United States as a tax haven

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In 2010, the United States implemented the Foreign Account Tax Compliance Act; the law required financial firms around the world to report accounts held by US citizens to the Internal Revenue Service. The US on the other hand refused the Common Reporting Standard set up by the Organisation for Economic Co-operation and Development, alongside Vanuatu and Bahrain.^[2]

This means the US receives tax and asset information for American assets and income abroad, but does not share information about what happens in the United States with other countries. In other words, it has become attractive as a tax haven.^[1]