The challenge to tax havens and financial privacy requires a fresh approach – and “Cloud Banking” provides the answer
In recent years, the concept of complete financial security and confidentiality has been under greater pressure than ever. The US Patriot Act and the G20’s targeting of tax havens have challenged the notion of financial privacy, while advancing technology – from USB pen-drives to mobile phone cameras – has made it increasingly easier for a dissatisfied employee to steal and reveal confidential information.
A simple fact that needs to be digested is that general private banking simply no longer offers the security and confidentiality you may desire. Now Tax Information Exchange Agreements (TIEAs) allow two jurisdictions to share financial information entrusted to a financial institution – one of the criteria of the OECD (Organisation for Economic Co-operation and Development) in its quest for financial transparency. TIEAs can be signed at any time and
blast a hole in the confidentiality of the jurisdiction where your assets are located.
Panama had for many years been seen as a bit off the map, but on 30 November 2010 its signing of a TIEA with the US saw it follow the trend of previous seemingly secure tax havens, such as Switzerland and Belize. Under the terms of the agreement, both governments will be able to gather financial and tax information, including all income, employment, gift, estate and excise taxes. Given this shift, is it still possible to keep your financial information truly safe? However, today there is a new and innovative concept known as “Cloud Banking” – offering you additional layers of privacy. To make sure that details are kept confidential and safe your financial structure provides no complete data set for any one location, meaning any outside attempts to access it will involve a lengthy legal trail through several jurisdictions. Based loosely on “Cloud Computing”, it works not by hiding your information behind a great firewall, but by spreading it around the World Wide Web in a disconnected way.
Offshore banking experts have developed a unique Cloud Banking system, whereby with your username and password you have the power to move your money from one node to another. With access to the internet, you are able to invest in Forex, stocks, bonds, precious metals, or initiate any financial transaction you wish. For secure
private banking that is truly private, Cloud Banking is the answer.
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