The shite is about to hit the fan re secert banking, tax havens, tax evasion and money laundering

[malaise]

http://www.guardian.co.uk/world/2013/apr/11/austria-finance-minister-uk-tax
<snip>
Austria has attacked the UK as "the island of the blessed for tax evasion and money laundering".

The country's finance minister, Maria Fekter, has come under intense pressure to put an end to Austria's long-held tradition of allowing foreigners to bank secretly, but on Thursday attempted to deflect attention towards the UK.

Fekter, a member of Austria's governing coalition, said the European Union cannot force Austria to reform its controversial banking secrecy laws without also forcing the UK to crack down on tax havens in its jurisdiction.

"We want a trust registry for the Channel Islands, but also for countries where British law applies such as the Cayman Islands, Virgin Islands or Gibraltar," she said in an interview with Austria's Kurier newspaper. "These are all areas that are havens for tax refugees."

[Octafish]

1. Danke, Frau Fekter! Confiscate what's stolen and tax what's hidden offshore!

On My Mind

Tax Offshore Wealth Sitting In First World Banks

James S. Henry
07.01.10, 09:00 AM EDT
Forbes Magazine dated July 19, 2010

Let's tax offshore private wealth.

How can we get the world's wealthiest scoundrels--arms dealers, dictators, drug barons, tax evaders--to help us pay for the soaring costs of deficits, disaster relief, climate change and development? Simple: Levy a modest withholding tax on untaxed private offshore loot.

Many aboveground economies around the world are struggling, but the economic underground is booming. By my estimate, there is $15 trillion to $20 trillion in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed.

Much offshore wealth derives from capital flight and the proceeds of past and present tax evasion. Another source is crime. At least a third comes from developing countries--more than their outstanding net foreign debt.

This wealth is concentrated. Nearly half of it is owned by 91,000 people--0.001% of the world's population. Ninety-five percent is owned by the planet's wealthiest 10 million people.

Let's tax it. The pile of offshore anonymous loot is now large enough so that even a very modest 0.5% wealth tax would yield at least $75 billion a year.

SNIP...

Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks. As of September 2009 these banks accounted for $10.8 trillion of offshore assets--72% of the industry's total. The busiest 10 of them manage 40%.

CONTINUED....

http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html

PS: Thanks for the heads-up on Frau Fekter, malaise! Keep the momentum up and, who knows?, the crooks might get their permanent vacation in Sing-Sing.

[malaise]

2. One of these days the walls will come tumbling down

and they may face worse than prison

[russspeakeasy]

3. We can dream.

[Octafish]

4. ''My administration is the only thing between you and the pitchforks.''

http://abcnews.go.com/blogs/politics/2009/04/obama-to-banker/

Personally, I'd side with the crowd. Not because I'm a Democrat, but because, in this case, they are in the right.

[malaise]

5. Obama the wall

We'll see.

[redqueen]

6. The sooner the better. Seize it all. nt

[snagglepuss]

7. What anbriiliant move though the 1% scum are probably furious with Fekter

for taking this route as it simoply tightens the noose.

[malaise]

8. Indeed - cracks are appearing in the wall

everywhere

[G_j]

9. it's almost exciting to watch

if that's the right word..

Would love to see a sea change..

[malaise]

10. Which crook will bend first

It is exciting.

[badtoworse]

11. Sorry to shit in the punch bowl, but...

it's more likely the 1% are laughing about this. What incentive would the Caymans or the BVI's have to change their banking laws? Short of invading and establishing a puppet government, what leverage would Austria or any other country have to force them to do it?

[snagglepuss]

12. The UK has control over both these territories. They are not independent countries.

[badtoworse]

15. I stand corrected

[Initech]

13. I really want to see the wealth hoarders get their just deserts.

[malaise]

14. I can't wait

Time is longer than rope

[woo me with science]

18. +100000

[onethatcares]

16. the number 15 to 20 Trillion dollars

cannot be visualized by this serf, while my income has stayed the same for 5 years and it's not at the $1000.00 a week standard either.

But the good news is, I get a IRS tax refund this year, $240.00 American fiat, the first in 25 years because I had a 16 seer heat pump installed that only cost me $4600.00. Life is good.

[malaise]

17. You're just a happy human being

We've had so many wage freezes that we think we live in the Arctic - our salaries have been reduced big time as a result of devaluations.