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AP Corrects Offshore Banks Story

March 28, 2001

WASHINGTON (AP) _ In a Feb. 28 story on offshore banking services and tax shelters, The Associated Press cited a Web site that offered individuals their own private offshore bank in the Caribbean territory of Anguilla for as little as $9,500. It quoted the site as saying, ``No previous banking experience is required.″ Anguilla’s guidelines for licensing offshore banks require extensive banking experience, as well as close association with an established bank or corporation that is already being regulated and supervised in its home country. It has two offshore banks.

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