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Title: 51 countries declare banking secrecy ‘obsolete’, sign pact in Berlin
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Published: Oct 31, 2014
Author: staff
Post Date: 2014-10-31 08:58:29 by Tatarewicz
Keywords: None
Views: 156
Comments: 6
RT... Finance ministers from over 51 countries signed an agreement in a step closer to ending the dark financial underworld of tax-evasion and money-laundering. Another 30 countries pledged to join by 2018. The deal is called the Multilateral Competent Authority Agreement and will look to build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions. The two-day summit was organized by the Organization for Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes. It was hosted by German Finance Minister Wolfgang Schauble and held in Berlin. "Banking secrecy, in its old form, is obsolete," German Finance Minister Wolfgang Schaeuble said in an interview in Bild on Wednesday. The practice is "no longer appropriate at a time when people can transfer their money all over the world at the press of a button via the internet," said Schaeuble. Germany is a staunch opponent of Bank secrecy by geography. On its southern border lie historically secretive Austria and Switzerland, and on the western frontier is Luxembourg, also known for its tight-lipped financial institutions. Members like the Cayman Islands, the Virgin Islands and Liechtenstein – all notorious for being tax havens, signed the agreements. Asset hideouts like Austria, Switzerland, and the Bahamas didn’t sign the agreement itself, but promised to join the initiative by 2018. The new American anti-secrecy measure, FATCA, added a sense of urgency to the debate. FATCA legislation, signed into law in 2010 and enacted on July 1, 2014, requires overseas financial institutions to identify their American customers to the IRS. The law applies to any account with more than $50,000.
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#1. To: Tatarewicz (#0)
16 And he causeth all, the small and the great, and the rich and the poor, and the free and the bond, that there be given them a mark on their right hand, or upon their forehead; 17 and that no man should be able to buy or to sell, save he that hath the mark, even the name of the beast or the number of his name.
A thermonuclear device should have been detonated right above Berlin on this auspicious occasion. It's a "new" city, anyway, there's nothing left that's worth saving from a cultural heritage viewpoint.
#2. To: Tatarewicz (#0)
The two-day summit was organized by the Organization for Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes. It was hosted by German Finance Minister Wolfgang Schauble and held in Berlin.
-Alex Kurtagic
#3. To: All (#0)
The truth of the matter is that they keep tabs on all foreign accounts with 10k in them. Not 50.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your counsel nor your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen.”—Samuel Adams 
#4. To: Tatarewicz (#0)
Didn't know the IRS or our government had any jurisdiction to tell foreign countries what they could and couldn't do. All those countries will probably go along with that plan but there is nothing that says they have to. FATCA legislation, signed into law in 2010 and enacted on July 1, 2014, requires overseas financial institutions to identify their American customers to the IRS. The law applies to any account with more than $50,000.
Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends. Paul Craig Roberts
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." Frederic Bastiat
#5. To: X-15 (#2)
+1. That's probably the only way for the Germans to rid themselves of that yiddish influence.
#6. To: James Deffenbach (#4)
US just hassles a bank of a foreign country that doesn't cooperate. Didn't know the IRS or our government had any jurisdiction to tell foreign countries
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