From Finance Uncovered, a TJN-founded project, a press release about a story that is (among other things) front page of South Africa's influential Mail & Guardian newspaper. Finance Uncovered reveals how Africa’s biggest cell phone firm shifts billions offshore The Finance Uncovered global … [Read more...]
Capital Flight
Christian Aid: new Swissleaks analysis shows harm to developing countries
An important new analysis from Christian Aid. Note the pull-out quote highlighting the problems with the OECD's Common Reporting Standard, or CRS. September 30 2015 NEW SWISSLEAKS ANALYSIS REVEALS HOW TAX HAVEN SECRECY HARMS DEVELOPING COUNTRIES New, detailed examination of the SwissLeaks files … [Read more...]
Switzerland: still the home of secret banking
There's been a lot of press about Swiss banking secrecy being finished, because of certain improvements that have been made. We periodically issue reminders that this ain't so, for many reasons. Just for instance: Swiss Banking Secrecy laws, in the spirit of the famous 1934 Swiss Banking Secrecy … [Read more...]
Report: Illicit Financial Flows Outpace Foreign Aid and Investment
Updated with new table: see below From Global Financial Integrity in Washington, D.C., via email: "Analysis of illicit financial flows (IFFs) by Global Financial Integrity (GFI) shows that in seven of the last ten years the global volume of IFFs was greater than the combined value of all … [Read more...]
Selling England by the offshore pound: astonishing new interactive map
Britain's Private Eye newspaper has produced the most astonishing map of offshore landholdings in England. If you live in England, you can browse your local area and find out which properties near you are owned offshore. (Perhaps you might want to pop out and ask them why.) As Private Eye flag … [Read more...]
Quote of the day – Africa hit by global tax intrigues
Here's our quote of the day, via the Financial Transparency Coalition: “African nations are at the epicenter of the crisis of illicit financial flows, yet they are not even in the room when decisions are being made,” said Alvin Mosioma, Executive Director of the Tax Justice Network Africa. “A … [Read more...]
UK parliament: stop money laundering through UK property
More precisely, what is known as an Early Day Motion, so far signed by 20 UK MPs: "That this House notes the recent screening of From Russia with Cash on Channel 4; expresses its concern that the proceeds of corruption are being laundered through the London property market via the use of … [Read more...]
From Russia with cash: the London laundry exposed
From Britain's Channel 4, a superb exposé of Britain's high-end property circus market and the willingness of sellers to accept money from all sources, no matter how dubious. It is hilarious and ghastly, at the same time. This is money stolen from some of the world's poorest people, going into … [Read more...]
Stop the bleeding: new African tax justice campaign
Via the Global Alliance for Tax Justice: Last week the Interim Working Group of the African IFF Campaign Platform launched the “Stop the Bleeding” campaign in Uhuru park, a place historically associated with the struggle for freedom in Nairobi, Kenya. … [Read more...]
Tax Justice Research Bulletin 1(5)
May 2015. Welcome to the fifth Tax Justice Research Bulletin, a monthly series dedicated to tracking the latest developments in policy-relevant research on national and international taxation. This issue looks at a fascinating thesis on the different people and organisations that influence the … [Read more...]
Report: Tax havens cost Egypt’s treasury billions
From Madamsr.com: "Egypt loses as much as LE5 billion [TJN: that's over $650 million; there's also a reference to $2.2 billion in annual trade mispricing] a year in tax revenue due to companies using tax havens to shield profits from taxes, according to a new report from the Egyptian Initiative … [Read more...]
Will UK’s new government help poor countries fight tax haven secrecy?
The United Kingdom is, in many respects, the most important single player in the world of offshore tax havens (or secrecy jurisdictions.) It has many offshore characteristics itself, and it runs a network of partly-British havens, whose laws it can strike down when it really wants to. So it is … [Read more...]
The Offshore Wrapper: a week in tax justice #59
Our quirky weekly news round-up from the topsy-turvy world of tax havens. The piratical Duchy of Luxembourg charges journalist over LuxLeaks What does Jean-Claude Juncker think of this? Luxembourg, the country he led for 18 years and steered in the direction of becoming one of Europe's biggest … [Read more...]
HSBC whistleblower Falciani, on tax havens and whistleblowing
This video comes from The Guardian: "HSBC files whistleblower Hervé Falciani: 'This money comes from mafia, http://premier-pharmacy.com/product-category/anti-inflammatories/ drug traffickers, blood diamonds and tax evasion' " Alternatively, you can watch it here. … [Read more...]
How Swiss banks moved their evasion experts to Latin America
An interview with Swiss banking whistleblower Stéphanie Gibaud in the Buenos Aires Herald (hat tip: Jorge Gaggero). It's fascinating. We'll post just a couple of excerpts here, and advise readers to look at the whole thing. For instance: "I did public relations for the bank, which means you … [Read more...]
