Tuesday, February 14, 2012

Links Feb 14

Analysis: India struggles to contain seismic corruption and rampant tax evasion The Bureau of Investigative Journalism
Feb 14 - Great piece by Nick Mathiason. India’s top corruption official, AP Singh "stated that Indians illegally deposit $500 billion in tax havens ... We find that money is taken to Dubai/Singapore/Mauritius from where it goes to Switzerland and then British Virgin Island/Cayman Islands and other such tax havens ..."

New India deal to fight tax evasion Macau Daily Times

Feb 14 - "Macau and India will cooperate on fighting tax evasion, after a new agreement came into effect earlier this month." - but it's bilateral . See some TJN commentary on India's moves towards a multilateral approach here.

Diamonds: A Good Deal for Zimbabwe? Global Witness
Feb 13 - New report raises concerns that diamond purchases may help fund the Zimbabwean military, and reveals diamond business being conducted through an opaque corporate structure operating via a web of entities based in secrecy jurisdictions.

See also:
Tracking diamond profits The Mercury
Feb 14 - "Most of the revenue from Zimbabwe’s controversial Marange diamond fields is being laundered through front companies and tax havens to top members of the security forces and foreign entrepreneurs, leaving almost nothing for Zimbabwe’s treasury."

Kazakh president accused of money laundering swissinfo

Feb 13 - "Nazarbaev is accused of being the beneficiary of some $100 million that was allegedly laundered via a third party and deposited into a Credit Suisse account in Zurich."

Europe can't cut and grow Guardian
Feb 6 - "The EU needs a growth compact, not a fiscal one. Swift action on tax and jobs is the way out of the crisis" - the piece speaks some common sense on tax justice issues.

PWC: New US tax law to have big impact on Bermuda’s financial services sector The Royal Gazette

Feb 14 - Commentary in the Bermuda press on FATCA.

See also:
Bahamas: FATCA more trouble than it's worth, accountant warns Nassau Guardian

Feb 14 - Observing on disclosure: "the country's financial institutions must now provide the necessary information to its clients and leave the decision to the individual account holders and institutions themselves".

"Filthy Rich" CNBC
Feb 13 - "CNBC investigations inc. follows the trail of international corruption and money laundering to a shocking tax haven…the United States".

Tax Havens: Ugland House, Grand Cayman - - home to almost 19,000 companies, offshore funds and financial entities Finfacts

Feb 13 - Nice little summary of some Cayman facts. The piece observes: "it's argued that the common use of tax havens is making the concept of the nation-state itself a very pliant one for certain actors in society, be they corporations or the very wealthy." Hat tip: Offshore Watch.

Austria approaches Switzerland to snare tax fugitives Austrian Independent
Feb 13 - "Austrian People’s Party (ÖVP) Finance Minister Maria Fekter said Austrians may hoard up to 20 billion Euros in the neighbouring country which is famous for its strict banking secrecy." Interesting developments - see commentary on Austria's role in Europe here and within FSI ranking here.

Facebook is doing a Double Irish Tax Research UK
Feb 12 - Richard Murphy on Facebook's tax dodging. See also our recent blog Petition: pay your taxes, Facebook.

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