In support of tax havens

Or, as Richard would put it, secrecy jurisdictions.

The Swiss have laws that make it a crime for a Swiss bank employee to divulge bank details. This is not a wicked scheme to get the world\’s dirty money but dates from 1934, when German Jews fleeing the Nazis wanted to get their money out as well as their families. Berlin demanded that the Swiss reveal which German citizens were putting their money into Swiss banks. The Swiss quickly passed a law to help Jews which, once adopted, opened the way to anyone else to keep money safely there. Some of it, subsequently, has been bad money, but much has been cash from people frightened of the politics of their country.

If as and when the maniacs take control of the country, what can you do to protect what is yours? Only if there are places out of control of said maniacs can you in fact do anything.

It\’s a very strong argument in favour of competing jurisdictions, ones that do not in fact share all of their information. It\’s just slightly odd to see this argument come from Dennis MacShane, but stopped clocks and all that.

5 comments on “In support of tax havens

  1. The Swiss have laws that make it a crime for a Swiss bank employee to divulge bank details.

    I am surprised that its not a crime everywhere. The idea that someone should be able to divulge private information, (in the absence of a valid court order) is amazing.

  2. Despite Macshane’s talk of money openness he manages to conclude the article without once telling us how much he has and how much he has trousered being an MP.

    He says “Our sexuality, faiths, passions, illnesses, relationships, ownership of homes and cars have lost the aura of secrecy in which they were once shrouded.” like it is a good thing. Yet people are still attacked for their sexuality, faith, interests and relationships. Private property still gets damaged out of jealousy and spite. This leads a fair few to keep such matters as close to their chest as possible.

  3. Luckily for me, the government isn’t that interested in my debt – however – if I had money, it would already be in a Swiss Vault!

  4. The Swiss banks/holocaust story is a complete myth. You should have read the comments to the MacShane article. McShane is also totally wrong to suggest that we know who owns UK land – as I’m sure you know, the Land Registry is barely 50% complete.

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