Concern is mounting as the US plans to declare war on offshore jurisdictions as a 'lazy catch-all' report is seeking to justify a possible financial offensive.
On 16 January, the US Government Accountability Office (GAO) issued a report investigating issues which impact the US government's finances, including previously 'blacklisted' offshore jurisdictions. The report was prepared at the request of senator Byron Dorgan and the chairman of the Senate's permanent subcommittee on investigation, senator Carl Levin. Along with president Barack Obama, Levin is one of the co-sponsors of the Stop Tax Haven Abuse Act (STHAA) and "no friend of the offshore financial community," according to Ed Shorrock, director of forensic and regulatory services at Ba...
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