Thursday, October 14, 2010

Confidentiality is crucial to the success of offshore tax havens

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3 comments:

LLL said...

Point well taken. However the ears for which this fundamental application is directed, unfortunately is to death and dumb to consume.
This government has no morals. They never had and they never will.

October 15, 2010 at 6:03 AM
Anonymous said...

An interesting piece with an obvious political slant. If as you argue, the success of Offshore financial sector is dependent on confidentiality, then we should get out of that business because NO government can guarantee the confidentiality of offshore accounts, simply because NO Government has total control over the numerous ways in which information about an account can migrate. The lapse can start with the account holder himself or herself or through an intercepted telephone call; a sheet of paper left on a fax machine; or a lost or stolen cell or laptop.

Practically, everyday we hear of cybercrime where hackers penetrate hitherto impregnable corporate accounts. It's only a matter of time before these hackers turn their attention to "soft" offshore havens in the Caribbean. Which computer guru in our region will be able to stop them?

It's all well and good to cite the confidentiality of the Swiss banking System but do we have the resources that are available to that system?

Last point - we must remember it was in the Swiss banks that the Nazi leadership hid its loot.

October 16, 2010 at 8:35 AM
Anonymous said...

The so-called international expert that you are drawing upon, is no expert at all, as a start citing Switzerland. It the expert knew the Sector, it would have known that this is not the Switzerland of the past, as obtains today. I certainly won't educate it. Let it learn by itself.

Mr. King and his AG, may not be experts, but one thing is for certain, when in Government as a Prime Minister and an Attorney General, there is information that can be made readily available to those offices. So one can learn very fast. Don't let that "international expert" make you sound like an idiot.

The international investors who place their funds in insitutions in offshore havens are well versed with the international norms, laws, regulations and sound practises. This is no issue to 'spin political top in mud'. about.

October 17, 2010 at 2:45 PM

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