USA threat to offshore banking

by GD Sun 10 Aug 2008, 3:36 pm

New laws being looked at in America could have serious consequences for the Channel Islands, according to an industry analyst.

The US Senate is recommending new regulations to make offshore banking more open along with increased enforecement powers.

The recommendations could have far reaching implications offshore, according to specialist lawyer on financial regulation Stephen Platt, chairman of the BakerPlatt Group.

Banks operating in so-called secrecy jurisdictions may lose one of their strongest selling points according to Platt, who says alarm bells should be ringing for the entire offshore finance industry.

The recommendations include a requirement on domestic and foreign institutions to file a statutory report whenever it obtains information that a foreign account is beneficially owned by a US taxpayer.

Penalties for failing to comply include the US Treasury having power to bar banks from doing business with US financial institutions.

The Americans are describing offshore tax havens as Al Capone safe houses engaged in economic warfare against the US.(from CIonline)

by Pete Burtenshaw Mon 11 Aug 2008, 6:48 pm

go for it Team USA...........the amount of dirty money over here is shocking.........clean em out I say......

USA threat to offshore banking

USA threat to offshore banking

Re: USA threat to offshore banking