Internal pressures in the US threaten privacy for all

Slowly but surely, one by one, traditional secrecy jurisdictions like Panama, Cayman Islands, and British Virgin Islands have succumbed to international criticism regarding the anonymity that the laws of these countries provide to citizens all over the world. Many destinations once known for providing privacy to individuals forming offshore companies have caved in the face of pressure stemming from negative media coverage, taking away some of the rights they once protected.

While others have acquiesced, under the infallible justification of countering terrorist financing and money laundering, many look to the US as a stronghold of privacy. Most states in the US have no ultimate beneficial ownership requirements, making it one of the most attractive places to form corporations like Limited Liability Companies and US trusts. Nearly two million business entities are formed in the US each year for individuals all over the world who are seeking refuge from corrupt regimes, security for their families, and the universal right of privacy.

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They Will Hunt You

hunting

As a macro investment shop our focus is on the big picture. We look for the themes that will shape markets and often history. We all know the Middle East is unstable, we all know the U.S. elections today are a disaster today regardless of who wins, we all know that we are consuming resources on Earth far too fast. What you may not know is that you are about to participate in a sport you didn’t choose to join. You are going to be hunted. Did you spill your espresso as you read that?

Welcome to the OECD’s Common Reporting Standard (CRS),  a modern day witch hunt and the biggest assault on privacy that no one is talking about.

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