Two million corporations and limited liability companies are formed every year in the US with no one knowing who the beneficial owners are.
“Right now, a person forming a US corporation or limited liability company provides less information to the state than is required to open a bank account or obtain a driver’s license,” Democratic Senator Carl Levin said last year.
Welcome to America’s dirty little secret: the states of Wyoming, Nevada and in particular Delaware, where financial disclosure requirements are minimal. Delaware has come under scrutiny from Swiss bankers, who argue it provides the same levels of secrecy as they do.
Washington insiders say that while there are problems with Delaware’s business disclosure laws, they are expected to be addressed soon. And they argue that, unlike Switzerland, Delaware does not have a history of touting for overseas business using its facility to avoid tax as a selling point.
But while Obama leads the fight to combat tax evasion in offshore centers, recent studies indicate he should be looking closer to home.
Jason Sharman, professor of the center for governance and public policy at Griffith University in Australia, tried to set up shell companies in 22 countries. Surprisingly, the easiest places to retain secrecy were the US and Britain.
Sharman attempted to set up anonymous shell companies 45 times. In 17 cases, the service providers provided the requested shell without bothering to check on the actual identity of the client. And it was not expensive: US$550 to US$1,900. Shockingly, seven shells were provided in Great Britain, four in the US, one in Spain and one in Canada.
A return to power for former US president Donald Trump would pose grave risks to Taiwan’s security, autonomy and the broader stability of the Indo-Pacific region. The stakes have never been higher as China aggressively escalates its pressure on Taiwan, deploying economic, military and psychological tactics aimed at subjugating the nation under Beijing’s control. The US has long acted as Taiwan’s foremost security partner, a bulwark against Chinese expansionism in the region. However, a second Trump presidency could upend decades of US commitments, introducing unpredictability that could embolden Beijing and severely compromise Taiwan’s position. While president, Trump’s foreign policy reflected a transactional
There appears to be a growing view among leaders and leading thinkers in Taiwan that their words and actions have no influence over how China approaches cross-Strait relations. According to this logic, China’s actions toward Taiwan are guided by China’s unwavering ambition to assert control over Taiwan. Many also believe Beijing’s approach is influenced by China’s domestic politics. As the thinking goes, former President Tsai Ing-wen (蔡英文) made a good faith effort to demonstrate her moderation on cross-Strait issues throughout her tenure. During her 2016 inaugural address, Tsai sent several constructive signals, including by acknowledging the historical fact of interactions and
Chinese President Xi Jinping (習近平) has prioritized modernizing the Chinese People’s Liberation Army (PLA) to rival the US military, with many experts believing he would not act on Taiwan until the PLA is fully prepared to confront US forces. At the Chinese Communist Party’s 20th Party Congress in 2022, Xi emphasized accelerating this modernization, setting 2027 — the PLA’s centennial — as the new target, replacing the previous 2035 goal. US intelligence agencies said that Xi has directed the PLA to be ready for a potential invasion of Taiwan by 2027, although no decision on launching an attack had been made. Whether
Taiwanese men doing their alternative military service within Taipei’s and Taichung’s Department of Compulsory Military Service independently reported outlandish incidents of brainwashing. Below is a story related to propagandizing as it manifests overseas. One of my Chinese friends and a group of Taiwanese friends set off together from Sydney, Australia, in a tour group to northern Europe. The travel agency arranged for a Chinese tour guide to lead the group. The guide would start off on a propaganda blitz every afternoon at a set time, singing the praises of the Chinese Communist Party (CCP). The Taiwanese members of the tour seemed
RSS