Sunday, February 27, 2011

US widens scope of tax evasion investigations to Middle Eastern and Asian banks

Today's Financial Times reports that the US probe into tax evasion has widened to include Middle Eastern and Asian banks:
This effort of course needs to be expanded worldwide.

However, the real question is:
when will the US investigate ITSELF as a channel for evading taxes for nationals/ residents of other countries?

If it does so, it may be surprised to see how much tax evasion in other countries takes place through the USA.

Sadly, the USA (like many other countries) continues to take a narrowly national approach, which I would characterise as: "if US citizens try to evade US taxes, we are going to get them - and other countries better help us; but if your citizens evade your taxes, you can go hang".

In a globalised financial world, tax evasion is a global problem. And that needs a global approach, global rules and global co-operation. Sphere: Related Content

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