American ‘hypocrisy’: Why the US is now the focus of transparency efforts

Overseas territories leaders gather in London for the Anti-Corruption Summit. From left, Chief Minister of Jersey Ian Gorst, Chief Minister of the Isle of Man Allan Bell, Chief Minister of Gibraltar Fabian Picardo, Deputy Premier and Minister of Finance of Bermuda Bob Richards, and Cayman Islands Premier Alden McLaughlin.

In the debate about offshore centers, one nation has quickly become the center of attention. Even though it is not considered to be “offshore” and it was hardly named in Mossack Fonseca’s leaked client files, better known as the Panama Papers, U.S. media have increasingly recognized that the United States is as much part of the problem as it must be part of the solution when it comes to anti-money laundering and financial transparency in the fight against crime.

Read the full story at the Cayman Islands Journal website.

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  1. I am not sure it is Hypocrisy since we are using their currency as a proxy by pegging ours to theirs. Why don’t we peg to the Euro or the UK Pound? Why don’t we eliminate US dollar accounts in all of the banks there……then we can call Hypocrisy.

  2. I wonder where the majority of our imported goods come from. Once this is answered, I think we could easily see which country to peg our currency on. My educated guess would be the majority of imports come from the US.

    Still, Mr. Bodden has the right idea.