Yet Another Shell Bank

• Published date: 11 May 2020
• Author: Mr Ian Moncrief-Scott
• Subject Matter: Wealth Management, Offshore Banking, Wealth & Asset Management, Offshore Financial Centres
• Law Firm: Information Management Solutions Limited

At a time when the vast majority of jurisdictions, prudential and otherwise, are distancing themselves from single shareholder banks and those that only exist in filing cabinets, sadly some do not heed the warnings or adopt global standards.

Apparently, the Financial Services Regulatory Commission of Antigua and Barbuda has granted a Class I International Banking License to a Julius Capital Bank Inc., which was incorporated in May 2019, in Antigua and Barbuda.

Observers will recall that this is the Commission that oversaw the R. Allen Stanford debacle, which is still arguably the world's greatest bank robbery.

It is important not to confuse Julius Capital Bank Inc with the long-established and well-respected Julius Capital, a Chicago based credit facilitation company and/or the historic Julius Baer Bank, headquartered in Switzerland.

On its website, Julius Capital Bank Inc. claims to be part of a Swiss Group that has been active for more than 30 years in the field of legal consulting, trust services and asset management.

The Julius Capital Bank Inc. website also states that its London Rappresentative (sic) Office is located at 13 Charles II Street in London, which serves as the registered home of hundreds of other different companies, including Item Consulting Limited.

In Antigua, Julius Capital Bank Inc. is registered c/o B. Hesse & Associates, Long Street, St. John's Antigua. Among other services offered, B. Hesse & Associates serve as licensed agents for Antigua & Barbuda's Citizenship by Investment Programme.

The father of the principal, Mr. Lebrech Hesse, served for over two decades as Antigua's Solicitor General, until recently becoming one of the two Senior Counsels in the Office of the Attorney General

Offshore Alert has revealed that a Certificate of Incumbency issued by the Financial Services Regulatory Commission of Antigua and Barbuda declares that the new Bank has a sole shareholder, Dario Item, identified as a Swiss lawyer, and that he, Dario Item, Andrea Mezzi and Gabriele Rossi are its three Directors.

It should be noted that Mr. Item is also currently Antigua & Barbuda's Ambassador to Monaco, Liechtenstein and Spain. Presumably, as such he has been granted an Antigua & Barbuda diplomatic passport, which in normal circumstances would be expected to afford certain privileges, ease of movement and access to financial as well as diplomatic circles.

Prior to Mr. Item's connection to Julius Capital Bank, Inc, he was the Principal Officer and...