Africa and Central Asia replacing Switzerland as offshore tax evasion havens

Recently Switzerland and Singapore agreed to share tax information about American tax evaders. On May 6, 34 members of the Organization for Economic Cooperation and Development (OECD) and 13 other nations signed an agreement on gathering tax-related information from financial institutions and will exchange it every year.

This means that for those trying to evade taxes, nations like Switzerland and Singapore will not longer allow them to hide behind secrecy laws.

However, certain countries in Central Asia and Africa will not abide by such agreements and some experts feel that tax evaders will shift their moneys to banks in those nations in order to keep from paying the tax man. This may include major international corporations.

Stay tuned.

Jeff Newman represents whistleblowers including IRS whistleblowers