US state tops secrecy table- Delaware named as world's most secret financial location

[Orwellian_Ghost]

Obama faces criticism as US state tops secrecy table

Delaware named as world's most secret financial location

* Nick Mathiason
* The Observer, Sunday 1 November 2009


Delaware in the US is officially the world's most secret financial location. The finding will embarrass President Barack Obama as the Stop Tax Haven Abuse Bill he supports comes before Congress this week.

In the first ever detailed ranking of 60 of the world's financial hubs, published today, Delaware was found wanting in 11 out of 12 secrecy indicators. London was also ranked in the top five most secretive jurisdictions.

The east coast state of Delaware, home to half of all America's quoted companies, fails to place on public record details of trusts, company accounts and, crucially, the identity of beneficial owners – the people who receive the profits. It also allows companies to relocate to other countries, leaving minimal trace.

The opaque nature of Delaware is seen as America's weak link in its fight against tax evasion, the financing of terrorism and drug money laundering. Both the FBI and the Financial Action Task Force, the high-level international body set up to combat money laundering and terrorist finance, have repeatedly expressed concern at the way some US companies use the state as a base from which to operate under their radar.

...

http://www.guardian.co.uk/business/2009/nov/01/delaware-first-choice-tax-haven

[Hannah Bell]

1. delaware: it's not a state, it's a fiefdom.

[BrklynLiberal]

2. Wow! They out-secret Switzerland!!!???

[jberryhill]

4. It depends on what one chooses as "indicators"

Can the fed get information on bank deposits? Yes.

Is corporate officer information readily available? No.

Banks in Switzerland are held by numbers, period, and the government can't go poking around in bank records.

It's hard to out-secret that.

[rucky]

3. Maybe so, but the skiing is lousy in Delaware.

and the beaches aren't as nice as the Caymans

[Lance_Boyle]

5. This should embarass Biden far more than Obama

but then I'm pretty sure Biden is *proud* of the "business friendly" laws in Delaware.

[ddeclue]

6. Delaware - the other Switzerland...

no lederhosen or yodeling though..

:eyes:

[dixiegrrrrl]

7. Biden, isn't he from Delaware?

And if the insurance industry gets its way on inter-state policy rules, they will, if they have not already,
headquarter in Delaware to avoid oversight.
Not that there is much oversight allowed now, thanks to Bush's Congress.

[Orrex]

8. Here's more on the international repercussions

The President of Brazil is receiving his daily briefing, including a dim outlook for the country's technology sector. The president is eager to address the matter so that it doesn't become a drag on Brazil's economy.

"We need a tax haven for our computer industry," says President da Silva, "before too many companies hear about it."

"Delaware?" suggests the Vice-President.

"I don't know," the President reflects, "but Apple probably is."

I'M GOING TO KEEP POSTING THIS JOKE UNTIL IT'S FUNNY, DAMMIT!

[maryf]

9. K&R

had to be some reason they chose Biden...