Monday, August 17, 2009

Correlation of Small Nations becoming Tax Havens

Is there a Correlation of Small Nations becoming Tax Havens & involved in Money Laundering?
Do most small nations become tax-havens and get involved in money laundering schemes?

Was reading about two small nations - Nauru near Australia and San Marino near Italy.

Nauru on one hand is close to Australia and depends on it totally for existence after its Phosphate reserves were mined out.

San Marino is a micro-country land-locked by Italy and has expertise in managing money mostly for the wealthy people of Italy.

Both of them, even though being on the extreme ends geographically, financially as well as in the kind of environment & history, were well-known tax havens and involved in money laundering. Is it the karma of all or most small nations to be these at least once in their life time?!

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