Wed, Jun 24, 2015 - Page 9 News List

Follow the money: inside the world’s tax havens

There are many tricks used to shift money offshore, and a pinstriped army of accountants and lawyers to help people do it

By Nicholas Shaxson  /  The Guardian

So the US has been fighting hard against foreign tax havens, to crack down on its own tax cheats. At the same time the US is a big part of the world’s problem, with Wall Street banks profiting from its willingness to help foreign tax cheats.

Britain’s own array of satellite havens — the Cayman Islands, British Virgin Islands, Bermuda, Jersey, all of which sport the queen on their banknotes — are part of the same problem.

From my meeting with Spencer, I took away two big thoughts. First, that tax havens were not where I thought they were. The US, a tax haven? In those days, nobody was pointing that out.

Second, this was no exotic criminal sideshow to the global economy, as I had assumed — it was a much bigger phenomenon than I had ever imagined. This was interesting. I was hooked.

Nicholas Shaxson is the author of Treasure Islands: Tax Havens And The Men Who Stole The World.

This story has been viewed 2891 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top