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International Laws to Combat Tax Evasion ‘Soft,’ Say Senators
printThe United States should implement stricter measures to expose how tax evaders and money launderers move funds to and from bank secrecy jurisdictions, U.S. lawmakers and consultants said Thursday. Lawmakers made the statements at a Senate Finance Committee hearing that looked at the findings of a Government Accountability Office (GAO) report on tax evasion in the Cayman Islands and other offshore banking centers. The report detailed how 18,857 entities used a single Cayman address to operate under the islands' bank secrecy and avoid paying taxes. Because of the "hundreds of billions of dollars" that go untaxed annually, lawmakers and financial...
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