Sharing financial information with the United States: an optical illusion

It is defined as “a misleading mental image resulting from a false perception of reality due to a misinterpretation of data perceived by the senses”, Optical illusion can lead to misleading.

Numerous notes published in the media in Colombia, Argentina and Peru, among others, will not go unnoticed by a loyal reader of these media segments. In the same topics, which go back to a very cliched topic, it would be taken for granted The United States would agree to provide private information of non-US customers to tax authorities in third countries. In this regard, we believe it is appropriate Provides some technical claritySome of it is based on our practical experience.

for decades, Latin American coffers dream of accessing “private” information of the concerned taxpayer about the assets they own in a foreign jurisdiction (in this case, in the United States). In this research, they resorted to various Strategies covering a wide range covering from legal and technical (evasion, avoidance, etc.) Even just a demonic speech (leakage, masking, etc.).

without intent to analyze financial clumsy From the many Latin American countries that still do not understand that “business” – in any case – “taxes low on many rather than high on a few”, we will give a preliminary clarification: it is true that some countries have signed financial cooperation treaties with The United States, this is also true In some cases, specific data was requested and delivered.

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But it is not true – from any point of view – that this exchange of information is automatic.Nor does the United States release information lightly or lightly.

At this point, the reader should know the following: The United States reserves the right not to report, to partially report, or to report as it deems appropriate; The criterion of defining “appropriate” is related to the fact that the information in question is not detrimental to any strategic interest of the United States. This can be loved or not, fair or not; But it is.

It is not true, from any point of view, that the exchange of information is automatic

In our experience as legal advisors in casa (In the US) to international banks for 25 years and currently as external consultants, we have confirmed this standard or way of working. The scope of the “fitting” is carefully checked and at every opportunity as indicated in the regulations in force in that country. Doubt in favor of any information.

Paying a little more for the above, everyone who signs this article has worked on Washington Supreme Court (United States of America.). Living in that unrivaled experience of being inside a kitchen where orders are issued or legal principles of strict compliance are enforced, is the clearest evidence of the division of the world – legally and financially – into two parts: United State. on the one hand, and the rest of the world on the other. We’ve covered this concept a little more broadly in our book”offshore world(2018).

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The words of the person who was our hierarchical chief there, Honorable Judge MacIntosh (RIP) still ring in my ears: “The alternate departments (referring to the various governments) They can sign whatever they want, but the final decision will always be ours (Referring to the Judiciary in the United States) Because we are a guarantee of the rule of law, which is what has made this country great, and in this respect, in my many years as a judge, I have met no fellow who has changed your mindset.”

A very powerful concept for those who still expect a different behavior from the financial giant.

Whoever wants to keep dreaming, obviously can. We’re just saying that it’s important to understand that Any strategic decision based on optical illusion carries a high risk of ending in failure.

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