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View Diary: Leak of Identities & Emails of Rich Hiding *$32 Trillion* Offshore (240 comments)

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  •  The fact it's offshore (1+ / 0-)
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    does not mean it is hidden. It is significantly harder to hide money in offshore accounts since 9/11, since there has been a big effort to cut off the money flow to terrorist (or suspected terrorist) organizations and that has meant much greater scrutiny and tighter regulation of money transfers. And a lot of former secret money havens have become less hospitable to tax evaders. In 2009 UBS (Union Bank of Switzerland) settled with the U.S. Justice Department over money-laundering charges and agreed to give up a list of 19,000 account holders. So just opening up a foreign account and stashing money there does not automatically give you secrecy or tax avoidance.

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