Pinhas Rubin, Chairman of Gornitzky & Co. and Israel’s leading tax law expert, was featured in an article in The Marker newspaper discussing tax havens and the increasing difficulty in their utilization.
Mr. Rubin emphasized that, “Unlike in the past, the tax havens do not create a tight blockage on information. Today it is easier to know who is behind a company, corporation or trust, even if they are located in a tax haven.” Mr. Rubin attributes this limited transparency not only to legislative changes in the tax havens themselves, but rather namely to the unwillingness of the majority of the world’s banks to open an account without the prior exposure of the identity of the real beneficiaries and of those behind the companies in question.
