Mastercard Cancels License for Bahamian Bank to Issue Credit Cards

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Wednesday, October 1, 2003
Author: 
Bruce Zagaris
Volume: 
19
Issue: 
10
399
Abstract: 
On July 30, 2003, the President of Leadenhall Bank and Trust confirmed its license to provide offshore credit cards had been cancelled, which resulted from IRS audits that revealed taxpayers were using such cards to conceal and evade taxes. The IRS pressure reflects a new strategy to make issuing offshore credit cards risky enough to outweigh possible gains.