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Industry
Watch
Offshore
Finance -
Well regulated smaller tax havens good for financial system.
Author interview
Feb 22nd 2007
From Economist.com
A
discussion with Joanne Ramos, Banking Correspondent of The Economist
ÒIn the past, a lot of offshore financial centres let in a lot of
good money as well as bad money. But in recent years, because of
international pressure spearheaded by organisations like the IMF
and the OECD, a lot of them have tightened up their regulation.
So the smaller tax havens that are well regulated are good for the
financial system because they add financial and tax competition.Ó
For the full Audio interview go to:
http://www.economist.com/specialreports/displaystory.cfm?story_id=8727748
And
hit play or Dowload.
Low-Tax Jurisdictions Are Not Money Laundering Havens
- Center for Freedom & Prosperity
Dirty money is more likely to be laundered
in high-tax nations than in tax havens. That is the conclusion of
an article released by the Center for Freedom and Prosperity. The
article cited reports of the State Department, Central Intelligence
Agency, and Internal Revenue Service, all of which independently
assess whether countries are money laundering centers and/or have
systems that make them vulnerable to dirty money.
By Daniel J. Mitchell
In the aftermath of September 11, many policy makers assumed that
terrorists were hiding their money in so-called tax havens. Investigators
have since discovered, however, that the terrorists relied on the
banking systems of the United States, the United Kingdom, Germany,
and various nations in the Middle East for the vast majority of
their financial transactions.
In spite of stereotypes formed by reading John Grisham novels, tax
havens do not attract a significant portion of the world's dirty
money. The State Department, the Central Intelligence Agency (CIA),
the Financial Action Task Force (FATF - of which the U.S. is a member)
and the Internal Revenue Service (IRS) each independently assess
the extent to which a jurisdictions attracts - or has the potential
to attract - dirty money. Some low-tax jurisdiction are on these
lists, but the accompanying table shows that they are clearly outnumbered
by high-tax nations.
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Views expressed are those
of the authors and not worldoffshorebanks.com
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