By Jay Adkisson From Forbes

Remember when the Cayman Islands were one of the world’s most super-secret places to hide money? The Caymans’ vaunted bank secrecy even became the subject of a popular movie, The Firm.

No mas. The U.S. Department of Justice figured out when dealing with Swiss banks that it had enormous leverage, simply by threatening with their ability to do business through the world’s primary financial hub of New York. Swiss banks ended up rolling over like they were so many trained show dogs, paid billions in fines, and turned over the names of many tens-of-thousands of their depositors. Swiss bank secrecy? Not anymore.

Anyhow, apparently either bored of chasing Swiss banks or having tapped those wells dry, the DOJ is repeating its proven tactics in the nearby tax havens, and this is already bearing fruit.

Remember: The problem with offshore secrecy is somebody knows. Whether a banker will keep your identification and information safe today is no guarantee that it will be safe tomorrow. The most recent experience shows that it really isn’t safe at all, at least from the fiscal authorities.

For more on this story go to: http://www.forbes.com/sites/jayadkisson/2016/03/27/cayman-islands-financial-institutions-agree-to-guilty-plea-and-rat-out-their-depositors/#31aba355145d

IMAGE: www.cbn4.com