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US Now Ranks Third For Financial Secrecy And Tax Havens After Switzerland And Hong Kong
International Business Times ^ | November 02 2015 | Michelle Mark

Posted on 11/03/2015 4:14:52 AM PST by TigerLikesRooster

US Now Ranks Third For Financial Secrecy And Tax Havens After Switzerland And Hong Kong

By Michelle Mark @michelleamark m.mark@ibtimes.com on November 02 2015 4:33 PM EST

The U.S. has overtaken Singapore and the Cayman Islands in its ranking for financial secrecy, a new report by the Tax Justice Network in London has found. The government’s refusal to participate in a global information exchange system for bank data was largely responsible for its jump to third place – just behind Switzerland and Hong Kong – in the network’s financial secrecy index, which is released every two years.

The Organization for Economic Co-operation and Development has been rolling out a system of automatic information exchange for countries to share data to tackle tax evasion, which the Tax Justice Network has described as the “only credible way” to share such information. The report criticized the U.S., however, for using its own system of data collection that takes information from banks around the world, but shares little.

“Though the U.S. has been a pioneer in defending itself from foreign secrecy jurisdictions … it provides little information in return to other countries, making it a formidable, harmful and irresponsible secrecy jurisdiction at both the federal and state levels,” the report said. “Washington’s independent-minded approach risks tearing a giant hole in international efforts to crack down on tax evasion, money laundering and financial crime.”

(Excerpt) Read more at ibtimes.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: caymanislands; financialsecrecy; hongkong; singapore; switzerland; taxhaven

1 posted on 11/03/2015 4:14:52 AM PST by TigerLikesRooster
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To: TigerLikesRooster

The oligarchs have won.


2 posted on 11/03/2015 4:19:32 AM PST by demshateGod (The fool hath said in his heart, There is no God.)
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
RANK Jurisdiction
1 Switzerland2
2 Hong Kong2
3 USA2
4 Singapore2
5 Cayman Islands1,2
6 Luxembourg2
7 Lebanon2
8 Germany2
9 Bahrain2
10 United Arab Emirates (Dubai)2,3
11 Macao
12 Japan2
13 Panama2
14 Marshall Islands
15 United Kingdom1,2
16 Jersey2
17 Guernsey
18 Malaysia (Labuan)3
19 Turkey
20 China
21 British Virgin Islands1,2
22 Barbados
23 Mauritius1
24 Austria2
25 Bahamas1
26 Brazil2
27 Malta
28 Uruguay2
29 Canada2
30 Russia
31 France
32 Isle of Man1
33 Liberia2
34 Bermuda1
35 Cyprus
36 Liechtenstein
37 Ireland2
38 Belgium2
39 Guatemala2
40 Israel2
41 Netherlands2
42 Chile
43 Saudi Arabia
44 Australia2
45 India
46 Philippines
47 Vanuatu
48 Ghana2
49 Korea
50 US Virgin Islands
51 Samoa
52 Mexico
53 Norway2
54 New Zealand
55 Gibraltar1
56 Sweden
57 Aruba2
58 Italy
59 Latvia
60 Belize
61 South Africa
62 Botswana2
63 Anguilla1
64 St Vincent & the Grenadines1
65 Antigua & Barbuda1
66 Spain
67 Costa Rica
68 Turks & Caicos Islands1
69 St Kitts & Nevis1
70 Curacao2
71 Iceland
72 Seychelles
73 Slovakia
74 Macedonia
75 Poland
76 Monaco
77 Estonia
78 Portugal (Madeira)3
79 St Lucia1
80 Brunei Darussalam1
81 Czech Republic
82 Grenada1
83 Denmark
84 Hungary
85 Greece
86 San Marino
87 Andorra
88 Slovenia
89 Dominica1
90 Finland
91 Cook Islands1
92 Montserrat1
3 posted on 11/03/2015 4:20:41 AM PST by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster; demshateGod; Impy; stephenjohnbanker

The political upheaval in Hong Kong against China’s totalitarianism, and yet they are more secure than the US?

Yeah, I guess that makes sense.


4 posted on 11/03/2015 4:22:52 AM PST by Arthur Wildfire! March (The DNC's 2012 Convention actually 'booed' God three times.)
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To: null and void

Ah, my Swiss ancestors — every able bodied man a militia member with an automatic weapon and grenades in his attic. That’s STABILITY!


5 posted on 11/03/2015 4:24:23 AM PST by Arthur Wildfire! March (The DNC's 2012 Convention actually 'booed' God three times.)
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To: TigerLikesRooster

Unless you happen to be sitting at a computer terminal in the offices of the IRS.


6 posted on 11/03/2015 4:30:56 AM PST by Jack Hammer
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To: TigerLikesRooster
...it provides little information in return to other countries...

I suspect that factoid is heavily dependent on who you have bought. If you are Jon Corzine, yes - they'll keep your secrets.

7 posted on 11/03/2015 4:36:39 AM PST by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: demshateGod
The oligarchs are not troubled by little laws about bank secrecy. The main reason for the secrecy here while criticizing Swiss and others for their secrecy is the ongoing and long term financial war. The Swiss and others want to maintain the value of their currencies. We do not. In order to get our way we prosecute people who "shelter" their money in a stable currency like the Franc. If the Swiss dilute the Franc we let people off. If they don't then we prosecute and go after the Swiss banks. It is a very simple game to destroy value in foreign currencies so that we can print and spend money we don't have.

It will get worse and it will make our inevitable crash that much worse. The oligarchs, being international, do not care one way or the other.

8 posted on 11/03/2015 4:37:21 AM PST by palmer (Net "neutrality" = Obama turning the internet over to foreign enemies)
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To: TigerLikesRooster

um... sure

I trust Obama has made your money safer... bring it all to the USA!


9 posted on 11/03/2015 5:26:26 AM PST by Mr. K (If it is HilLIARy -vs- Jeb! then I am writing-in Palin/Cruz)
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To: TigerLikesRooster

International Business Times. WTF is that?


10 posted on 11/03/2015 5:59:25 AM PST by mindburglar (When Superman and Batman fight, the only winner is crime.)
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To: mindburglar

International Business House of Pancakes Times.


11 posted on 11/03/2015 6:03:46 AM PST by mindburglar (When Superman and Batman fight, the only winner is crime.)
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To: TigerLikesRooster

Dammit! They’re on to me... ;)


12 posted on 11/03/2015 8:29:25 AM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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