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'Tax havens' to lobby Obama at Americas summit


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'Tax havens' to lobby Obama at Americas summit

PORT-OF-SPAIN, Trinidad - Leaders of so-called Caribbean tax haven countries said Friday they would ask President Barack Obama to oppose a planned crackdown on offshore tax evasion that they consider a threat to their financial services industries.

In many small countries that have struggled to diversify their economies, financial services have become an important growth engine, said Belize Prime Minister Dean Barrow, chairman of the 15-member Caribbean Community.

But a proposed U.S. law that would make it harder for Americans to keep money in such places, and similar efforts in Europe, have "exerted tremendous pressure" on offshore banks' and corporate registries' legal activities, Barrow said.

Well good for Obama, I say, for going after taxes on offshore money.

We have the same problem in Canada. Wealth distribution estimates are a joke.

But the offshore financiers are hurting.

I'll be interested to see how this works out.

Edited by tango
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