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President Trump’s nominee for Treasury Sec under fire over ‘tax haven’

- Mr Steven T. Mnuchin did not disclose using Cayman Islands based offshore holdings
Despite Mr Steven T. Mnuchin coming under fire for having an offshore account in the Cayman Islands, he is expected to be confirmed as the new United States Treasury Secretary. Photo: Internet Source
The Chairman of Advance Marketing and Professional Services, a local political consulting and marketing firm, Mr Julian Willock (left) has said that with Mr Donald J. Trump’s (right) ‘America first protectionist policies’, it’s too early to gauge how the Virgin Islands financial services sector will fare under his presidency. Photo: VINO/Internet Source
The Chairman of Advance Marketing and Professional Services, a local political consulting and marketing firm, Mr Julian Willock (left) has said that with Mr Donald J. Trump’s (right) ‘America first protectionist policies’, it’s too early to gauge how the Virgin Islands financial services sector will fare under his presidency. Photo: VINO/Internet Source
ROAD TOWN, Tortola, VI- While the Virgin Islands is hoping that President Donald J. Trump’s (R) Administration is more friendly to the off shore financial sector, his nominee for the post of Treasury Secretary Mr Steven T. Mnuchin, the post equivalent to our Financial Secretary, came under fire during his confirmation hearing a few days ago on the issue of so called tax havens.

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.

17 Responses to “President Trump’s nominee for Treasury Sec under fire over ‘tax haven’”

  • Exactly (26/01/2017, 20:24) Like (14) Dislike (5) Reply
    very good points Mr. Willock
  • myrun (26/01/2017, 20:30) Like (10) Dislike (11) Reply
    Hummmmm he like to be in thing
  • overseas (26/01/2017, 21:39) Like (13) Dislike (12) Reply
    Trump is crazy Can someone please explain to me how imposing a twenty percent tax on goods imported from Mexico is tantamount to Mexico paying for the wall?
  • Online Now (26/01/2017, 21:47) Like (7) Dislike (2) Reply
    look out for when the British overseas territories such as the BVI and Gibraltar would soon have to draw up a register of beneficial owners!!!
  • Xxx (26/01/2017, 21:51) Like (14) Dislike (0) Reply
    rich republicans should not have an issue with our offshore as its only "Wealth management as you deserve it."
  • just asking.... (26/01/2017, 21:53) Like (10) Dislike (7) Reply
    The BVI says it complies with international protocols to ensure its companies are not used for money laundering, tax dodging or other illicit purposes, so why they afraid to talk and left it up to the esteem?
  • dog (27/01/2017, 00:07) Like (16) Dislike (2) Reply
    this is a man who bought a small bank and then foreclosed on hundreds of homes, made millions and then sold the bank. the home owners lost their homes. The fact that he has an off-shore account to avoid taxes should have disqualified him from the beginning. The trump swamp is full of sleeze-ball aligators who are looking out for themselves. Secretary of State Tilson, CEO of Exon, has the rights to drill on 63 million acres in Russia. Do you think they are going to jeopardize that? Or the keystone pipe line? BTW- NONE of that oil goes to the US. IT goes to the gulf of Mexico for strictly export!!! Yet US may get contaminated water and oil spills because of it.
    • Anti-Trumpish (27/01/2017, 09:12) Like (4) Dislike (3) Reply
      Did y'll heard what the Former Mexican President said...Quote" We are not paying for that wall, and the 20 % tax that trump will be asking for, we will add the 20 % on all cars coming to America, the people of America will pay for the wall". Brilliant Guy.
      • Guest (27/01/2017, 11:43) Like (3) Dislike (2) Reply
        Supply and demand genius he can add the 20% to his cars but that would be at Mexico's demise. Americans are not forced to buy their cars, so if he wants to make the cars coming from his side more expensive they will just sit while Nissan and others kill them with lower prices. Less cars sold more of his people in Mexico will be laid off. He really playing chicken with himself....
  • Cal (27/01/2017, 07:35) Like (6) Dislike (2) Reply
    let's hope these big countries back off now with trump in office
    • pat (28/01/2017, 10:33) Like (0) Dislike (1) Reply
      how? Trump is the initiator and instigator of world problems to come. He is unpredictable, rude, loud, unprincipled and lacks human decency.
  • The TRUTH (27/01/2017, 09:24) Like (2) Dislike (0) Reply
    Hopefully this produces a positive climate for our offshore business to bloom again.
  • Hmmm (27/01/2017, 14:55) Like (3) Dislike (0) Reply
    Liar liar pants on fire. He just thought no one would notice and if they did all GOP does the same thing so he could be confirmed anyway. Thing is the are not gig to go against Trump's foolishness cause they are all vulnerable. Trump has actually joined the swamp!
  • just listen (27/01/2017, 15:37) Like (2) Dislike (0) Reply
    listen to the interview. He calls the democtrats out for the BS tax allegations, he does not apparently have any offshore accounts in question but it was 8 Cayman directorships.
    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
  • point (27/01/2017, 18:56) Like (1) Dislike (0) Reply
    Equal rights for small island states doesn't mean you receive fewer rights


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