Friday, April 5, 2013

Politicians and businessmen with offshore accounts

Politicians have offshore accounts? Politicians are involved in money laundering? Such news is simply not as hot a topic here in the Philippines than what the PCIJ expects. People know that maintaining offshore accounts is definitely not a crime. One says, this is about propriety and not legality. Okey.  In the minds of the people, if it is not illegal, then, it is alright.

Those who maintain offshore accounts suffer from credibility problems or suspicions that these accounts are being used to launder illicit funds. and some do that. What government should probably do is for these people to reconsider opening offshore accounts, and just re-invest those monies here. The problem really is, if they do, people would be able to discover disparities in their incomes. And that opens them to prosecution from tax authorities.