Originally published at: https://boingboing.net/2018/12/17/wilfull-blindness.html
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One thing about Brexit is that it means the most powerful tax haven-slash-scofflaw is no longer inside the EU, providing cover for Ireland and Luxembourg. And if Scotland does break free of the UK and petition for reentry into the EU, then it will be more impetus for them to clean up their act before they can reenter.
Yes, I know there are many more problems with the EU, what with Hungarian authoritarianism, Greece still a financial basket case, Italy playing Chicken with their proposed budget, and the way the EU would most likely concede the house as long as the Scots adapt the euro, but a guy can dream.
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When I was a kid it was always tiny island nations with a reputation for shady banking. Now it’s the largest nations. Times have changed. How long until American banking becomes a
byword?
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The Tories pushing for a hard Brexit on the assumption that the UK will become the world’s premiere tax haven and money laundry had better come up with an alternative to the Scottish LLCs as the most popular vehicles. Perhaps it’ll be the Channel Islands, or maybe The City will just go full-on mafiya (it’s most of the way there, anyhow).
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That rather IS what the UK has become. And most of it is a not-so-large island, about to get much smaller in influence due to Brexit. Expect England to follow Scotland when the govt here gets desprate about attracting foreign money of any colour for any purpose.
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Eh, they can get away with anything at the moment - the Brexit fiasco is the ultimate distraction.
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Just to add another kafkaesque layer to this-
Despite these entities being based in Scotland and being called Scottish Limited Partnerships, the Scottish Parliament has had to ask the UK parliament to look into this, because it doesn’t have the powers to regulate in this area.
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You mean it isn’t already?!
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