Union Bank (EUB-DOM)
> PO Box 1948
> St. John's,
> Antigua and Barbuda
>
> Domain Name: EUB.COM
>
> Administrative Contact:
> Richards, Pete (PR374) [email protected]
> (809) 480-2370
> Technical Contact, Zone Contact, Billing Contact:
> Kulkov, Val (VK41) [email protected]
> (202) 835-7489
>
> Record last updated on 03-Dec-95.
> Record created on 23-Jun-95.
>
> Domain servers in listed order:
>
> ELF.GREATIS.COM 205.229.28.5
> WHALE.GREATIS.COM 205.229.28.10
>
>
>I found this curious and called them up to ask them about it. I think,
>though I don't remember exactly, that I spoke with Mr. Richards. Whoever
>it was, they were very sure that their U.S. connection would not be a
>problem. I think they are about to be in for a great big surprise. They
>have effectively put themselves in U.S. jurisdiction and their local
>access provider is likely to be in some trouble as it is the easiest thing
>to reach.
>
>Prediction: EUB will change its structure dramatically in the next 6
>months if it still exists at all in that time. Lesson learned: Never
>involve the United States directly. Clever political risk analysis would
>have prevented a great deal of trouble for EUB. Future institutions take
>note.
>
>--
>I hate lightning - finger for public key - Vote Monarchist
>[email protected]
>
>
>