December 11, 2017

First tax havens blacklist published by EU

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By Jamie Robertson From BBC The European Union has published its first blacklist of tax havens, naming 17 territories including Saint Lucia, Barbados and South Korea. A “watchlist” of 47 countries promising to change their tax rules to meet EU standards has also been issued. The “grey list” includes several with UK links, including Hong […]

Paradise Papers: Nordea loaned billions to tax haven-based shipping firms

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From yle UUTISET The Nordic’s largest bank Nordea loaned billions of euros to shipping companies whose vessels were registered in tax havens, according to one of Yle’s first reports on the Paradise Papers – the massive data leak of secret documents shared with journalists around the world. The biggest bank in the Nordic countries, Nordea, […]

The Editor speaks: From Panama to Paradise

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Some people think Panama is Paradise but not the law firm of Appleby. Appleby has been described by one media outlet as “The company [Appleby] helps the rich and wealthy to avoid taxes, hide names and even supply directors for shell companies. In a Press Release Appleby said: “Recent media coverage, including the Panorama programme […]

The Editor Speaks: Another breach and another cover up

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Bermuda based Appleby has admitted there has been a breach earlier this year but did not disclose exactly when. It all smells very much like the 2015 Panama Papers case and the UK’s Daily Telegraph said the exposed information could place a high amount of scrutiny on various tax havens used by the rich. The […]

Iceland PM sold bank assets hours before financial crash, leaks show

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By Jon Henley European affairs correspondent From The Guardian UK Guardian Exclusive: Bjarni Benediktsson, current Iceland leader, sold millions of króna of Glitnir assets before state took control in 2008 The current prime minister of Iceland sold almost all his remaining assets in a major Icelandic bank’s investment fund on the day the government seized […]

Cayman Islands: Hotly-contested election behind it, as challenges remain

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By: Peter Body From International Investment The long-term stability of the Cayman Islands, coupled with its early willingness to participate in global efforts to create an international network of automatic information exchange and similar schemes, are seen as helping it to maintain its place as a top financial services jurisdiction, particularly for hedge funds. Still, […]

Adcock Private Equity sues Stephen Porges and wife over Caribbean share dispute

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By Vesna Poljak From Financial Review The former boss of Aussie Home Loans, Stephen Porges, is being sued by private equity firm Adcock over a soured deal where he is accused of making false links to the Panama Papers scandal to stall a share transfer. Mr Porges is fighting the allegations, and further claims that […]

Cayman Islands co-operation puts clients first

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From Executive Global As global strides towards transparency start to become a reality, beneficial owners around the world have recognised the growing attractiveness of a Cayman Islands corporate address or asset domicile, now that information sharing between governments becomes the rule rather than the exception. While it is quite clear that the OECD-inspired, trend towards […]

The British Virgin Islands is trying to prove it’s not a tax haven — campaigners aren’t buying it

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By Camilla Hodgson From Business Insider Transparency and tax campaigners are clashing with officials from the British Virgin Islands (BVI) over a new report claiming the Caribbean islands are not a tax haven. The report, written by Capital Economics and commissioned by BVI Finance, which promotes the country’s financial sector, said the islands are strong […]

Wealth managers to the super-rich undermine society and what we can do about it

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By Chuck Collins From The Nation An expert on their secretive world explains how these shadowy practitioners of financial trickery help facilitate widespread tax evasion—and undermine democratic government. Recent years have seen a tremendous amount of scholarship and commentary on the growth of inequality in the United States and what can be done about it. […]