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Is the United States the next, new, big hidden-money tax haven? Money is moving from Switzerland and the Cayman Islands to the U.S.A.
A few years back, the US threw a fit about overseas tax havens hiding American fortunes away from chipping in their fair share. Switzerland, the Cayman Islands and more took a lot of heat, and signed on to more transparent protocols. Guess who didn’t? Bahrain, Nauru, Vanuatu and the United States. The U.S. is now being called the biggest tax haven in the world. Wyoming, South Dakota wooing hidden money away from Zurich. This hour On Point, dark banker to the world -– the U.S.A.
-- Tom Ashbrook
James Henry, economist, lawyer and investigative journalist. Managing director of strategy consulting firm the Sag Harbor Group. Senior advisor at the Tax Justice Network and senior fellow at the Columbia Center on Sustainable Investment. Author of "The Blood Bankers." (@submergingmkt)
Peter Cotorceanu, lawyer at Anaford AG in Zurich, Switzerland.
From Tom’s Reading List
Bloomberg Business: The World’s Favorite New Tax Haven Is the United States — "After years of lambasting other countries for helping rich Americans hide their money offshore, the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth. Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the world’s rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota."
BBC News: Barclays and Credit Suisse are fined over US 'dark pools' — "Barclays and Credit Suisse have been fined a total of $154m by US regulators for their US 'dark pool' trading operations. 'Dark pool' operations allow investors to trade large blocks of shares but keep the prices private. Barclays has admitted misleading investors and violating securities law in the way it operated the pool. It will pay a $70m fine. Credit Suisse will pay $60m and another $24.3m relating to other violations."
CBS 60 Minutes: Anonymous, Inc — "The U.S. has become one of the most popular places for foreigners to hide dirty money. So what happens when hidden cameras capture New York lawyers being asked to move highly questionable funds into the U.S.?"
This program aired on February 2, 2016.