Oct/090
Mexico Asks US for Offshore Bank Account Data
When the US achieved a degree of success in targeting their own tax evaders with accounts at Swiss private banks, Mexico hoped to do something along the same lines. It may come as a shock to many that the vast majority of foreign deposits by wealthy Mexicans are not stored in Switzerland, Panama or the Cayman Islands, but the US.
In a letter to US treasury secretary Timothy Geithner in Febuary, Mexican Finance secretary Agustin Carstens sought help for his fight against tax cheats. Some wealthy Mexicans had deposited in American banks he said, knowing that it would not be reported.
The US does not tax interest paid to non-resident aliens, and Mexico currently has no way of identifying its citizens with US deposits.
More on this story - usa today article.
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