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problems which made them conducive to money laundering and harmful to the tax

The Bahamas

Cayman Islands

Dominica

Israel

competition:

Liechtenstein

Marshall Islands

Russia

St. Kitts and Nevis

This resulted in the July 200 blacklisting of The Bahamas and other similar jurisdictions

by the OECD and The United States Department of the Treasury Financial Crimes

Enforcement Network which issued an advisory warning banks and financial services

institutions of the deficiencies in the system.124

This clearly offensive and erroneous act by the Treasury Department and the OECD was

sharply criticized by US House Majority Leader Republican Dick Armey as financial

protectionism. Mr. Armey has pledged his disapproval of the OECD report and the tactics

that are being used to force small nations into compliance of the OECD’s

recommendations. He stated:125

“If the OECD succeeds, our nation will face higher taxes and a weakened economy

while developing nations will be hamstrung in their attempts to promote economic

growth. This competition between nations forces fiscal responsibility and lower taxes

which in turn promotes economic growth. The OECD is trying to impose its will on

nations that are not even members, calling for draconian sanctions against so-called tax

124 Advisory Issue number 13 dated July 2000 Subject: Transactions Involving The Bahamas issued by the United States Department of The Treasury Financial Crimes Enforcement Network

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