There is no FATCA or OVD equivalent for the State of Delaware

Advice from Panama; the US should be looking at Delaware; http://richarddetrich.com/tag/fatca/

As we know, Delaware has long been known as a leading world tax haven http://www.theguardian.com/business/2009/nov/01/delaware-leading-tax-haven . But strangely, there is no FATCA or OVD equivalent for the state of Delaware – the state of VP Biden. No confiscation of funds, no demands by Treasury that it come forward and enter a domestic voluntary disclosure program, no threats from the IRS, Treasury and the White House. No reports issuing wild guesstimates of the size of unpaid taxes (US and other countries) being laundered and evaded with State of Delaware assistance. No demands that there be automatic reporting to FINCEN, or other US law enforcement agencies, or the tax agencies of other countries. How will the OECD’s Common Reporting initiative treat Delaware? The US will rig itself a free pass or just state that it won’t cooperate, but continue to demand the expensive multi-course free lunch from the rest of the world who it is extorting via FATCA and CBT.

Where are the FATCA crew – where are their public statements making threats to Delaware and demanding that the State cease profiting off a culture and practice of financial secrecy? And that the true owners of the shell companies pay their fair share of taxes to the countries they should have been paying to. Where are the FATCAnatics insisting that the owners of the shell companies in Delaware enter a Voluntary Disclosure program before they are discovered – and fess up? When will they levy confiscatory fines and penalties on the State of Delaware and institute an investigation and report that looks into the current governor, Congressman, Senator, and VP Biden’s role in maintaining or tacitly condoning Delaware’s tax haven status? And what does the POTUS have to say about the State of Delaware affairs? 

US hypocrisy continues – business as usual, the US continues to profit by protecting its own status as a massive tax haven:
Vice President Biden’s state of Delaware http://corplaw.delaware.gov/eng/borders.shtml continues to profit by its state government supported policy of secrecy – encouraging shell companies to incorporate there, but is engaging in an exercise to rearrange some of the trim on the Emperor’s invisible clothes:
See; ‘Lobby groups ‘see right through’ US state’s financial transparency attempt’
By Leslie Wayne
June 17, 2014 “……..The state relies on fees from corporate registrations to pay for about a quarter of the state’s budget, creating a powerful incentive to maintain the status quo and allow secrecy to prevail. Yet the state is facing mounting criticism over its freewheeling ways. Much comes from abroad but even a branch of the U.S. Treasury pointed a finger at the Delaware for being “particularly appealing” for the formation of shell companies because of its lack of transparency and high level of secrecy…”..

…..”“Drug dealers, corrupt American politicians and illegal arms smugglers have all used anonymous Delaware companies in order to profit from their crimes,” said Heather Lowe, legal counsel for Global Financial Integrity, a nonprofit group based in Washington, in a statement. “Public registries of beneficial ownership information are the best approach to ending the use of anonymous companies.”..”…..
http://www.icij.org/blog/2014/06/lobby-groups-see-right-through-us-states-financial-transparency-attempt

Interestingly, the tiny faux attempt at appearing to require some kind of transparency would require law officials to apply in order to get at information about the true owners of the shell companies “”..Law enforcement agencies could obtain this information, but would have to go through a legal process first….”.” (See same link above). Unlike FATCA as applied to all the globe, and all those the US deems ‘taxable persons’ abroad, the information on those incorporating in Delaware is not even currently automatically collected, much less mandatory, and is not made available to US investigators – thus individual and mass data is not accessible or shared and distributed among multiple US agencies the way that FATCA was designed to be (See Carl Levin’s letter demanding wide access to and sharing of FATCA data, links here http://maplesandbox.ca/2013/carl-levin-fatca-for-law-enforcement-national-security/ http://bsmlegal.com/PDFs/CarlLevin.pdf ).

So the US demands automatic reporting on all the details of our legal local transparent SIN# registered savings in Canada (and the equivalent for the entire globe) from millions of Canadian citizens and legal permanent residents – at Canadian taxpayer and accountholder expense, yet the state of Delaware itself is in the business of profiting from maintaining secrecy for corporations and hides their true owners http://corplaw.delaware.gov/ . You’ll note that the entrance to the homepage is in several languages other than English – so as to be helpful for people outside the US http://corplaw.delaware.gov/ger/index.shtml .