The Shift From Secrecy to Disclosure
In the recent past, it was not uncommon to include offshore banking services as part of an integrated asset protection plan. The offshore aspect was regarded as particularly attractive to individuals seeking greater privacy and confidentiality in their financial affairs, and the potential tax savings added to its appeal as well. But these protective practices of yesterday are no longer a guaranteed option in today's world. The element of confidentiality has been severely curtailed in most foreign banking transactions for important reasons. The growing threat of global terrorism, recent money laundering scandals, and controversy surrounding many of the popular offshore tax havens have made it all but impossible to avoid some level of discl...
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