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10 years ago today: US Treasury Secretary finds offshore tax cheating amusing
July 19th, 2011
Ten years ago today, the New York Times reported the words of U.S. Treasury Secretary Paul O'Neill who, in testimony:
"dismissed as meaningless a document, based on government data, presented by the senator, Carl Levin, a Michigan Democrat, indicating that fewer than 6,000 of more than 1.1 million offshore accounts and businesses were properly disclosed and therefore legal. Pressed by Senator Levin about whether the disparity between reported offshore accounts and their actual numbers was significant, Mr. O'Neill replied: ''I find it amusing.''
The scale of it was startling, even then:
"His testimony, to the...
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U.S. Treasury Exposes Continued Efforts by Iran to Avoid Sanctions Against its Shipping Line
October 27th, 2010
WASHINGTON – The U.S. Department of the Treasury today announced the designation of 37 front companies based in Germany, Malta, and Cyprus and five Iranian individuals for being owned or controlled by, or acting for or on behalf of, the Islamic Republic of Iran Shipping Lines (IRISL) and its affiliates. Today's action, taken pursuant to Executive Order (E.O.) 13382, targets IRISL's complex network of shipping and holding companies and executives and further exposes Iran's use of its national maritime carrier to advance its illicit weapons of mass destruction (WMD) program and to carry military cargoes.
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Banks don’t want to talk about tax evasion? Whatever next?
August 26th, 2010
The FT reports:
The US Treasury is close to issuing rules to force banks worldwide to hand over up to 5m Americans’ account details in an assault on tax evasion that financial institutions say is unworkable. Tens of thousands of banks, fund managers, insurers and hedge funds face having to give the names of US clients with at least $50,000 of assets to the Internal Revenue Service under the Foreign Account Tax Compliance Act, passed in March.
Institutions are stepping up lobbying ahead of guidance from the US Treasury on implementation of the law....
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