After all the hype about tax havens and offshore banking secrecy, the blacklist is no more. A BBC News Report announces that the Organisation for Economic Co-operation and Development (OECD) has removed all four countries (Costa Rica, Malaysia, the Philippines and Uruguay) from its blacklist of tax havens.
“I’m pleased to say that those four jurisdictions have now made a full commitment to exchange information to the OECD standards,” said OECD chief Angel Gurria said speaking in Paris, as reported by the BBC. All four targeted countries have now agreed to adopt OECD standards.
Last week, the G20 leaders agreed in London to take sanctions against tax havens, using the OECD list as its basis. In their communique, they agreed “to take action against non-cooperative jurisdictions, including tax havens“.
It appears that they now have no-one left to take action against, an apparent public relations victory against offshore bank secrecy and the international wealth management advice industry. However, as in most matters of international co-operation and the world of offshore banking and asset protection, there is a little more to this story than meets the eye!
With all the banking secrecy jurisdictions having in theory agreed to change their laws to co-operate on international fiscal matters, why bank offshore? It might appear that there is no future for those of us who believe that we should not be treated as criminals and that wealth we have earned through our own hard work should be allowed to grow unfettered by unnecessary and intrusive government regulations.
Peter Macfarlane’s article about the OECD, G20 and Much Ado About Nothing in the Offshore Banking World explains why this whole show is really nothing more than a publicity stunt by Messrs Brown, Obama and Sarkozy, and why the advice in the Practical Offshore Banking Guide 2009 is still very much valid…
With that, we wish a very happy and peaceful weekend spent relaxing with loved ones to all our Q Wealth readers, wherever in the world they are. We too will be signing off and continuing to do business internationally to help the world’s entrepreneurs generate and create wealth.