WT to hide funds offshore?

by IT Support 13 Replies latest watchtower scandals

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  IT Support

  This thread was suggested by Honesty's post in No more Circuit Oveerseers??? (okay, I'm not much good at keeping up-to-date with new posts!):

  The Cayman Islands allow U.S. customers access to their U.S. doallr deposits and typically refuse to cooperate with U.S. Banking officials.
  
  It's known as washing the cash cow - money laundering
  
  Move your $ into an offshore account and make it disappear.

  Has anyone suggested that that's exactly what WT may be doing with their recent cash inflows from all their Brooklyn property sales?

  In order to hide it from the courts during future child abuse settlements ...
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  sir82

  Geeze don't give'em ideas!

  Actually, they've probably got a full-time "investment department", or at least a paid consultant, who directs them in how best to shield their assets. If it is legal and possible, I'm sure they are already doing it.
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  ramon

  There was another thread saying the Spanish speaking elders got a letter from Brooklyn saying from now on the congregations are to send money donations straight to an account for Watchtower, but where that account is or if it feeds back to still another account that is in the Cayman's or elsewhere nobody knows outside of Watchtower's investments people and their attorneys. They want to invest the pooled money to make more money for themselves, not the local congregations.

  This new money arrangement will enable them to make even more money so as to replace some money they will be losing from having to stop getting interest on kingdom hall builds money. The thread on that just popped up, too and the letter on it is being read to elders around the globe. Comments suggest this other change was forced on them because they feared losing their tax exempt status as a nonprofit corporation, and/or it could be to try to distance themselves from lawsuits now quietly going on in California and elsewhere.

  Their getting money from all the congregations in California showed their degree of control and therefore financial liability in such lawsuits. In 2007 this factor was likely enormous in moving them to decide fast that they had better pay out an estimated $12 to $13 million dollars to settle with the numerous victims in Napa Valley.

  They are so scared of losing their asssets. As someone else said, the Bible says to not be getting interest off loans to spiritual brothers.

  Too, Christ drove the money-lenders out of the Temple.
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  Thechickennest

  The Watchtower simply can not be trusted with money. Talk about "sharp business practices".....
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  badboy

  I KNOW AN SUPPOSED MONEY LAUNDERIG OUTFIT,PERHAPS IF THE WT SEND ME A MESSAGE AND I WILL SEND THEM THE NAME OF THE OUTFIT
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  sf

  JW LAWSUITS - Page 6A

  For decades, the WatchTower Society has repeatedly portrayed Jehovah's Witnesses as "the .... Abraczinskas agreed to use offshore bank accounts belonging to ... jwemployees.bravehost.com/NewsReports/2015.html - 95k - Cached - Similar pages
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  Bring_the_Light

  They're stupid if they don't have a Swiss account. The Swiss took good care of Hitlers money even as he fell under persecution during his Armagheddon. I'm that hasn't escaped the notice of the Filthful and Disgraced Slavekeeper. Bring_the_Light
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  IT Support

  Thanks for all the comments.

  sir82,

  Geeze don't give'em ideas!

  Don't worry. I only mentioned it because I'm sure they're already onto it.

  Actually, they've probably got a full-time "investment department", or at least a paid consultant, who directs them in how best to shield their assets.

  They do have a full-time investment department: it's part of the Treasury Department. They also use outside consultants.

  No matter what else we may think about WT, they're superb at funds management. Lots of experience.

  ramon,

  There was another thread saying the Spanish speaking elders got a letter from Brooklyn saying from now on the congregations are to send money donations straight to an account for Watchtower, but where that account is or if it feeds back to still another account that is in the Cayman's or elsewhere nobody knows outside of Watchtower's investments people and their attorneys.

  Thanks.

  This also leads to a further interesting question: some time ago, the Brooklyn Treasury Department were trying to persuade various branches around the world to send them their surplus funds, as they felt that they could achieve higher returns if all the money was consolidated.

  However there was a problem, because the various branch committees were jealously hoarding "their" funds and were reluctant to pass back any substantial amounts! The Treasury boys asked the Publishing Committee to write to those branches and instruct them to remit the funds. The Publishing Committee first wrote the branches to ask for their comments, but the branch committees wrote back such negative comments (including alleged potential tax complications) that the idea was quietly shelved.

  I heard all this second-hand. Can anyone else confirm it, or know whether Treasury eventually 'got their way'?

  badboy,

  You obviously perform a valuable public service. <lol>

  sf,

  Very interesting, thanks.

  Bring_the_Light,

  Good pont, though Swiss accounts are less attractive these days than they once were. They pay low interest, often have medium to high charges, and even before 9/11 were subject to international anti-money-laundering agreements ...
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  IT Support

  This also leads to a further interesting question: some time ago, the Brooklyn Treasury Department were trying to persuade various branches around the world to send them their surplus funds ...

  Does anyone know anything about this? Did Treasury eventually 'get their way'?
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  IT Support

  bttt