Panama Not In Top 10 Tax Haven Countries
The United States is among the Top 10 countries with the least financial transparency, making it a perfect tax haven for those looking to launder and hide their cash.
The recent leak of documents from the Panamanian law firm Mossack Fonseca reveals how tax havens are used to hide wealth and has focused the world’s attention on the Central American country.
But international organizations which investigate financial secrecy warn that Panama is not even in the Top 10 countries with the least financial transparency,” the BBC reported.
The Top 10 nations for financial secrecy according to The Tax Justice Network, as follows:
- Switzerland
- Hong Kong
- USA
- Singapore
- The Cayman Islands
- Luxembourg
- Lebanon
- Germany
- Bahrain
- United Arab Emirates (UAE)
Switzerland is #1 with its almost impenetrable tradition of secrecy in banking, even if it has recently made some concessions towards identifying the owners of accounts linked to international tax evasion investigations.
The East coast State of Delaware is home to around 945,000 firms, which equates to almost 1 for each resident.
Delaware is one of 4 US states, the others are Nevada, Arizona and Wyoming that have been criticized for their lax financial regulation. Many of the firms are suspected of being “ghost companies.”
Transparency International, an anti-corruption campaigning movement, describes the State as a “transnational crime haven.”
“Americans have so many tax havens to choose from,” said Nicholas Shaxson, author of “Treasure Islands: Tax Havens and the Men who Stole the World,” a Y 2011 book on secretive centers for hiding money.
Have a terrific week.
Paul Ebeling
HeffX-LTN
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