Saturday, August 29, 2020

Article on U.S. as World's Banking Policeman (8/29/20)

I refer readers to this article in Q&A format from the Washington Post, Henry Farrell, The U.S. has become the world’s banking policeman. How did it happen? (WAPO 8/27/20), here.   The Q&A is with Pierre-Hugues Verdier is the John A. Ewald Jr. Research Professor of Law at the University of Virgnia School of Law, here, and author of “Global Banks on Trial: U.S. Prosecutions and the Remaking of International Finance” (Oxford University Press 2020), which “explains the dramatic increase in U.S. criminal enforcement actions against global banks.”  The link on Amazon to the book is here.

The Q&A is short, so I don’t attempt to excerpt it here.  The article summarizes certain levers of power that the U.S. has to encourage compliance from financial institutions that misbehave by assisting U.S. tax evasion. The article also notes, following the U.S. lead, “Eventually, the OECD adopted a multilateral automatic tax information exchange system that has become operational and expanded quickly — something almost no one thought possible a decade before.”  Finally, the article notes that, although corporate prosecutions are down in the Trump administration, they are likely to increase in the Biden administration (if there is a Biden administration).

No comments:

Post a Comment

Please make sure that your comment is relevant to the blog entry. For those regular commenters on the blog who otherwise do not want to identify by name, readers would find it helpful if you would choose a unique anonymous indentifier other than just Anonymous. This will help readers identify other comments from a trusted source, so to speak.