Before 9/11, a writer using the pen name W.G. Hill published articles and books detailing how to operate offshore anonymously. While these strategies may have been effective in the past, particularly before the late 1990s, they are now largely obsolete. W.G. Hill himself isn’t a scammer, but his advice is outdated. Selling his work today without clearly stating its age is unethical. Readers seeking a current roadmap to the offshore world will be misled. The offshore landscape has changed dramatically.
While some may enjoy reading about offshore strategies without taking action, relying on outdated information from books or websites can be a serious mistake. Books, by their nature, often contain information that is at least 18 months old, with 24-30 months being more likely. Websites can also present outdated information, sometimes intentionally.
A prime example is the Sparbuch account, an anonymous Austrian passbook bank account. Requiring only the passbook and a passcode, it allowed for up to $20,000 in daily transactions via special Austrian ATMs without ID. However, in December 2000, the Financial Action Task Force (FATF) threatened to blacklist Austria if these accounts weren’t discontinued, which Austria promptly did. Yet, even today, some websites still advertise Sparbuch accounts.
If Austrian banks were permitted to offer such anonymous accounts, many other countries would follow suit. The continued sale of these accounts either indicates severely outdated websites (giving them the benefit of the doubt) or, more likely, outright scams. W.G. Hill heavily promoted Sparbuch accounts. Selling outdated information is unethical. A buyer of W.G. Hill’s materials might search for Sparbuch accounts online, find these fraudulent sellers, and attempt to place an order that can never be fulfilled. There could be a connection between sellers of W.G. Hill’s outdated works and sellers of nonexistent Sparbuch accounts.