President Trump’s nominee for Treasury Sec under fire over ‘tax haven’
Mr Mnuchin, a former Goldman Sachs executive, did not disclose that he had an offshore account in the Cayman Islands.
‘Honest mistake’
He failed to disclose to the United States Senate that he was a Director of a Cayman Islands hedge fund. In other words, he was using an offshore facility like what operates in the Virgin Islands (VI). Many Senators, mostly Democrats, blasted Mr Mnuchin for trying to avoid paying taxes, however, he claimed the failure to disclose was an honest mistake, but told the Senate Committee during the hearing his account in the Cayman Islands was legal.
The public showdown in the confirmation hearing puts places like the Cayman Islands, the VI and other offshore jurisdictions in the spotlight under the label of “tax haven” once again, according to former Permanent Secretary Mr Julian Willock, who often speaks to local and international media houses on the VI Financial Services Sector.
Keep watch-Willock
Mr Willock was thrusted into the international media after the so called ‘Panama papers’ was leaked, disclosing the rich and famous’ offshore accounts. At the time there was no voice defending the sector when Mr Willock did an interview with BBC Radio, excerpts of which were taken from the interview and played on BBC News all over the world.
It is believed that the Republicans in the United States are friendlier to the offshore sector; however, Mr Willock cautioned that “with Mr Trump’s America first protectionist policies, it’s too early to gauge how our legitimate financial services sector will do under his presidency.”
The Chairman of Advance Marketing and Professional Services, a local political consulting and marketing firm, Mr Willock told our newsroom that the relevant local authorities in the VI must continue to monitor the sector under the new Trump administration and “do not be afraid to defend what we do, as we still contribute significantly to the global financial flow of capital and we should be proud...”
Mnuchin will be confirmed
President Trump’s nominee Mr Mnuchin, despite coming under fire for having an offshore account in the Cayman Islands, is expected to be confirmed as the new United States Treasury Secretary, as the Republicans hold a majority in the US Senate.
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17 Responses to “President Trump’s nominee for Treasury Sec under fire over ‘tax haven’”
the key bit was he said it is mad that i have to use Cayman so he plans to change laws to bring that to the US too. Obama wanted to shut us down and these guys want to strong arm our clients up there. We need to come out swinging