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Mr. Olmert says the money went for legitimate financing of various election campaigns and he denies ever having taken a bribe.
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In all, the pair used registered companies that either bore names closely resembling legitimate finance companies, or were existing shelf companies with no adverse record with the Australian Securities and Investment Commission (Asic).
The plan immediately came under attack from prominent corporations, which complained that it would punish legitimate corporate financing without closing the Bermuda loophole.
Bollywood's connection to the underworld can be traced back to a government regulation that made the film industry ineligible for bank credit, private equity and other legitimate commercial financing.
House Republicans introduced their bill yesterday to stop companies from avoiding United States taxes by acquiring a Bermuda address, but their plan immediately came under attack from prominent companies, which said it would punish legitimate corporate financing without closing the Bermuda loophole.
Despite all of its bells and whistles, and even its legitimate complications, finance is suited for takeover by information technology for that very reason.
The town does have a legitimate interest in financing its facilities and regulating their use, but this can be done without pulling up the drawbridge.
In other words, it had nothing to do with the legitimate functions of finance.
The cleansed money could be returned to Britain to finance legitimate property deals, unidentifiable as the proceeds of crime.
But they said they were not prepared to act against the parent organization, which they said had raised as much as $50 million a year and financed legitimate charitable projects.
GAAP and tax laws allowed these structures as a legitimate way to finance risky business ventures, such as oil exploration or developing a product that is radically different from the corporate parent's main line of business.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com