The Issue Of Offshore Banking

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This paper will examine the use offshore banks and rather the U.S. should have stricter regulation in relation to the use of these offshore accounts. Offshore financial centers have benefits such as high levels of privacy, investment returns and large tax benefits that domestic financial centers are incapable of. But offshore banks also helps criminals launder their money and gives individuals and companies what some would call unfair tax advantages. Introduction of Offshore Banking Controversy Social Problems of Offshore Banking Offshore banking has helped many people feel more secure but it has also been the cause of many worries. Offshore banking helps people feel more secure about their asset security and their retention of wealth…show more content…
Keeping the current regulations we have and added more regulations. Stakeholder groups that oppose stricter regulations to offshore banking have values globalization, free markets, privacy and asset security. Some stakeholder groups opposing stronger regulation are the U.S. National Foreign Trade Council (foreign trade association consisting of companies such as P&G, Visa, and ExxonMobil), the Big Four Accounting Firms(PWC, Deloitte, E&Y and KPMG), The International Financial Centers Forum (multi-jurisdiction forum including some of the top law and financial firms that in regions where offshore financial centers are based), U.S. Chamber of Commerce (largest business organization representing 3 million businesses in all sizes), U.S. Council for International Business (a international business group advocating American international business interests with board members from top level management from companies such as McGraw-Hill, AT&T and Microsoft) and Center for Freedom and Prosperity, (a lobbying group advocating the rights of privacy and low taxes). Stakeholder groups that wish to have more regulation have values such as tax justice, equality, international economic growth and national security. Some of stakeholder groups in favor of stricter regulation are the International Monetary Fund(International organization formed by the UN to ensure the stability of the international monetary
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