May 21, 2018

‘Dirty money’: U-turn as Tories back plans to make tax havens transparent

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By Dan Sabbagh From The Guardian UK Government says it will support bill amendment to introduce public ownership registers in Britain’s overseas territories Britain’s overseas territories will have to introduce public ownership registers, after a minister announced the government would support a backbench amendment designed to stem the global flow of “dirty money”. Sir Alan […]

Umno’s stealing binge hits pandemic levels: Mara thieves mimicked Najib’s 1MDB model – enough irrefutable paper trail to ‘hang’ culprits

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From Malaysia Chronicle Mara corruption in Melbourne property market, assisted by Raine Horne valuers hits headlines in Australia Raine Horne KL embroiled in global corruption scandal prime Melbourne property, corrupt M’sian officials, Panama Papers leak scandal – vastly inflated valuation of 280-room Swanston Street http://www.smh.com.au/federal-politics/political-news/the-australian-building-that-made-almost-20m-for-corrupt-malaysians-20180126-p4yyxd.html Corrupt M’sia money distorts Melbourne market 746 Swanston St. bought […]

Brussels to blacklist UK tax-heaven dependencies

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From NEOnline | IR British dependencies that are considered tax avoidance heavens may soon be added on the EU’s tax avoidance blacklist, The Independent reports. The first blacklist list was published by the European Commission in December 2017, without including the 17 British dependencies linked with tax avoidance via the Panama Papers scandal. The European […]

Caribbean Tax Havens like Barbados face new pressure, with economic costs

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By Robert Looney From WPR Public interest in offshore banks and their financial services, particularly in the Caribbean, has risen considerably after revelations in two major leaks known as the Panama Papers and the Paradise Papers. The increasingly common practice of the super-rich, celebrities and political figures using Caribbean countries to shelter their income from […]

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, […]