Obama to launch attack on offshore financial havens?

Will Obama Launch a Renewed Attack On Offshore Jurisdictions?

With the plethora of anti-terrorist legislation on the books in the USA, it is clear that the USA can misuse much of the  anti-money-laundering language in these so called “security” laws to attack offshore jurisdictions, and that along with the OECD has been taking advantage of the “anti-terror” bandwagon since 2001 to launch renewed attacks on low-tax centres.

The United States position on so-called “harmful tax competition” has not changed. The bigger danger is that incumbent President Obama will attempt to add even more onerous new money laundering laws based on an whether the USA believes a jurisdiction is of “primary money laundering concern.” Meaning whether the jurisdiction is what the USA believes to be engaged in harmful tax competition.

Obama has made his position clear for some time, all one has to do is look at the ‘Stop Tax Haven Abuse‘ Bill he supports to get a clear picture of his position.

So the big question is not whether Obama wants to prevent Americans from LEGALLY avoiding, or deferring taxes through the use of offshore tax havens, but whether he will be able to successfully do so.

Making matters worse for freedom seekers is the growing international pressure to outlaw the secretive practices of tax havens as a key part of reforms to “fix” the world’s battered financial system

The leaders of the world’s 20 most powerful economies (welfare states) gathered for a major conference in Washington in November to discuss exactly this.

Personally, I would like to believe people of the USA will not sit idly by while their rights and liberties are stripped from them, however if the last 8 years are any indication then i am sorely mistaken.

Anyone considering expatriation of themselves or their funds is best served to act sooner rather than later when perhaps this right is stripped of them. Going offshore before it is too late while sounding so cliche, is critical at this point in history.

As managing partner of Offshore Secrets Network our firm is well equipped to help anyone go offshore and protect their finances and future. Feel free to visit Offshore Secrets Network and learn more.