In the FT, Vanessa Houlder reports about the tax evasion business. The new regulatory environment has led to portfolio adjustments and new types of behavior, and it exposes vast differences in enforcement across countries:
- Diamonds in vaults rather than financial assets.
- Trusts in South Dakota rather than anonymous bank accounts.
- Moving to a different country rather than just shifting assets.
- FATCA versus the Common Reporting Standard.
The article also links to an article by Kara Scannell and Vanessa Houlder earlier in the year entitled “US tax havens: The new Switzerland.” That article includes the following quotes:
I think the US is already the world’s largest offshore centre. It has done a real good job disabling competition from Swiss banks.
In a world where it’s very hard to hide ownership or hide assets sometimes the easiest place [is one] no one would normally think of, which is the US.