I agree. Most of the people who use offshore banks are not even Americans or Western Europeans. They are people who run businesses in the developing world or are trying to get around stupid rules.
I lived in the BVI in the mid 90s and most of the companies registered there at that time were Taiwanese companies investing in mainland China. A stupid law wouldn't allow them to invest directly. Thanks to BVI the Taiwanese tech industry were able to start the Chinese tech manufacturing boom.
Much of the world in the past 100 years has had bank runs, currency devaluations, genocides and all sorts of other idiocy primarily caused by bad governments. Offshore banks and companies provide ways for people in those countries to maintain some level of security.
Yes in between those million offshore accounts there may be the accounts of a Papa Doc or an Idi Amin. But witch hunting people using offshore only does more damage to people who are already victims of those said bad governments.
The drug connection is also over hyped. Real money launders only use banks for connections between their "legal" businesses. The money laundering doesn't happen in the banks but in the fake "legal" businesses they set up.
For the past 100 or so years the offshore industry, be it in Switzerland, Miami, London or Cayman Islands have been important parts of making the world financial systems less fragile.
I lived in the BVI in the mid 90s and most of the companies registered there at that time were Taiwanese companies investing in mainland China. A stupid law wouldn't allow them to invest directly. Thanks to BVI the Taiwanese tech industry were able to start the Chinese tech manufacturing boom.
Much of the world in the past 100 years has had bank runs, currency devaluations, genocides and all sorts of other idiocy primarily caused by bad governments. Offshore banks and companies provide ways for people in those countries to maintain some level of security.
Yes in between those million offshore accounts there may be the accounts of a Papa Doc or an Idi Amin. But witch hunting people using offshore only does more damage to people who are already victims of those said bad governments.
The drug connection is also over hyped. Real money launders only use banks for connections between their "legal" businesses. The money laundering doesn't happen in the banks but in the fake "legal" businesses they set up.
For the past 100 or so years the offshore industry, be it in Switzerland, Miami, London or Cayman Islands have been important parts of making the world financial systems less fragile.