RP's Bank Secrecy Law is Protecting Plunderers and Money-Launderers (Angay ba ni Tangtangon?)

[bleedingboi]

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i dont know what barometer u are using to reach a conclusion that it has been working for them. US and EU are on printing overdrive. 130billion euros pales in comparison to the 60billion a month overprinting of fiat. it will devalue its money over 20 percent by end of year. switzerland just removed its confidence on EU by releasing the 1.2:1 ration on francs. what is it that we miss on what is working on eu? capital outflows threatens to dismember eu. US is no different, its saving grace is the bretton woods.

About the EU economic meltdown, everyone knows about it and it's contributors. The Real Estate Bubbles in the UK and Ireland. The "Financial contagion" in France and Italy. And the Debt protection in Greece.

Now, going back to the secrecy laws, 51 European finance ministers set up this anti-secrecy agreement and it has worked. The MCAA (Multilateral Competent Authority Agreement) which will look to build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.

Before this agreement, private practitioners like doctors, CPA's and lawyers pay lesser taxes than a mailman. They open an offshore bank account and get away with taxes. Now, this will change.
A private school teacher in the Philippines earning less than 15k each month pay more taxes than that of a lawyer who earns a 6 digit value. This needs to change.

[emow]

About the EU economic meltdown, everyone knows about it and it's contributors. The Real Estate Bubbles in the UK and Ireland. The "Financial contagion" in France and Italy. And the Debt protection in Greece.

Now, going back to the secrecy laws, 51 European finance ministers set up this anti-secrecy agreement and it has worked. The MCAA (Multilateral Competent Authority Agreement) which will look to build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.

Before this agreement, private practitioners like doctors, CPA's and lawyers pay lesser taxes than a mailman. They open an offshore bank account and get away with taxes. Now, this will change.
A private school teacher in the Philippines earning less than 15k each month pay more taxes than that of a lawyer who earns a 6 digit value. This needs to change.

now, the shift towards honest earning citizens... the basis for the repeal of bank secrecy is against criminal activities and terrorism, and now it seems a blanket of suspicion is raised on all ordinary citizens... the teacher must change to be a lawyer then? just kidding. as taxation rules become complex, and more time in the economy is done satisfying all these rules, economy will suffer. how can we say that their measure of tight financial regulation is effective? europe is such a socialist... cooking themselves in their own oil....

i dont easily buy to this teacher-lawyer tax inequality... on what basis? it is an allegation usually accepted as truth without being challenged. few examples are used to derive a lousy but popular conclusion.

[bleedingboi]

now, the shift towards honest earning citizens... the basis for the repeal of bank secrecy is against criminal activities and terrorism, and now it seems a blanket of suspicion is raised on all ordinary citizens... the teacher must change to be a lawyer then? just kidding. as taxation rules become complex, and more time in the economy is done satisfying all these rules, economy will suffer. how can we say that their measure of tight financial regulation is effective? europe is such a socialist... cooking themselves in their own oil....

i dont easily buy to this teacher-lawyer tax inequality... on what basis? it is an allegation usually accepted as truth without being challenged. few examples are used to derive a lousy but popular conclusion.

No problem bro. It won't be that tough for RP's citizens. I'm only implicating MCAA's scope in the European Union and how they fight tax evasion. I'll stick to the most crucial agenda here in RP. ------------> Fighting Corruption.

[emow]

No problem bro. It won't be that tough for RP's citizens. I'm only implicating MCAA's scope in the European Union and how they fight tax evasion. I'll stick to the most crucial agenda here in RP. ------------> Fighting Corruption.

everybody agrees in fighting corruption, and rightfully so. but i dont think repealing bank secrecy is effective in this agenda. we will scare off capital towards offshore, and we are just yet building confidence in global investors. fight corruption at its roots, runaway government spending and reduce government size.

[yhokz101]

everybody agrees in fighting corruption, and rightfully so. but i dont think repealing bank secrecy is effective in this agenda. we will scare off capital towards offshore, and we are just yet building confidence in global investors. fight corruption at its roots, runaway government spending and reduce government size.

bro why would it scare off some people or company na mo invest if it will only affect those public servants "aka" politician sa pilipinas?

reduce govt spending would rather be impossible ma pod hnuon kaysa mag implement ug changes about sa secrecy law.

[bleedingboi]

but i dont think repealing bank secrecy is effective in this agenda. we will scare off capital towards offshore, and we are just yet building confidence in global investors..

Are you aware that a country's ability to garner foreign investment is directly proportional to it's drive to curb and eliminate corruption? I don't see any problems with foreign investments/capitals rates to 50 other countries repealing bank secrecy.

[emow]

bro why would it scare off some people or company na mo invest if it will only affect those public servants "aka" politician sa pilipinas?

reduce govt spending would rather be impossible ma pod hnuon kaysa mag implement ug changes about sa secrecy law.

we were talking about the repeal pf bank secrecy across the board. reducing government spending is the easiest task, just reduce the zeros. but i do understand that it is politically unpopular to advocate government fiscal discipline. almost everyone is a liberal now.

[emow]

Are you aware that a country's ability to garner foreign investment is directly proportional to it's drive to curb and eliminate corruption? I don't see any problems with foreign investments/capitals rates to 50 other countries repealing bank secrecy.

there is no direct proportion. to say so means a is a direct cause for b. which is not the case. investors do consider the amount of corruption , as well as government intervention, tax rates and regulations and, derive an acceptable roi. im not saying fighting corruption is not important, because it is. reduce gpvernment size and power, and you also reduce corruption.

yes they do see the problem as their citizens shift capital to swiss and the likes, hence the constant pressure by these 50 other cpuntries on swiss and the likes, hoping to "level" the field and stop the capital outflows.