Offshore Banking

[Fotu'Aika]

why dont we try it in Tonga, it works for the swiss and some islands in the bahamas?

[ozguy]

Do you mean to allow banks to operate in Tonga outiside of the legislation?

i.e. allow anyone to open and use bank accounts for local and international purposes, without the requirements of providing tax file numbers, authentic identification...and no reporting between the bank and the government??

I'm not sure what you actually mean....

Oz

[Fotu'Aika]

sure ^^ it might boost our tourism industry

[ozguy]

I cant see the link between offshore banking and tourism...so feel free to enlighten me.

About 10 years ago, Tonga changed its banking regs to root out the laundering of money.

Before that Tonga had a real bad name in the international financial communitty for allowing such practices to be conduted on their home turf.

Oz

[SilverLine]

why dont we try it in Tonga, it works for the swiss and some islands in the bahamas?

Why not? and that would boost our econony! NOT. Let's invite Money laundering back into our lives!

[Aphrodite]

LOL fotu great question.

Check out Nauru, one of the most hidden little off shore banking island in the world. LOL

I know NAURU? Maybe seanomads will come and detail us on that, LOL

runs out**

[Illegal Alien]

Hi guys,

It's likely that the days of the Offshore banking are numbered because Government are cracking down on them. Government loosing too much tax revenue.

Regards,

Illegal Alien

[Fotu'Aika]

*dusts off the post*

Illegal, government crackdown? they need to back off and stop crowding out the markets.

Oz, our drug dealer/mafia clients can fly down and make a deposit and spend a couple of bucks at the dateline hotel and have couple of drinks at uantasi, or buy some groceries @ apele koula. wait... was it burnt down?

come on now, we can revolutionize offshore banking, give it a positive image. do it with some class. there are billions of dollars in the black market and we just have to tap into it. we hold their money for a small tax fee, and pay them interest for helping develop our island nation.

I say screw the developed nations and the international finance community. offshore banking is a threat to existence of their own financial systems, systems that were created by the enslaving of the black man and persecution of the cherokee's. it is time for us to rise and and avenge our colored brothers! LOL

[DWat]

Blackmarketers would be loving this post. Are we trying to promote to the world that we are a safe, legal, and peaceful island? Or are we trying to promote to the world that our nation is the capital of money laundering...dat criminals can make a quick buck out of our tax system?

It is easy to say its good but the majority of offshore bankings are done by those who wants to bypass higher tax brackets, restrictive regulations in their country of residence. Mind you, all they care about is their money and avoiding the laws. There is no gain for tonga so why allow it. I'm sure switzerland allows offshore banking, however, they probably have tight controls over it as what they can permit, and what not to grant access.

[Fotu'Aika]

Blackmarketers would be loving this post. Are we trying to promote to the world that we are a safe, legal, and peaceful island? Or are we trying to promote to the world that our nation is the capital of money laundering...dat criminals can make a quick buck out of our tax system?

I pretty sure after blackthusday, our national image is far from safe and peaceful. I dont see how the "criminals" as you call them, will make money from our taxsystem. if anything, they are actually paying into it by that small service fee I proposed. lets call it the political security fee. and not all money launders are criminals. perhaps in the eyes of the home country they are, but in our eyes, they are hard working investors. for instance, the illegal immigrant tou'a in the US, she needs a bank to hold her money and earn her interest at the same time and what better place, than the Offshore Tonga Bank. the same goes for the illegal immigrant 'iate dude.

It is easy to say its good but the majority of offshore bankings are done by those who wants to bypass higher tax brackets, restrictive regulations in their country of residence. Mind you, all they care about is their money and avoiding the laws. There is no gain for tonga so why allow it. I'm sure switzerland allows offshore banking, however, they probably have tight controls over it as what they can permit, and what not to grant access.

tonga's gain is the potential onshore capital that she can use to rebuild herself. its probably a better option than loaning from the world bank or china.