Loophole for all artist to target Bermuda
A controversial media artist from Italy has warned he intends to target companies registered in Bermuda as part of a service to democratise offshore business for people who dont want to pay for their riches.
Paulo Cirio is already selling fake certificates of incorporation for firms registered in the Cayman Islands.
And he is seeking to expand his enterprise by doing the same with companies registered in Bermuda, Jersey, Seychelles and Delaware.
The artist says he has gained information about companies registered in the Cayman Islands and claims on his website that visitors can quickly take on the identity of an offshore company in four steps, which includes buying a digital certificate of incorporation.
Mr Cirios Loophole4all.com website claims it empowers everyone to evade taxes, hide money and debt, and get away with anything by stealing the identities of real offshore companies.
Mr Cirio states his project provides a service to the middle class and small businesses who dont want to pay more taxes than they should.
He goes on to explain the project unveils the mechanics of the institutional crime against the people of undeveloped countries and impoverished developed countries. Loophole for All reverses the legality of these instruments available only to a corporate and political elite and in doing so it provides a device to practice civil disobedience.
Calling for a radical tax reform to achieve fairness for rich and poor, Mr Cirio states: Refusing to pay taxes by the general citizens should be considered a civil right when the corrupted system refuses to close legal loopholes for the wealthy, reform monetary policy or let the people know or decide how tax revenues should be spent.
Cayman Islands Companies Registrys senior assistant registrar Donnell Dixon said the jurisdictions computer servers had not been hacked to gain companies information, as claimed by Mr Cirio.
Just like any member of the public is able to do, the person who claims to have hacked our servers conducted a search for companies on the Registrys website, said Mr Dixon.
He then cut and pasted the names of these companies onto a template, in order to create bogus certificates. To the unsuspecting public, these fake certificates appear to be authentic.
Mr Dixon noted that its impossible to obtain the certificate image from the Registrys website, as the image is not stored on the server.
Not storing the image on the server is one of the simpler ways in which we protect data, he said.
But just like any other organisation whether its a government department or a private-sector company the Registrys website features robust security features that avert information theft.
Mr Cirio said that at the moment the Loophole4All site only has access to Cayman Islands companies.
But he plans to add companies registered in other offshore financial centres, including Bermuda, Jersey, Seychelles and Delaware later.
The Bermuda Registry of Companies was asked to comment on Mr Cirios project, but had not responded by press time.