This Is One Area America Never Wanted To Take First Place In
(ConservativeHub.com) – A report from the Tax Justice Network placed the United States at the top of the list of countries where hiding money is easy. The Financial Secrecy Index shows how easy a country makes it to allow people to conceal money. The US ranked above Switzerland, Singapore, and the Cayman Islands, which are infamous tax havens.
According to the report, financial secrecy allows rampant money laundering and tax abuse. Governments ranking high on the list typically lack proper legislation to fight against dirty money and illegal economic activities.
Countries at the top of the Corruption Perceptions Index 2021, may enjoy a less corrupt public sector, but they have a lot of work to do so they don't contribute to hide the dirty money of the corrupt.
Full index by @TaxJusticeNet ➡️ https://t.co/Zy6K4VTlgu#FSI2022 #CPI2021 pic.twitter.com/h0GPDFhNUQ
— Transparency International (@anticorruption) May 17, 2022
According to CBS News, the US topped this list for the first time. In creating the rankings, the organization considered laws impacting criminals’ ability to move and hide funds. The US ranked so high because the Treasury Department lacks a budget supporting law enforcement.
Currently, the US Treasury has prioritized finding Russian oligarchs’ hidden finances in compliance with sanctions against Russia related to the Ukraine-Russia conflict. Lawmakers also passed the Corporate Transparency Act in December 2020. This bill makes it easier to crack down on shell companies.
Despite these new measures, the Treasury Department doesn’t have the funds to enforce them properly. The Financial Crimes Enforcement Network lacks enough staff, tools, and money to conduct proper investigations. Until there is a budget fix, the US could remain a place for financial criminals to do their dirty deeds.
Copyright 2022, ConservativeHub.com