LONDON -- In the latest development in the global crackdown on tax havens, two of the world's biggest offshore financial jurisdictions were scheduled on Thursday, to sign their 12th Tax Information Exchange Agreements (TIEA), officially taking them off the "grey list" of offshore tax havens put together by the Organization for Economic Cooperation and Development.
Richard Murphy has pointed out this must-see video which shares one of the many dark sides of offshore banking - but in a humorous fashion.
As Richard said, "It’s probably not going to win any musical awards, but the sentiment is sound, and wholly justified."
A personal experience from the Isle of Man: "I deposited my life savings with Kaupthing Isle of Man which promised me that my money was safe in its hands. Then on 8 Ocotber 2008 it closed its doors! Now I have been reduced to near poverty. I can't claim social security because I have a half share in a house but I can't sell my half share. Banks on the IoM want your money and tell you anything to get it, but if they go belly up you are sunk! So, my advice to everyone is 'don't bank on...
