51 countries signed an agreement to “end tax evasion and money laundering.”

[CryptoCurrencyInc.com]

51 countries signed an agreement to “end tax evasion and money laundering.” Another 30 countries pledged to sign it in 2018.
http://www.forexminute.com/cryptocurrency-news/news-strengthen-cryptocurrency-v-48718

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[Justine]

People who evade tax and do money laundering are usually politicians and businessmen with connection.

Isn't passing the law shooting themselves in the foot?

[medUSA]

People who evade tax and do money laundering are usually politicians and businessmen with connection.

True, but they "manage" their tax burden legally by shifting money around. They are not affected

Money laundering is a sensitive topic, no country should refuse to sign the agreement if they do not want appear as a supporter for terrorists and drug dealers. But "to establish an automatic exchange of information on bank accounts, tax returns, assets and income held over all jurisdictions" is a tough obligation.

[teukon]

The 51 countries in question (alphabetical):
Albania, Anguilla, Argentina, Aruba, Austria, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks & Caicos Islands, United Kingdom.

The 20 most economically free countries according to the 2014 Index of Economic Freedom (ordered from most free):
Hong Kong, Singapore, Australia, Switzerland, New Zealand, Canada, Chile, Mauritius, Ireland, Denmark, Estonia, United States, Bahrain, United Kingdom, Netherlands, Luxembourg, Taiwan, Germany, Finland, Sweden.

(Intersection in bold.)

[kanggoroo]

Still there was couple ways for that crime , money can buy everything.
Specially in 3rd country and poor country.

[seoincorporation]

This will affect bitcoin price 

Im seriously thinking about sell all now before the ship sinks.

[TaunSew]

Australia, Canada and Singapore would never sign treaties like this because their economies are based on rich immigrants who made their money from tax evasion, money laundering and corruption.  Ironically these people do create a lot of jobs for locals like the construction boom and even healthcare.

Now Estonia, Ireland and Latvia being on the list is questionable as those countries really need money and there's a long list of rich people around the world who would love to live in those countries as long as the government turned a blind eye about where their money came from.


What this has to do with Bitcoin?  Probably nothing as Bitcoin is only like 500K-2M users and doesn't really register.  99.9999999% of tax evasion and money laundering is done in $Fiat.

[misterpressman]

LOL.. I think US signed that agreement long long ago.

[worle1bm]

Probably not that relevant to Bitcoin

[pattu1]

This shouldn't affect bitcoin's price.
Taxes are the same, whether your transactions are denominated in fiat or in bitcoin.

[DhaniBoy]

I strongly support the agreement will be undertaken by 51 countries, I hope the whole world can sign a deal like this, in addition to maintaining economic security, it can also make economic criminals think a thousand times to commit money laundering to other countries, so that people keserjahteraan a country can be assured ... 

[NeuroticFish]

People who evade tax and do money laundering are usually politicians and businessmen with connection.

Isn't passing the law shooting themselves in the foot?

No, it's exactly the opposite. It will affect only their competitors.

[moko666]

biggest part of money laundering belongs to business man and politicians
on front they show themselves legal guys and on other side they  avoid taxes, keep their blackmoney in foreign accounts
there should be a low like if a politician found involved in money laundering then take an immediate action and punish them and permanent Ban in future for politics

[countryfree]

Somehow, the people needs to fight back. It's about time to get organized. The taxman thinks tax evasion is a crime, I think it's salvation against evil.

[fdiini]

Somehow, the people needs to fight back. It's about time to get organized. The taxman thinks tax evasion is a crime, I think it's salvation against evil.

Citizen of the west are getting more benefit from the government than getting taxed for. Why do you think everyone from 3rd world trying to get in the country?

[Nicolas Dorier]

Somehow, the people needs to fight back. It's about time to get organized. The taxman thinks tax evasion is a crime, I think it's salvation against evil.

Citizen of the west are getting more benefit from the government than getting taxed for. Why do you think everyone from 3rd world trying to get in the country?

I return the question : Why do you think every rich people from the West are trying to get their money out of their own country ?

[JohanM]

I return the question : Why do you think every rich people from the West are trying to get their money out of their own country ?

Because:
- governments can change and cannot be trusted
- the legal system cannot be trusted
- they want to pay 0 (or very low) taxes on the money
- the money is from illegal activities and is increasingly difficult to hide

Honestly I think this is one of the 2 main reasons why bitcoin could increase in value (by a factor 10 to 10,000).
Why? Because when those countries agree that they exchange all personal bank data between each-other and on top of that agree that bank transfers from non-member countries will be taxed xx% only bitcoin, gold and cash will remain to get your money back. Since gold and cash are difficult to transport bitcoin will profit enormously.
The second reason is a default of a big European country (like Italy, Spain or better France). Fear of a haircut tax will drive many into bitcoin.

[Sindelar1938]

Yeah right. Tax evasion and laundering will continue unfettered, it will just be called something else
Bit like bribery and lobbying that are synonyms in truth

[kolloh]

Pretty sure money laundering is already illegal lol

[teukon]

Yeah right. Tax evasion and laundering will continue unfettered, it will just be called something else
Bit like bribery and lobbying that are synonyms in truth

Jon Matonis suggested "financial thoughtcrime" for "money laundering".