did someone muck with the backend here

Re: Hidden Wealth

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I recommend The Hidden Wealth of Nations. It's a quick read with all the deets of how the wealthy do this, and is very readable. I'd always wondered: if a rich person has their money in an offshores tax shelter, how do they access it where they live? He goes over your local multinational bank's one weird trick.


Posted by: dalriata | Link to this comment | 07-18-19 8:52 AM
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Oh, there's thisOECD thing which is relevant but I never got around to reading so don't know if meaningful. The Zucman book is short and easy to read, though honestly I don't remember much except the Swiss are dicks. Surprisingly. (h/t someone here, maybe dalriata.)


Posted by: Mossy Character | Link to this comment | 07-18-19 8:57 AM
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3

Guard capital.


Posted by: JP Stormcrow | Link to this comment | 07-18-19 9:50 AM
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4

This seems very appropriate for our zeitgeist these days. It relies on the Internet in novel ways, is very concerned about the ultra-rich, and is likely to amount to fuck-all.


Posted by: Cyrus | Link to this comment | 07-18-19 10:44 AM
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If you can figure out where secret money is, why not just try to steal it or extort some from the owner by threatening to out the money? Asking for a friend.


Posted by: Moby Hick | Link to this comment | 07-18-19 12:38 PM
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Because you aren't just extorting/robbing some rich person, you're going against UBS or Credit Suisse.


Posted by: dalriata | Link to this comment | 07-18-19 1:01 PM
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French capital.

"They want to know what exactly their money is being spent on and if they agree to it before they hand it over, and not just to pay employees' salaries," he said at the time.

Posted by: Minivet | Link to this comment | 07-18-19 1:54 PM
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7: I bet they are secretly negotiating for naming rights.


Posted by: peep | Link to this comment | 07-18-19 2:17 PM
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Mostly I find it surprisingly heartening that an XML schema is a top-tier item in a multinational agreement.


Posted by: Mossy Character | Link to this comment | 07-18-19 3:35 PM
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Back in 2013, the Automatic Exchange of Information (AEOI) was endorsed as the prevailing universal solution to fight cross-border tax evasion. In this regard, the OECD launched a global standard for the AEOI, the Common Reporting Standard (CRS). Currently, around 100 jurisdictions have committed to implement it into respective national laws by 2018. In this study, we analyze the impact of the CRS on cross-border tax evasion using a difference-in-difference research design. By considering a period of four years (2014-2017), results suggest that the CRS induced a reduction of 14% in cross-border deposits parked in offshore locations for tax evasion purposes. Moreover, such wealth and related income has not been repatriated but rather a new location to avoid domestic tax obligations has emerged. More specifically, upon the CRS implementation at domestic level, the United States (U.S.), i.e. the only major economy in the world, which so far did not commit to the CRS, seems to emerge as a potentially attractive location for cross-border tax evasion.


Posted by: Mossy Character | Link to this comment | 07-19-19 4:02 AM
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Job creation?


Posted by: Moby Hick | Link to this comment | 07-19-19 6:11 AM
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Law for thee but not for me.

The U.S. receives information relating to US citizens' accounts from many countries due to the compliance requirements of the FATCA. The United States, in many cases, will reciprocate by sharing banking data with countries for accounts which their citizens hold in the U.S., but not automatically as is required by the U.S.


Posted by: Mossy Character | Link to this comment | 07-19-19 8:53 AM
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