In the aftermath of the Panama Papers scandal from earlier this year, the G20 and central banks are looking to put a halt on anyone besides themselves who seeks to move their wealth offshore and outside the purview of government controls.
Scheduled to be on the agenda list during the next G20 meeting, leaders of the top 20 economies want to crack down on offshore hidden tax havens that do not give up the names and amounts of individual accounts they hold.
"G20 has decided to tackle non-cooperating jurisdictions seriously…the idea is implemented in the development of criteria by which a given economy will be assigned the status of a non-cooperating jurisdiction. The list must be ready by the next summit," Storchak told journalists following the G20 Finance Ministers and Central Bank Governors meeting on July 23-24 in China's Chengdu.
The idea to punish the countries refusing to cooperate on the issue of tax information exchange has been put on the G20 agenda after the so called Panama files have been published. - Sputnik News
Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.
His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.
Some are calling it the new Switzerland.
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. - Bloomberg