Results tagged “uruguay offshore banking”

Uruguay bank secrecy hangs delicately poised after conflicting statements of intent from rival candidates ahead of October presidential elections.

Just a week after Frente Amplio candidate Jose Mujica signalled his intent to discuss bank secrecy within the Mercosur group in an interview with an Argentinian newspaper, opposition candidate Luis Alberto Lacalle apologized for his rival's remarks at a lunch given by the Uruguay-Argentina chamber of commerce.

When questioned on the issue of bank secrecy, Lacalle stated categorically that he would not hand over bank secrecy if he won the election. He further backed up his statement with the following reasons (translation from an article in Uruguayan newspaper el pais).

- Uruguay politics should be geared towards maximising the nation's comparative advantages.
- Financial activity generates wealth and employment
- For Uruguay to act like small countries such as Luxemourg and Switzerland is completely legitimate.
- It is hypocritical for large countries to try and impose policy in this way when in places like the US state of Delaware ''they wash, iron, and dry'' money (a reference to the number of secret companies formed in that state).
- In the cases where it is called for bank secrecy can still be lifted.

With just weeks to go until the country decides, Mujica looks better placed to win the election.