The Tax Net WidensThe Tax Net Widens
Several trends during the last 20 years have converged, resulting in significant implications for the global tax position of many wealthy families with international interests. Markets grew increasingly interconnected; tax systems grew ever more sophisticated. Governments looking to fight money laundering, then terrorism pushed for, and are still winning, greater financial transparency. They can be
December 1, 2003
Gavin Leckie, managing director, Advice Lab, JPMorgan Private Bank, New York, N.Y.
Several trends during the last 20 years have converged, resulting in significant implications for the global tax position of many wealthy families with international interests.
Markets grew increasingly interconnected; tax systems grew ever more sophisticated. Governments — looking to fight money laundering, then terrorism — pushed for, and are still winning, greater financial transparency. They can be expected to use this new transparency to aid their ever-sharpening focus on tax evasion.
Wealthy families, meanwhile, greatly expanded their international scope, moving assets and family members well beyond their native lands.
The result of all these changes: Wh...
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