From The Guardian: "Countries with bigger banking sectors suffer weaker growth and worse inequality, according to a report from the Organisation for Economic Co-operation and Development (OECD). After analysing 50 years of data across its 34 member-countries, economists at the Paris-based … [Read more...]
Finance Sector
Links Sep 17
Bank lobby decries regulation “overload” swissinfo 'The Swiss Bankers Association has waded into the ongoing anti-tax evasion political debate' U.S. tax-evasion probe expands to Belize USA Today See also: IRS Hunts Belize Accounts, Issues John Doe Summons To Citibank, Band of America … [Read more...]
Links Sep 16
President Juncker must endorse public scrutiny of multinational tax payments Transparency International European Parliament tax investigation: Lobbyists from non-compliant firms to lose access to EU Parliament Sven Giegold Finland: Minister on board of tax haven firm YLE Minister of … [Read more...]
Links Sep 15
EU must force more transparency from companies in Africa - Piketty Reuters Event: Gabriel Zucman presents “Hidden Wealth of Nations: The Scourge of Tax Havens” Washington Center for Equitable Growth Taxing Africa’s richest and poorest Ventures Africa Swiss firms avoiding tax on gold, says … [Read more...]
Links Sep 11
Greens call for stronger recommendations to fight corporate tax avoidance in Europe The Greens / European Free Alliance in the European Parliament Transparency & the State of the Union Transparency International On Jean-Claude Juncker giving his first annual ‘State of the European Union’ … [Read more...]
Russia’s offshore financial nexus, threatening financial stability and security
We have for years remarked on the role of the offshore system in promoting financial instability, not least for its propensity to enable financial players to get out from under financial regulations they don't like, then taking the cream from risky activities and shifting the risks onto others. … [Read more...]
Links Sep 10
Poor countries worry that developed nations drive tax agenda Business Day Live UK: Revenue & Customs 'winding down' inquiries into HSBC Swiss tax evaders The Guardian "After reopening investigation into HSBC clients hiding money in Switzerland, HMRC admits it has still only prosecuted one … [Read more...]
Tax havens and Promontory Financial Group: a “safe pair of hands?”
Now this presumably relates at least in part to this recent episode: what the New York Times calls: … [Read more...]
Will Brazil’s “CPMF” financial transactions tax live another day?
For the decade that lasted up to 2007, Brazil levied a tax on financial transactions called the CPMF. It was a biggy: this tax raised nearly $20 billion in its last year of operation before it was killed off by a coalition of people opposed to it, some of whom are in this photo. The tax had two … [Read more...]
Links Sep 9
EU tax haven blacklist—a misguided approach? LexisNexis TJN's Markus Meinzer and Andres Knobel on the misleading nature of the EU tax haven blacklist, and why blacklists might not be the right approach to tackle tax dodging. (This article was first published on Lexis(r)PSL Financial Services on 7 … [Read more...]
Links Sep 7
New FTSE100 survey should boost moves towards corporate tax transparency Christian Aid International taxation: if the rules of the game were changed? EurActiv (In French) Paying tax, a patriotic act: South African Revenue Service SABC Dubai courts Greek shipowners and operators Seatrade … [Read more...]
Links Sep 4
Antoine Deltour, the man who shook Luxembourg Le Figaro (In French) See also our blog: Will Antoine Deltour become a prisoner of conscience? Brussels Refusing to Hand Over Documents in European Tax Scandal Probe Sputnik UK company ownership register postponed until next June STEP See also … [Read more...]
Links Sep 3
Argentina Tells HSBC to Remove CEO in Tax Evasion Dispute Bloomberg Tax Evasion: Argentine Tax Authority Recruits Whistleblowers Falciani and Gibaud La Trbune (In French) See article linked earlier on the Falciani trial in Switzerland, and our recent guest blog How Switzerland corrupted its … [Read more...]
Why tax havens will be at the heart of the next financial crisis
Update: this has now been cross-posted at Naked Captalism This post examines another excellent in-depth investigation by Reuters into global financial stability issues, and the role of tax havens in this giant game of pain and plunder. The investigation uncovers, among other things, a whole lot … [Read more...]
As the murk grows, the UK rows back on money laundering checks
Updated with Cayman-related news. From Global Witness, a new report entitled Banks and Dirty Money: How the financial system enables state looting at a devastating human cost. It's got plenty of detail, but one eye-catcher is their look at the largest penalties given for money-laundering or … [Read more...]
