US thus becomes a haven for the corrupt money

The 'black box' of Washington 

US thus becomes a haven for the corrupt money

• By  Sputnik ,  mundo.sputniknews.com
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USA took second place in the ranking of the world's biggest tax havens, the report published by the Tax Justice Network company. Find out how the North American country has become the perfect destination to launder black money.

To rank the countries, the report's authors, called Financial Secrecy Index, turned their attention to two main factors: the volume of hidden capital and the level of financial confidentiality.

"It is the US dollar real deception and not the bitcoin"

"The US provides for non-residents a wide range of secrecy and facilities. They can avoid paying taxes at the federal level and state level. 

Many of these facilities at the federal level were originally conceived under tolerance of the authorities or approval , " They note the authors of the  report .

Currently, the US is a jurisdiction of extreme concern for global transparency initiatives, says the analysis. 

Rather than agree and comply with the Common Communication Standard -the approved automatic exchange of financial information between different States- model, the US is acting in line with the standards prescribed by the Law on Foreign Account Tax Compliance (FATCA, by its acronym in English).

The separate approach Washington poses a risk to international efforts to combat tax evasion, money laundering and other financial crimes.

Read more: US Tax reform and corruption impact on the economy of Mexico

"The US financial confidentiality insured has caused much harm ordinary citizens of other states, whose elites have used the North American country as a hole where they could hide their stolen wealth" continues the report.

Deployed in Europe the fight against financial crime contributed to its producers and businessmen marched to places where this is not fought, says Dmitri Abzalov, president of the Center for Strategic Communications (Russia).

"If an entrepreneur can choose, will choose to act without risks of expropriation of property or be accused of committing tax evasion," said Abzalov.

© REUTERS / Carlos Barria

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The US Congress approved in December 2017 tax reform proposed by President Donald Trump, providing dramatically reduce income tax entities.

According to calculations by the US administration, the implementation of this measure will return to the country about 4 trillion dollars have been lost in tax havens. At the same time, Washington does not want to change the tax regime in their areas offshore.

"The dream of any entrepreneur is to open an office in the US. This logic works to monopolize the market operations offshore, which pushes different businesses to transfer their financial resources in the sole jurisdiction. 

Nevertheless, this logic does not prevent American politicians speak loudly about their fight against corruption and money laundering, "concludes Abzalov.

Read also:  The dollar global tyranny increasingly concerned

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