This is about an excellent Reuters investigation into a Russian state scheme to buy expensive medical equipment - and send money to Swiss bank accounts. It is worth reading in its entirety, but we will hone in on this bit: … [Read more...]
Enablers and intermediaries
Credit Suisse and tax evasion: a fine is fine, but why no jail time?
Hedge funds versus tax collectors: quote of the day
From U.S. tax professor Victor Fleischer, in an article looking at how hedge funds and their managers use Bermuda reinsurance vehicles for their tax shenanigans: "The chess match between tax collectors and fund managers will continue. The top 25 hedge fund managers have one advantage, though. … [Read more...]
Credit Suisse: We were running a criminal enterprise.
We have written at some length about Credit Suisse's attempted defences of its long-standing business model, highlighted in a headline “Credit Suisse CEO says a few bankers are to blame for $10bn in tax evasion.” As we said: "The old ‘a few rotten apples’ defence. “Some Swiss-based private … [Read more...]
Why it’s so hard to audit hedge funds and private equity
Another reason why corporations may want to be taxed properly
. . . via top-ranked U.S. tax professor Reuven Avi-Yonah, in a paper entitled Just Say No: Corporate Taxation and Social Responsibility. It is US-focused, but has wide relevance. This, in fact, can be seen as another justification of imposing tax on the corporation: Rather than bear any social … [Read more...]
The Offshore Wrapper: a week in tax justice
The Offshore Wrapper is written by George Turner It’s just take, take, take… Three members of Take That, the highly successful UK boy band, have been caught “on the take” by Her Majesty’s Revenue and Customs (HMRC). … [Read more...]
How Glencore made its money
From an excellent new article in Foreign Affairs, by Ken Silverstein. It concerns the commodity trading giant Glencore, which Reuters once called "the biggest company you never heard of," and which went public in May 2011. "What the IPO filing did not make clear was just how Glencore, founded four … [Read more...]
Avaaz on Jersey: give the tax thieves nowhere to hide
From Avaaz, a new campaign: Jersey is trying to get away with limited implementation of the G8's tax transparency reforms. I worked in Jersey’s government, and know a deluge of messages from across the UK will surprise them. Write what you feel about tax dodging, and draw from the points below. … [Read more...]
On Britain’s new honesty box for corporate fraudsters.
From Prof. Prem Sikka: "Some 4,000 individuals appearing on international lists of alleged fraudsters, money launderers, terror financiers and corrupt officials were directors of UK registered companies in 2008 (the most recent data)." … [Read more...]
Quote of the day: William Browder, Russia and Ukraine
In an interview with The American Interest, looking at Ukraine and the looting of the former Soviet Union, the co-founder of Hermitage Capital speaks out - all guns blazing. There are any number of Quotes of the Day we could highlight - but we thought we'd choose this one, prompted by the … [Read more...]
Barclay promoting tax havens: protest at its AGM
Tomorrow (Thursday) Barclays Bank holds its Annual General Meeting in London. This will mark the culmination of ActionAid's ‘Clean Up Barclays’ campaign, which focuses on the bank’s promotion of the use of tax havens – notably Mauritius – for multinational companies looking to invest in Africa. … [Read more...]
Quote of the day: finance, truth and bullsh*t
From SOMO, an article about how financial sector interests have sabotaged European efforts to regulate the shadow banking sector. Our quote of the day, one in an occasional series, is from Belgian Green MEP Philippe Lamberts, who accused other MEPs of ‘delaying tactics’ and said: "I am not a … [Read more...]
TJN response: the UK Law Commission and investment intermediaries
PRESS RELEASE The UK Law Commission consultation on the fiduciary duties of investment intermediaries: Response from the Tax Justice Network … [Read more...]
