Professor Johnston Writes on Impact of Panama Papers
Distinguished Visiting Lecturer David Cay Johnston has written two articles on the “Panama Papers” and off-shore tax shelters.
In an Op/Ed for the Syracuse Post-Standard, Johnston notes that, “Despite "know your customer" regulations, America's biggest banks will help your shell company move money to tax havens. That's because all they have to do is verify that your shell corporation was properly formed. The banks are not required to look into who the real owners are.”
In his Daily Beast column, Johnston writes, “The Organization for Economic Cooperation and Development, which represents countries with modern economies, reached an agreement in 2014 on sharing information across borders to catch crooks and terrorists. But while countries around the world signed, the United States has not. Neither has Panama, though an earlier bilateral tax treaty may explain why so few Americans were listed in the Panama Papers.”