# Latest OECD Transparency Blacklist: "Only one tax haven left"



## iota2014 (Jul 30, 2015)

No, the World's Only Surviving Tax Haven is not the US of A, according to the US-led OECD: it's poor little Trinidad&Tobago, which nearly tore itself to pieces over FATCA, eventually signed, but apparently has not yet signed up to the Common Reporting Standard.


> Trinidad and Tobago, which previously had a rating of Non-Compliant, was unable to demonstrate progress to warrant any upgrade to its rating.
> 
> Applying the objective criteria, and taking into account the fast track reviews, Trinidad and Tobago has been identified as the only jurisdiction which has not yet made sufficient progress towards satisfactory implementation of the tax transparency standards. Discussions are continuing with Trinidad and Tobago, and *progress is anticipated soon*.


i.e. screws are being turned as we speak.

Strong progress seen on international tax transparency - OECD

https://www.ft.com/content/94d84054-5bf0-11e7-b553-e2df1b0c3220

https://www.oxfam.org.nz/news/oxfam-disputes-opaque-oecd-failing-just-one-tax-haven-transparency


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## iota2014 (Jul 30, 2015)

Meanwhile in T&T:



> *Automatic extradition for tax evasion*
> 
> GOVERNMENT has a bill on the Parliament agenda allowing for automatic extradition for people wanted for tax evasion in foreign jurisdictions, announced Attorney General Faris Al-Rawi. He said on the Parliament agenda there is a miscellaneous bill to deal with allowing prosecution of tax evasion matters in a reciprocal arrangement where they will extradite persons deemed as wanted in a foreign jurisdiction for tax evasion.
> 
> ...


Trinidad and Tobago's Newsday : newsday.co.tt :

Not clear to me what is meant by "automatic" extradition. I suspect a degree of journalistic exaggeration. But who knows.


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## iota2014 (Jul 30, 2015)

And meanwhile in the US:


> Congress takes action against shell companies amid scandal
> 
> Congress takes action against shell companies amid scandal
> Congress is taking action against shell companies doing mysterious — sometimes nefarious — dealings such as the Malaysian sovereign wealth fund 1MBD, which ensnared Goldman Sachs and its Asian chief, Tim Leissner, in a scandal.
> ...


Congress takes action against shell companies amid scandal | New York Post

Carolyn Maloney is the Democrat who hastily introduced a "Same Country Exception" bill following the Repeal FATCA hearing organized by Freedom Caucus Republican Mark Meadows. 1% chance of being enacted.

Carolyn Maloney also recently introduced a bill H.R. 2710: 

"Commission on Americans Living Abroad Act of 2017

This bill establishes the Commission on Americans Living Abroad which shall conduct a study of how federal laws and policies affect U.S. citizens living abroad, including civilians and members of the Armed Forces."

1% chance of being enacted.

But perhaps the "Corporate Transparency" bill may have a better chance, seeing as how Government Sachs is involved.


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## iota2014 (Jul 30, 2015)

According to the _Financial Times_, significant information is being received from the US; whether under FATCA or through named-individual treaty requests, is not clear:



> A global crackdown on tax evasion has lifted the lid on offshore secrets. From September, details of bank balances, interest, dividends and certain types of income earned by expats will start to be sent to their home governments wherever they may be. The new rules — known as the “common reporting standard” — will mean that evaders have very few places left to hide.
> 
> HMRC has already received some information from offshore centres. Last September it was handed information from the Crown Dependencies and Overseas Territories, which it hopes it can use to raise up to £300m of extra revenues, according to official forecasts.
> 
> ...


https://www.ft.com/content/0640f6ac-5ce9-11e7-9bc8-8055f264aa8b


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## iota2014 (Jul 30, 2015)

iota2014 said:


> And meanwhile in the US:
> 
> 
> > Congress takes action against shell companies amid scandal
> ...


Comment from Singapore on America's failure (and perhaps inability) to tackle its bank secrecy problems, compared to Singapore's active and effective response to the 1MBD scandal:



> Is Trump's U.S.A. the new tax haven?
> 
> A key concern for the European Parliament Panama Papers committee (which visited the US in late March 2017) is existing U.S. laws that continue to permit beneficial owners of companies to remain anonymous. According to the report, rules—such as tolerance by states like Delaware or Nevada of highly secretive anonymous shell companies—"are rather the result of a race to the bottom between individual states or standards of disclosure and transparency.”
> 
> ...


Is Trump's U.S.A. the new tax haven? | Singapore Business Review


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