Financial Transparency Coalition

Significant Number of Offshore Asset Cases to be Done by End of Year, IRS Officials Say | US Law Watch | BNA International.

As US Law Watch reports:

The Internal Revenue Service has assigned cases to agents for nearly all of the 15,000 taxpayers who came in under the special program to allow voluntary disclosures of offshore assets that ended last October, and expects a significant number of cases to be closed by the end of the calendar year, senior IRS officials said May 8.

As ever, you can be sure that’s the tip of the iceberg.

And as ever it proves these things.

First, offshore tax evasion is as serious as I and others claim it to be.

Second, it can only take place because vast numbers of people in secrecy jurisdictions turn a blind eye to it, very deliberately and very knowingly.

Third, more action is needed to tackle it.

Fourth, the case for more transparency is made, yet again.

Fifth, automatic information exchange  is essential.

But still the lawyers, accountants and bankers argue for secrecy.

Could it be that’s because they’re making money from this illegality?