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On the Money Trail – Jan. 23

Source: Thu, 23 Jan 2014 17:07 GMT
Author: Stella Dawson
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Havens for U.S. tax dodgers ….

WASHINGTON – The Republican Party is expected to take a stand Friday against the U.S. anti-tax dodging law aimed at offshore accounts, arguing that it is an overly burdensome measure. The Foreign Account Tax Compliance Act, which requires foreign banks to report to U.S. authorities holdings by U.S. customers of $50,000 or more, was adopted as part of a global crackdown on tax evasion. The Republican National Committee, meeting to decide its mid-term elections platform, will consider opposing the law.

                                                 

Chinese puzzle ………

LONDON -  Corruption is one of the biggest threats to the long-term survival of the Communist Party in China, and President Xi Jinping has yet to prove his true commitment to fighting graft, The Financial Times said in an editorial. There are limits to how fast he can act without completely undermining the Communist Party, it noted. Meanwhile, western banks should make sure they are not fuelling corrupt practices by laundering the proceeds into offshore accounts, it said.

 

The United States of Corruption …..

WASHINGTON - Virginia grabbed the headlines this week when former Gov. Bob McDonnell faced charges of accepting illegal gifts from a major campaign contributor.  The state is not alone in such corrupt behavior, according to the Center for Public Integrity. It tracked 330 separate ethics, transparency and accountability metrics and gave Virginia a failing, or F grade, along with Georgia, South Carolina, Maine, Michigan, South Dakota and Wyoming.

 

Jobs and graft ……..

NEW YORK – Is there a link between corruption and unemployment, Forbes magazine asks?  Taking a look at the jobless rates in the 21 most corrupt countries in the world as measured by Transparency International’s Corruptions Perception Index and plotting them against their employment figures reveals a possible link.  Nineteen countries had jobless data and of those, 13 had unemployment rates above 10 percent. If those in power abscond with much of a country’s wealth, there is less left to help the needy, it said.

 

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