Business

Forget Switzerland, this powerful country became the ‘Jannat’ of Black Money

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Black Money

Highlights

  • The stain of Switzerland, which was infamous for hiding black money, is now going to be washed away.
  • Not Switzerland, but America is the safest place for black money hiders in the world
  • Kuber, who earns black money, is fast turning to America

Black Money Haven , The stain of Switzerland, which was infamous for hiding black money around the world, is now going to be washed away. The latest report has surfaced. Now it is not Switzerland, but America has become the safest place in the world for black money hiders. In the last few years, due to the activism of countries other than the Modi government, countries like Switzerland agreed to share information about black money. In such a situation, Kuber, who earns black money, is rapidly turning towards America.

According to a report by advisory group Tax Justice Network (TJN), the world has seen an increase in financial security by almost a third since 2020 in the US after the Corona crisis. According to this, there is no better financial and legal help in hiding the ownership of property than in America. Let us tell you that TJN has been releasing the ranking of different countries for hiding black money since 2009. In the latest ranking, it has placed America at the top position. Some people have started calling it (America) the new Switzerland.

‘Ram beside the knife in the mouth’

Under the leadership of America, the five richest countries of the world, Britain, Japan, Germany and Italy have been opposing financial secrecy. But these countries are responsible for stopping more than half of global progress. For many years, America itself has been scolding other countries by saying that those countries are helping Americans hide black money. But now America itself is emerging as the leading tax and secrecy haven for wealthy foreigners.

These parts of America became tax havens

America is transforming itself into a new hot market for black money. From lawyers in London to Swiss trust companies, everyone is involved in the act and helping wealthy people around the world transfer their accounts from the Bahamas and the British Virgin Islands to places like Nevada, Wyoming and South Jakota.

The popularity of Switzerland and the Cayman Islands plummeted

Switzerland’s position has now slipped to the second position in this ranking. Here the facility of financial secrecy is half as compared to America. The Cayman Islands, which once used to be in the first place, have now come down to the 14th place. The reason for this is the decline in the level of financial services.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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