Should the Tibetan Government in Exile freeze OTD’s funds connected with money laundering in 2016?

I submit for you consideration The Vatican froze €2 million in funds suspected to be connected with money laundering in 2016 as it pertains to OTD’s Kagyu Monlam Panama Papers scandal.

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6 Comments

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6 responses to “Should the Tibetan Government in Exile freeze OTD’s funds connected with money laundering in 2016?

  1. Steven

    Hi Bill,

    Thanks for your posts. I just wanted to point out that IMO the Panama Papers don’t seem to be the silver bullet that it comes across as from reading your posts. There are multiple legitimate reasons why someone could use an offshore bank account and corporation. I have used both myself for running a business which I also had to file reports and tax returns to the IRS for. Let me run a likely scenario. Chinese donors do not benefit from a donation to a registered US non-profit because a donation is not deductible against their income in China. US non-profits get a lot of scrutiny from the IRS for donations coming from outside of the United States. This is mainly due to terrorism funding concerns. But a US Corporation would have to pay taxes as income for donations received. So a Panama corporation and bank account could be very useful here if the donor did not require a US tax receipt.

    I’m not saying you are wrong that they did it for money laundering purposes but it may be helpful for you to be aware of completely legitimate reasons why this could happen. I know you are fairly liberal and liberals tend to think anyone with an offshore bank account is evil. But in reality, there are real problems and this solution might actually have been a logical and legal solution.

    Thanks,
    Steven

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