According to the Financial Secrecy Index, America ranked #5 in 2011 in banking secrecy, trailing only after Switzerland, the Cayman Islands, Luxembourg and Hong Kong. It was only a financial secrecy leader in terms of its global scale weight of 0.208.
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To solve this problem and become the world’s largest and most secret tax haven, America created FATCA to destroy its competition, forcing other countries to provide America with financial data while rejecting reciprocity. With America pushing Switzerland, the Cayman Islands, Luxembourg and Hong Kong to drop down the ranks in financial secrecy, will America finally succeed in achieving its goal of becoming the world’s largest and most secret tax haven at the expense of innocent Americans abroad whom it harmed in the process?
Not only is America becoming the largest, most secret tax haven in the world, but it is also the only nation in the world, along with the dictatorship of Eritrea, which robs money from the coffers of other nations through citizenship-based taxation. Were the G-20 to expel all major providers of financial secrecy, it would not only become more legitimate, but also significantly smaller (a G-15?), without the American tax haven.
As the world’s most secret and largest tax haven, America will lead in creating a criminogenic environment for a litany of evils that hurt the citizens of rich and poor countries alike through fraud, evasion and avoidance of financial regulations, insider dealing, embezzlement, wholesale bribery, non-payment of alimony, money laundering, tax evasion and much more besides.