Singapore is the tax haven increasingly favoured by the super-rich as traditional European venues buckle on bank secrecy.

The sweaty Asian metropolis was the setting for ‘Rogue Trader’ starring Ewan Mcgregor, an embellished history of Bearings Trader Nick Leeson’s incredible 17Bn fraud.

Singapore also has the highest density of millionaires in the world.

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30-year fixed mortgages in the United States are now at a 30 year low, according to the most recent report from Freddie Mac. The rate at the end of the week on December 11, 2008 stood at a national average of 5.47 percent, which is down from 6.11 percent a year ago.
 
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Although the black economy is not usually associated with ‘professionals’ - it seems they are well used to getting their hands dirty.

UK Revenue and Customs has disclosed that 57 barristers have been caught evading tax. Thirty-six reached a private settlement with Revenue and Customs and agreed to return £605,000 between them in unpaid tax and fines.

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According to American Law Professors, the roots of the financial crisis lie in the developed West.

Attacking the offshore sector may be politically popular in Paris, London and Washington, but it has nothing to do with resolving the global financial crisis.

More at FT

Pope Benedict attacks tax havens in a Vatican report - ‘They have given support to imprudent economic and financial practices and have also played a significant role in the imbalances of development, allowing a gigantic flight of capital linked to tax evasion,’ says the report. ‘Offshore markets could also be linked to the recycling of profits from illegal activities.’

Does this mean good Catholics should abstain from investing offshore?