Life’s A Beach
It is usually a large problem when privacy guarantees are breached and secret information regarding wealthy individuals is leaked, but for German officials they could not be any happier. This week, the information of tens of thousands of offshore accounts have been leaked to officials and even Finance Minister Wolfgang Schäuble remarked ““I am pleased about these reports,”. This is due to to Berlin trying to fight the international financial market systems that make it easy for wealthy individuals to hide their wealth.
Germany has been lobbying for years within international organizations, such as the Group of 20 and the Organization for Economic Cooperation and Development in an effort to establish clear tax havens in an attempt to stop tax avoidance and comply with other dirty money statutes. However efforts have been impeded by international partners who do not share the same indignation that Germany is experiencing, including those in the EU. While information being leaked damages the reputation of German banks, they are trying to make the best of it by using the situation to punish tax evaders.
Written by Kevin Zhang
Eddy, Melissa. “Germans See Hope in Leak for Fighting Tax Evasion.” The New York Times. The New York Times, 05 Apr. 2013. Web. 7 Apr. 2013. <http://www.nytimes.com/2013/04/06/world/europe/german-officials-welcome-offshore-tax-havens-leak.html?ref=offshorebanking>.