Our weekly Offshore Wrapper, by George Turner The end of decency For years the attitude towards Russia from major offshore financial centres such as the City of London has been: “Give us your money, we don’t care where it comes from.” … [Read more...]
Finance Curse
Renting Judges for Secret Rulings in Delaware
Back in 1974 William Cary wrote a widely cited article about Delaware in the Yale Law Review, where he stated: "a pygmy among the 50 states prescribes, interprets, and indeed denigrates national corporate policy as an incentive to encourage incorporation within its borders, thereby increasing its … [Read more...]
Ukraine: how to put pressure on Russia
Following our blog yesterday looking at the national security implications of Europe's tax haven mentality, we have been drawn to this post from 2008, looking at the West's options in dealing with Russian aggression in Georgia at the time. It lists several interesting possibilities, but we found … [Read more...]
Tax justice is good for growth: IMF
We recently briefly blogged an IMF report describing how economic inequality leads to slower economic growth. Now, in the Financial Times, a fascinating comment article by the IMF Deputy Research Director Jonathan Ostry, whose subtitle is "A more redistributive tax system appears to lead to … [Read more...]
Why Russia no longer fears the West. It’s the offshore, stupid
If there's one story you read today make it this one, from Politico Magazine. It's triggered by the crisis in Ukraine, but it's been a long time coming. The point of this short story is clear: Western leaders are waking up to the fact that Russia no longer fears or even respects them. Why? … [Read more...]
Guernsey milking and the offshore stock exchange
The International Advisor magazine has just reported: "Guernsey chief minister Peter Harwood resigned today, in the wake of publication of a critical article in the current issue of the British satirical and investigative publication, Private Eye." This refers to an excellent report entitled … [Read more...]
London, the Great Sucking Sound, and the Finance Curse
From Aditya Chakrabortty in the UK's Guardian newspaper: some statistics that are classics of the "Finance Curse" analysis - where an oversized financial centre begins to weigh on the rest of an economy, rather than to support it. … [Read more...]
Links Jan 31
African leaders must seize the initiative on global tax reforms Institute of Development Studies Is the new EBRD policy a turning point for the acceptability of tax havens in development finance? Eurodad … [Read more...]
Why does food cost so much in Jersey?
Today's edition of the Jersey Evening Post leads with an article headed 'Official: Why food costs so much more in Jersey'. Food prices, according to a new study, are one third higher than in the UK. Worse, once taxes and duties are excluded, the difference rises to 50 percent. … [Read more...]
Fiat moves tax domicile to tax haven UK – but will it create jobs?
Reuters reports: "Fiat said on Wednesday it would register the holding of its newly created Fiat Chrysler Automobiles group in the Netherlands and set its tax domicile in Britain … [Read more...]
Show trial of Swiss whistleblower Elmer now in 9th year
This month a Swiss court fought back against efforts by the United States to tackle criminal activity and tax its wealthy citizens properly. As Worldwide Tax Daily reports: … [Read more...]
Links Jan 24
"ChinaLeaks" Stories Censored In Mainland China ICIJ See also: China mobilizes cyber-cops after leak on elite overseas wealth globalpost, Chinese media speaks no evil over Offshore Leaks Deutsche Welle, Latest update: Release Of Offshore Records Draws Worldwide Response and searchable Offshore … [Read more...]
Links Jan 22
Swiss banks devise new 'cash' strategies for clients Zee News Swiss Bankers Welcome Formation Of Tax Expert Group Tax-News … [Read more...]
The Bahamas – Another Captured State?
Written for TJN by someone with long experience of the Bahamas. The Bahamas is a stunningly beautiful archipelago of more than 700 islands, cays and islets, a proud nation populated with vibrant, passionate, good-hearted people. The economy of this small island state, ranked at 35th position on … [Read more...]
Big Newsweek exposé on human rights abuses in tax haven Jersey
From the Treasure Islands blog: I've just had an email from Stuart Syvret, a dissident former health minister in the British tax haven of Jersey, who has just got out of prison after challenging the island's financially-dominated oligarchy. The email was in his characteristically forthright … [Read more...]
