HOW DOES Panama stack up in the money laundering stakes? According to a speaker at the recent STEP (Society of Trust and Estate Planners) Conference, in the Bahama’s, the UK leads the field by a nose with the, United States, Canada, and Australia,the front runners, jockeying for position. Iran, N. Korea and Syria are among the also rans.
Panama, The Bahamas The Cayman Islands, were left at the starting gate, but remain popular targets of a new form of Colonization via the OECD, with threats of sanctions from big players in the Group of Seven. The Financial Action Task Force on Money Laundering) (FATF), also known by its French name, Groupe d’action financière(GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7 which lays down the law to indpendent counties, who become financial colonies held down not by guns and warships, but the threat of sanctions Meanwhile, smaller players like Panama, discover that by the time they implement the new rules,the bureaucy at the Paris headquarters of FATF, has changed them.
The U.S. plays its own colonization role by targeting its citizens through FATCA( Foreign Account Tax Compliance Act ) a United States statute that requires United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and forcing foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations and to recoup federal tax revenues. But, if you want to set up a shell company with virtually no questions asked, go to Delaware.