World events of recent times have led to the introduction of new laws and substantial increased regulation. Some will consider their freedom restricted and will object to the intrusion into their private business affairs. Simple tasks of opening bank accounts have become complicated and time consuming. Our trust companies have mostly moved from self-regulation to a licence system.

The tax authorities of the major industrial nations have become more sophisticated and their governments are hungry for revenues. The tax authorities increasingly exchange information with each other although they compete against each other for revenues too.

Countries like the United Kingdom have passed legislation intended to deal with the terrorist threat that has been used for other purposes. The definition of money laundering within this legislation has been used to make lawyers and accountants informants against their legitimate clients. No longer can a UK person discuss his tax affairs in confidence with his lawyer or accountant.

Certain banks in respected jurisdictions have passed information on depositors from the UK to the Inland Revenue because of these laws.