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Inside the Global Offshore Money Maze," a report that focuses on "exposing hidden dealings of politicians, con men and the mega-rich. But why are private individuals lumped together with politicians who choose to be public figures representing the interests of their constituencies? Should private individuals and political figures be treated in the same manner regarding financial privacy?
Attorney Jenice Malecki of Malecki Law told me: When you become a political figure, you agree to give up some of your privacy rights. You also need to be more transparent, so people know who you really are, whether they should believe what you say. Politicians who do not voluntarily submit to monitoring of their financial activities will not be trusted. They have not agreed to give up their privacy," adds Malecki. However, she also concedes that when it comes to offshore numbered accounts, "it does seem that banking secrecy is eroding.
Slowly, but surely, banks are releasing information for governmental investigations. But as the investor and author Doug Casey says, " it's a completely artificial crime. Furthermore, Casey says, "The war on drugs may be where 'money laundering' originated as a crime, but today it has a lot more to do with something infinitely more important to the state: Almost simultaneously with the recent jihad against tax dodgers, decentralized cryptocurrencies such as bitcoin arrived on the scene in early and now provide an outlet for personal wealth that is beyond restriction and confiscation.
The exchange rate for government fiat currencies may be volatile now, but as the market price eventually finds equilibrium and stabilizes, bitcoin will become an important store of value. Think of bitcoin as your own personal financial safe haven or offshore bank. Previously, you had to board a jet or hire an attorney to set up legal entities and open bank accounts in private banking jurisdictions like Liechtenstein, Luxembourg , the Cayman Islands or the Cook Islands.
Simply by leveraging the distributed bitcoin block chain , which records all transactions in the system and prevents double-spending without identifying the parties by name or location, individuals can protect their wealth from privacy violations and indiscriminate confiscation without leaving the keyboard.
This represents a powerful new development that the world has not seen before and it will have a profound impact on the global asset management industry specifically. Today's best tax havens combine a no-tax jurisdiction with extreme banking secrecy enshrined in law where bank employees could face imprisonment for disclosing bank customer details to third parties or parties outside of the bank.
Unsanctioned disclosure of bank account information in most tax havens is considered a criminal offense punishable by incarceration and monetary fines. Sanctioned disclosure usually requires a recognized court order and typically hinges on the distinction between legal tax avoidance and tax evasion. Offshore jurisdictions have been feeling the pressure for several years to remove that distinction and open the banking records regardless.
Ultimately, no jurisdiction will be exempt. On the complementary Organisation for Economic Co-operation and Development gray list , the tiny alpine principality of Liechtenstein has been amending tax laws in a move to anti-secrecy compliance.
He was also a member of the International Advertising Association Inc. He has developed several business publications like Express Computer in imparting information in development of modern technology. One of his initiatives, a North American edition of "The Indian Express", is a reflection of his commitment to disseminate information about India to the millions of Indians living abroad. In a country where most media, especially print is closely held, and does not believe in professional management, Mr Goenka has actively supported, nurtured and encouraged professionals not just in management but also in editorial.
He has created an atmosphere of freedom and independence for editorial teams of all Express publications. His only stipulation, be just, be free of bias, be dauntless in the spirit of the Express founder Ramnath Goenka and live up to the Express ethos of 'Journalism of Courage'.
It is his commitment to editorial independence that has made the Express Group the first choice of editorial professionals across the country. As a concerned citizen of India, Mr. Goenka has set up various Trusts to help the less privileged in some of India's most backward areas. His personal beliefs also found expression in the group publications which are always at the forefront in taking up socially relevant causes.