Arihant current affairs

Arihant current affairs magazine

Arihant current affairs magazine There are many reasons to use offshore accounts. Some people want to hide income from spouses or greedy, sponging relatives. Entrepreneurs, whose incomes vary widely from year to year, may wish to keep some of their assets overseas in order to avoid having them seized in case of bankruptcy. arihant current affairs magazine subscription Tax resisters and libertarians, who wish to live free from the federal government, place their money in asset havens to avoid taxes. A fear of publicity may also lead the very rich to hide their assets from public view, to avoid being targeted by kidnappers, extortionists, and thieves. Newspapers and tabloids publish lists of the richest Americans, creating unwelcome publicity for individuals who wish to live private lives. current affairs  However, it is important to note that illegal activities can no longer be easily hidden by overseas banks. The Bank Secrecy Act (or BSA) requires financial institutions to assist government agencies to detect and prevent money laundering. Financial institutions are required to keep records of cash purchases of negotiables and file reports of cash transactions exceeding $10,000 (total daily amount), and to report suspicious activity that might be construed as money laundering, tax evasion, or other criminal activities .current affairs english In an effort to stop terrorists from importing funds to be used in terrorist acts within America, the 2001 USA Patriot Act created many new rules for U.S. Banks in an attempt to stop secret money transfers. A list of suspect banks has been created and American banks are no longer allowed to wire money to them. Also, all new customers opening an account at an American bank are asked if they are a U.S. citizens, and if not, if they are involved in politics abroad or connected to foreign political figure in any way. They must also provide their occupation and state if they plan to have foreign funds wired to their accounts best english magazine for current affairs. 

Arihant current affairs magazine