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Banks and even entire jurisdictions are feverishly responding to increased government scrutiny from the world's monetary power centers in the name of exposing political corruption, combating terrorism, and preventing tax evasion. Full financial transparency is the new mantra and it's being invoked in the name of social justice.
Inside the Global Offshore Money Maze," a report that focuses on "exposing hidden dealings of politicians, con men and the mega-rich. But why are private individuals lumped together with politicians who choose to be public figures representing the interests of their constituencies? Should private individuals and political figures be treated in the same manner regarding financial privacy?
Attorney Jenice Malecki of Malecki Law told me: When you become a political figure, you agree to give up some of your privacy rights. You also need to be more transparent, so people know who you really are, whether they should believe what you say. Politicians who do not voluntarily submit to monitoring of their bitcoin money adder 2013 nfl draft activities will not be trusted. They have not agreed to give up their privacy," adds Malecki.
However, she also concedes that when it comes to offshore numbered accounts, "it does seem that banking secrecy is eroding. Slowly, but surely, banks are releasing information for governmental investigations. But as the investor and author Doug Casey says, " it's a completely artificial crime. Furthermore, Casey says, "The war on drugs may be where 'money laundering' originated as a crime, but today it has a lot more to do with something infinitely more important to the state: Almost simultaneously with the recent jihad against tax dodgers, decentralized cryptocurrencies such as bitcoin arrived on the scene in early and now provide an outlet for personal wealth that is beyond restriction and confiscation.
The exchange rate for government fiat currencies may be volatile now, but as the market price eventually finds equilibrium and stabilizes, bitcoin will become an important store of value. Think of bitcoin as your own personal financial safe haven or offshore bank. Previously, you had to board a jet or hire an attorney to set up legal entities and open bank accounts in private banking jurisdictions like Liechtenstein, Luxembourgthe Cayman Islands or the Cook Islands.
Simply by leveraging the distributed bitcoin block chainwhich records all transactions in the system and prevents double-spending without identifying the parties by name or location, individuals can protect their wealth from privacy violations and indiscriminate confiscation without leaving the keyboard.
This represents a powerful new bitcoin money adder 2013 nfl draft that the world has not bitcoin money adder 2013 nfl draft before and it will have a profound impact on the global asset management industry specifically. Today's best tax havens combine a no-tax jurisdiction with extreme banking secrecy enshrined in law where bank employees could face imprisonment for disclosing bank customer details to third parties or bitcoin money adder 2013 nfl draft outside of the bank.
Unsanctioned disclosure of bank account information in most tax havens is considered a criminal offense punishable by incarceration and monetary fines. Sanctioned disclosure usually requires a recognized court order and typically hinges on the distinction between legal tax avoidance and tax evasion. Offshore jurisdictions have been feeling the pressure for several years to remove that distinction and open the banking records regardless.
Ultimately, no jurisdiction will be exempt. On the complementary Bitcoin money adder 2013 nfl draft for Economic Co-operation and Development gray listthe tiny alpine principality of Liechtenstein has been bitcoin money adder 2013 nfl draft tax laws in a move to anti-secrecy compliance. Future regulatory and confiscatory attacks on safe havens and banking secrecy will become irrelevant, because bitcoin provides for a personal "offshore center" under direct and sole control of the individual.
However, Malecki cautions, "If [the] bitcoin currency's respect and security grows, the governments will also find a way to keep on top of bitcoin monitoring and enforcement. Without that, there is bound to be abuse" by governments. Legitimacy is a politically charged term.
One person's legitimacy may be another person's aggressive and unjustifiable overreach. Also, what a certain government sees as legitimate may be viewed in other parts of the world as a violation of fundamental human rights.
This is clearest in authoritarian regimes that impoverish and imprison their political opponents for so-called crimes against the state. It all depends of who is performing the oversight. I am not quite sure how any political oversight could function effectively while still protecting the financial privacy rights of individuals. Thankfully, it doesn't matter anymore.
Jon Matonis is an e-money researcher and crypto economist focused on expanding the circulation of nonpolitical digital currencies.
Currently, he serves on the board of the Bitcoin Foundation. The bitcoin money adder 2013 nfl draft expressed are his own. Article Underwriting self-employed borrowers Freddie Mac helps lenders to better serve this expanding market segment. Partner Insights Sponsor Content From: Comment Start the Conversation, Login.
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