Eric Hughes spoke next, describing a remailer used to conceal the identity of the sender. Mr. Hughes said that many people will be performing international electronic financial transactions within a couple of years. The number of off-shore bank accounts is increasing, he said, because of relaxed regulations, and this will result in new security issues that must be addressed. He cited the Swiss as an example and said that if it is not illegal under Swiss law you do not have a problem. Bermuda, which plans to install high speed lines to the US, Venezuela, and Spain, is another example.
Countries work with each other based on anarchy even though there is international law.
This service requires remote auditing using encryption, he said, and many banks in the Caribbean will fail as the bank officials embezzle their clients' money, because they will not want to be audited so tightly. The video started with one hacker contending that phone and communications companies take advantage of consumers. He contended that he was used to send a message and that he is mad about it. The commentator then said that Secret Agent turned state's evidence but is still on the run for credit card fraud. Noah's parents were interviewed next and said that Noah was visited by the Secret Service, but they did not understand, because they equated what he did to petty crimes, like vandalism.