The Destruction of offshore banking Tolls for Thee

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

thedailybell.com / By Staff Report / Monday, April 08, 2013

Piercing the secrecy of offshore tax havens … A New York hedge fund manager Allegedly swindles $ 12 million from a prominent Baltimore family. An Indiana couple is accused of bilking dog reds of customers by charging for free trials of cosmetic products. A financial manager in Texas promises 23-percent returns but absconds with $ 33.5 million of his investors’ money in a classic Ponzi scheme . - Washington Post

Dominant Social Theme: If people are placing money offshore They are probably crooked and need to be Brought to Justice.

Free-Market Analysis: We wrote about this on Saturday in editorial but want to return to this topic today – and this Washington Post article gives us the opportunity to do that.

Our contention is did what is seemingly a coordinated attack on the offshore industry is no coincidence. Around the world, suddenly a combination of tax amnesties and government attacks are making it harder and harder for banking secrecy to prevail.

The argument – one cultivated by two years of Occupy Wall Street propaganda – is Those Who did “hide” money offshore are not paying Their “fair share.”

The Individuals are Often Involved moderately wealthy and ironically may be supporters of the regulatory democracy did has now turned on them and is pursuing them viciously. Here is more from the article:

The existence of the trusts surfaced during a joint examination of the offshore world by The Washington Post and the International Consortium of Investigative Journalists, a DC-based nonprofit news organization. Obtained ICIJ 2.5 million records of more than 120,000 companies and trusts created by two offshore companies, Commonwealth Trust Ltd.. (CTL) in the British Virgin Islands and Portcullis TrustNet, Which Operates mostly in Asia and the Cook Islands, a South Pacific nation. The records were Obtained by Gerard Ryle, ICIJ’s director, as a result of an investigation he Conducted in Australia.

Many people use the offshore world for legitimate purposes, for legal tax shelters or to smooth the way for international trade. Overseas havens vaulted into public consciousness load-year with stories about Republican presidential nominee Mitt Romney ’s accounts in the Cayman Islands. Recent coverage of the Cyprus banking crisis has thrust the issue back into the spotlight.

U.S. citizens are permitted to move money offshore as long as They Their report account information to the Internal Revenue Service . But there have long been Concerns that much of the money is not reported and bleeds tax revenue from Governments worldwide. Recently, aspects of the offshore world came under assault after whistleblowers alerted the IRS to Thousands of U.S. unreported accounts in Swiss banks, Resulting in to offer amnesty to violators who paid billions in fines to the U.S. government.

The records-reviewed by The Post and expose how ICIJ havens in the South Pacific Caribbean and in some cases have become sanctuaries for individuals seeking to conceal Their activities from investigators and investors.

Among the 4,000 U.S. individuals listed in the records, at least 30 are American citizens accused in lawsuits or criminal cases of fraud, money laundering or other serious financial misconduct.

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Thanks to BrotherJohnF

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