Forbes has a good article on this today. I admit I recognise quite a lot of what is said. What is interesting is that Forbes says:
What of the full-trained accountants, lawyers and bankers who live and work in these havens and allow such funds to be passed through? In many cases they simply don't ask the right questions. In others, as U.S. Senator Carl Levin described it his introduction to the "Stop the Tax Haven Act" in Feb. 2007, their eyes simply "glaze over" at the complexity of it all.
Fortunately, complexity can be picked apart, and renewed political support from the likes of Germany's Chancellor Angela Merkel and Senator Levin, along with new research from lobbyists and organizations like the OECD, may manage to put a chink in the armor of ever-secretive Liechtenstein over the coming weeks.
Good to have such comment under their editorial banner. The times, they are a-changing.
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It’s reported that Liechtenstein has supposedly made a gesture in response to the tax scandal probe, and has introduced legislation last week that establishes a legal difference between charitable foundations and those set up for private purposes. i.e. offering to exchange info on private foundations but not “save the Panda bear” foundations. Obviously Panda bears need privacy!… and you want to bet that every family foundation will henceforth be converted to a charitable cause.
http://www.bloomberg.com/apps/news?pid=20601100&sid=aAXNHqJYrxdc&refer=germany