It is sad that so many actually drink the Koolaid. The US is wonderful at being the world police while having the biggest number of dummy corporations and being the top or close top the worlds biggest money laundering nation. Whenever a finger is pointed that way politicians quickly put other countries to under the microscope. The only thing that ever happened here is that as a tax neutral country (but one where we pay duty instead) some opened bank accounts. Those days have been gone for a very long time. Stopped the criminals from opening bank accounts years ago most of whom were American trying evade their income tax including some of the same politicians who still point the finger. I don’t think many Mexicans had the same need. The comments are totally insulting and wrong.
I seem to have touched a nerve. I wasn't picking on the Cayman Islands; I could have said Switzerland, Panama, Hong Kong, Singapore, USA, Lebanon, Luxembourg, Germany, Britain, or Dubai. All of these countries are used as tax havens and/or places for corrupt officials to hide money. However, "with banking assets worth $1.4 trillion in June 2014, and hosting over 11,000 mutual and other funds with a net asset value of $2.1 trillion, the Cayman Islands makes the list, too. It has 200 banks, over 140 trust companies and over 95,000 registered companies. It is by far the world’s leading domicile for hedge funds, and the second leading domicile for captive insurance companies. Financial services account for well over half of its gross domestic product. Cayman retains many secrecy features—not least a law that can put people in jail not just for revealing confidential information, but merely for asking for it."
To be fair, "the United States is more of a cause for concern than any other individual country, according to the Financial Secrecy Index, because of both the size of its offshore sector, and also its rather wayward attitude to international cooperation and reform. The U.S. provides a wide array of secrecy and tax-free facilities for non-residents, both at a federal level and at the level of individual states. Though the U.S. has been a pioneer in defending itself from foreign secrecy jurisdictions, aggressively taking on the Swiss banking establishment and setting up its technically quite strong Foreign Account Tax Compliance Act (FATCA), it provides little information in return to other countries, making it a formidable, harmful and irresponsible secrecy jurisdiction at both the federal and state levels."
Pax?