Learn About Illicit Financial Flows
Key Terms



Tuesday’s Top News Stories

Clark Gascoigne

Q&A: Africa’s Mid-2000s Economic Boom Fuelled Capital Flight
IPS News, April 20, 2010

Africa’s $854bn illicit cash outflow
The Daily Sun (Nigeria), April 20, 2010

Ghana, others lose $1 trillion to illicit financial dealings
Accra Daily Mail, April 20, 2010

U.S. consolidates alleged arms bribery cases
Reuters, April 19, 2010

Virginia Resident Sentenced to 87 Months in Prison for Bribing Foreign Government Officials
US Department of Justice Press Release, April 19, 2010

Too big to be nailed
Fortune Magazine, April 19, 2010

Jurors thought ex-Congressman William Jefferson’s transgression was more than bribery: Stephanie Grace
The Times-Picayune (New Orleans), April 20, 2010

Bank tax likely, key House Democrat says
MarketWatch, April 19, 2010

Irvine and Clinton’s counsel join forces
Scotsman, April 20, 2010

New Hampshire Tax Shelter Promoter Sentenced for Conspiring to Defraud the United States
US Department of Justice Press Release, April 19, 2010

NTS Launches Tax Audit on Hyosung
The Korea Times, April 20, 2010

Liberal Democrat tax and immigration plans under scrutiny
The Guardian, April 20, 2010

India rocked by cricket scandal
Los Angeles Times, April 20, 2010

Investigators likely to head Mauritius for IPL probe
Press Trust of India, April 20, 2010

IRS Eases Up On Disclosure Of Risky Tax Positions
Dow Jones Newswires, April 19, 2010

Ex-Siemens execs found guilty in bribery case
Reuters, April 20, 2010

German Firms to Make No-Bribe Vow in Russia
The Wall Street Journal, April 20, 2010

Editorial: Nigeria in Another Bribery Scandal
This Day, April 20, 2010

Isle of Man link with bribery case
IsleofMan.com, April 20, 2010

Jaffer linked to offshore firms by Gillani: PI
CBC News, April 20, 2010

RCMP undecided on investigating Guergis
The Toronto Sun, April 20, 2010

Indonesian graft allows Islamist militancy to flourish
Reuters, April 20, 2010

Defendant links ex-minister with BI bribery case
The Jakarta Post, April 20, 2010

Court moves to close Romanian anti-corruption body
Associated Press, April 20, 2010

Continue Reading »


Former New York County District Attorney Robert Morgenthau Joins GFI Advisory Board

Clark Gascoigne

Washington, D.C. — Global Financial Integrity (GFI) is pleased to announce that former New York County District Attorney Robert Morgenthau has agreed to serve on the GFI Advisory Board.  Mr. Morgenthau’s Advisory Board membership builds upon earlier collaborations with GFI on projects and efforts related to illicit financial practices, the most recent of which was a briefing last September on the national security risks inherent to growing diplomatic and financial ties between Iran and Venezuela.

“It is an honor to welcome Mr. Morgenthau to our advisory Board,” said GFI director Raymond Baker.  “Mr. Morgenthau is a true luminary whose career has been defined and distinguished by his tireless and uncompromising pursuit of justice and transparency in financial practices.  We look forward to further collaborative efforts with Mr. Morgenthau on tackling financial secrecy and fostering greater transparency and accountability in U.S. and global financial practices.”

Robert M. Morgenthau, recipient of GFI’s 2009 Award for Exemplary Leadership, served as the Manhattan district attorney for 35 years.  In his tenure Mr. Morgenthau presided over numerous investigations into illicit banking and financial practices.  As recently as January of 2009, his office uncovered a data-stripping practice by which Iranian banks were illegally shifting billions of dollars through American financial institutions in order to bypass international sanctions.

Global Financial Integrity is a Washington, D.C. based research and advocacy organization working to curtail illicit financial flows through increased transparency and accountability in the global financial system.

Contact: Monique Perry Danziger

Continue Reading »


Goldman deal went through Cayman Islands

Tax Justice Network

Well, what a surprise. In the much-publicised fraud case involving a lawsuit filed by the Securities and Exchange Commission against Goldman Sachs, it is absolutely no surprise to us to find that this deal, known as Abacus 2007-AC1, involves:

Issuer: Abacus 2007-AC1, Ltd., Incorporated with limited liability in the Cayman Islands
Co-Issuer: Abacus 2007-AC1, Ltd., Incorporated with limited liability in Delaware

The issuer of this $2bn CDO is a Cayman Islands Special Purpose Vehicle. You can see the structure of the thing on page 51. Note also an earlier story from McClatchy’s, the only one we’re aware of which focused strongly on the offshore aspect, and which notes that Goldman had 148 of these kinds of deals in the Cayman Islands.

“These Cayman Islands deals, which Goldman assembled through the British territory in the Caribbean, a haven from U.S. taxes and regulation, became key links in a chain of exotic insurance-like bets called credit-default swaps that worsened the global economic collapse by enabling major financial institutions to take bigger and bigger risks without counting them on their balance sheets.
. . .
In 2006 and 2007, as the housing market peaked, Goldman underwrote $51 billion of deals in what mushroomed into an under-the-radar, $500 billion offshore frenzy, according to data from the financial services firm Dealogic. At least 31 Goldman deals in that period involved mortgages and other consumer loans and are still sheltered by the Caymans’ opaque regulatory apparatus.
. . .
Taxpayers got hit for tens of billions of dollars in the Caymans deals because Goldman and others bought up to $80 billion in insurance from American International Group on the risky home mortgage securities underlying the deals.”

And of course, there’s the opacity:

Goldman’s Caymans deals were riddled with potential conflicts of interest, which Goldman disclosed deep in prospectuses that typically ran 200 pages or more.

All this is reminiscent of a document from the Bank for International Settlements, which we’ve blogged before, and which notes:

“The most common jurisdictions for US securitisations are the Cayman Islands and the state of Delaware.”

And it added that in Europe:

“the most common SPE jurisdictions for European securitisations are Ireland, Luxembourg, Jersey, and the UK.”

All secrecy jurisdictions – every last one of them.

Now in the latest round of stories about Goldman’s alleged fraud, nearly every newspaper has ignored this fact, although to credit of a minority, including the FT, it was not ignored entirely — though still only in passing.

Can’t anyone see that there is a pattern here?

Continue Reading »


Monday’s Top News Stories

Clark Gascoigne

Tanzania leads region in illicit money flows
The East African, April 18, 2010

Whistleblower Bradley Birkenfeld: Some U.S. pols kept off-shore accounts with UBS
New York Daily News, April 16, 2010

OECD crackdown on tax havens seen lacking teeth
Reuters, April 18, 2010

Crime pays in Montreal’s underground economy
The Montreal Gazette, April 18, 2010

Italy asks San Marino to automatically exchange information on banking
Italica News, April 16, 2010

I-T department to seek details from Mauritius
Economic Times, April 19, 2010

Sack Tharoor, probe if foreign funds are in IPL: Advani to govt
Press Trust of India, April 17, 2010

India minister resigns over IPL corruption claims
The Times (of London), April 19, 2010

Greek taxpayers sense evasion crackdown
Financial Times, April 17, 2010

Op-Ed: Steve King opposes Treasury program to catch rich tax evaders
The Huffington Post, April 17, 2010

Revenue pays £437,000 to informers on tax evasion
Daily Telegraph, April 19, 2010

Washington, D.C.: Taxpayers Footing a $100 Billion Bill for Tax Dodgers
U.S. PIRG, April 15 2010

Taiwan court extends former president’s custody
AFP, April 16, 2010

Two judges in Gayus tax evasion case to be questioned on Monday
The Jakarta Post, April 18, 2010

Nato offensive aims to tackle bribery and corruption in Kandahar
The Guardian, April 18, 2010

Former allies of Hugo Chavez blow the whistle on ‘corrupt’ dynasty
Daily Telegraph, April 19, 2010

ANC ‘cracking up’ – Zille
The Independent (S Africa), April 17, 2010

Brazil police arrest alleged Colombian drug lord
The Associated Press, April 17, 2010

U.S. urges regional drug effort for Caribbean
Los Angeles Times, April 16, 2010

U.S. charges Australian with laundering $500 mln
Reuters, April 16, 2010

DSI tracks money trail of ‘terrorists’
The Bangkok Post, April 19, 2010

Transfer pricing rears its ugly head
Vietnam Net, April 18,2010

Continue Reading »



Christine Clough

Mark your calendars for the 2010 annual conference of the Task Force on Financial Integrity and Economic Development September 28-29 in Norway!  Keep checking back for more information on the venue and speakers.

At the 2009 annual conference in Washington, DC, we had panels on the Task Force’s five priorities (trade mispricing, automatic exchange of tax information, country-by-country reporting, beneficial ownership and money laundering), we heard from members of the Task Force Partnership Panel and Economic Advisory Council, and we discussed issues like asset recovery, and other topics.  What panels would you like to see at the 2010 conference?  Who should we invite to give keynote addresses?  Post a comment below with your suggestions or email me: info@financialtransparency.org.

Hope to see you there!

Continue Reading »


Attac Norway: Tax Havens, The Video

Clark Gascoigne

Attac Norway just released the following video about tax havens:

Continue Reading »


Friday’s Top News Stories

Clark Gascoigne

Aid organizations highlight ‘quiet corruption’ in Africa
Media Global, April 16, 2010

Miami Beach Hotel Developers Charged with Conspiring to Defraud United States
US Dept of Justice Press Release, April 16, 2010

Former Hope, Idaho Resident Indicted on Tax Charges
US Dept of Justice Press Release, April 15, 2010

U.S. Joins H-P Bribery Investigation
Wall Street Journal, April 16, 2010

US charges seven more Swiss bank clients over tax fraud
AFP, April 16, 2010

Tragic Flaw: Graft Feeds Greek Crisis
Wall Street Journal, April 15, 2010

Key Guidance On UK Bribery Law To Be Issued By July
Dow Jones Newswires, April 16, 2010

Former Israeli PM Implicated in Bribery Scandal
Voice of America, April 16, 2010

Chinese banker given suspended death sentence for bribes
Financial Times, April 16, 2010

Analysis: Bribery is the hardest offense to prove
The Jerusalem Post, April 16, 2010

Ex-Costa Rica leader on trial in bribery case
Laredo Sun, April 15, 2010

India Employs Text Messaging to Fight Government Corruption
TMCNet, April 15, 2010

Editorial: EALA Should Enact Laws to Fight Corruption
The New Times (Rwanda), April 16, 2010

Are Politicians Not the Cause of Corruption in State Institutions?
Public Agenda (Ghana), April 16, 2010

Cuban academic says corruption island’s big threat
Associated Press, April 16, 2010

$1.4bn ‘missing’
The Fiji Times, April 16, 2010

The pendulum swings against Swiss bankers’ secrecy tradition
Financial Times, April 16, 2010

Nestle chairman says Switzerland not top for tax
The Associated Press, April 16, 2010

Government cracks down on money laundering
Herald Sun (Australia), April 16, 2010

Efron takes on role drug dealer in remake of Swedish film
Daily Independent, April 16, 2010

Money Laundering Bill Seeks to Amend
Solomon Times Online, April 16, 2010

Continue Reading »


Nearly 200 NGOs call for G20 action to tackle illicit financial flows

Clark Gascoigne PDF

Last night, 194 non-governmental organizations (NGOs) from the  UNCAC Civil Society Coalition released a statement calling on the G20 Finance Ministers to tackle the issue of illicit financial flows at their meeting in Washington later this month.  The statement essentially mirrors the text of the G20 Transparency Petition – an initiative from Global Financial Integrity to gather 100,000 signatures calling on the G20 to address the serious issue of illicit financial flows by creating transparency in the international financial system.  You can add your list to the petition at www.G20Transparency.com.  Scroll down for the full UNCAC Coalition statement and full list of NGO signatories.

Call for G20 action to tackle illicit financial flows

We, the undersigned civil society organisations, urge the Group of Twenty Countries (G20) to:

  • recognise the link between illicit outflows of capital from developing countries, absorption of those resources by tax havens and secrecy jurisdictions, and the adverse impact those flows have on poverty alleviation and economic development;
  • call on the Financial Action Task Force to amend its recommendations 33, 34, and VIII to provide that the beneficial ownership of all companies, trusts, foundations and charities be made a matter of public record;
  • reiterate the need for all jurisdictions to help recover the proceeds of bribery, embezzlement and other forms of corruption, and in particular to call on states to increase resources to investigate and prosecute corruption cases; to encourage the use of both criminal and non-conviction based asset forfeiture methods, and to provide coordinated, timely and effective mutual legal assistance, as promised by the G8 Justice and Home Affairs Ministerial Declaration of 11 May 2004;
  • instruct the International Accounting Standards Board to recommend that all multinational corporations report their income and taxes paid on a country by country basis; and
  • call on the OECD to create and promote a single multilateral agreement for effective tax information exchange between all jurisdictions.



Access Info Europe International
ActionAid International
Anti Slavery International International
Cafod International
Christian Aid International
Commonwealth Human Rights Initiative International
Global Alliance Against Trafficking in Women International
Global Witness International
International Council of Women International
International Trade Union Confederation International
Islamic Relief Worldwide International
La Strada International International
Public Services International International
Tax Justice Network International
Tearfund International
Tiri International
Transparency International -Secretariat International
UNICORN -Global Unions Anti-corruption Network International
SNAPAP Algeria
Asociacion Civil por la Igualdad y la Justicia Argentina
Fundacion Mujeres en Igualdad Argentina
Grupo de Mujeres de la Argentina -Foro de VIH Mujeres y Familia Argentina
Poder Ciudadano Argentina
Transparency International Armenia Armenia
Rainbow Warriors Core Foundation Aruba
Mitigating Endemic Democratic Problems Australia
Transparency International Australia Australia
Uniting Church in Australia Australia
EITI -NGO’s for Extractive Industries Transparency Azerbaijan
Transparency International Azerbaijan Azerbaijan
Bahrain Transparency Society Bahrain
Bangladesh NGO Network for Radio and Communication Bangladesh
BRAC University Bangladesh
Voice Bangladesh
Credcentre Benin
Club-Journalists against corruption Bulgaria
Buddhsim and Society Development Association Cambodia
Pact Cambodia
Cameroonian League for Human Rights Cameroon
Federation of Environmental and Ecological Diversity for Agricultural Revampment and Human Rights (FEEDAR & HR) Cameroon
Global Network for Good Governance Cameroon
Humanus International Cameroon
Research Alliance for Development Cameroon
Canadians For Accountability Canada
FAIR (Federal Accountability Initiative for Reform) Canada
Transparency International Canada Canada
Chile Transparente Chile
Partnership for Social Development Croatia
Oziveni Czech Republic
Ibis Denmark
AICO-Arab Organization for International Cooperation
Arab Thought Forum Egypt
Center for Egyptian Women’s Legal Assistance Egypt
Participatory Development Program (PDP) Egypt
Fundacion Nacional para el Desarrollo (FUNDE) El Salvador
Youth Education Forum F.Y. Republic of. Macedonia
Foundation Open Society Institute F.Y. Republic of Macedonia
Transparency Zero Corruption F.Y. Republic of Macedonia
Transparentnost Macedonia F.Y. Republic of Macedonia
CCFD-Terre Solidaire France
Helio International France
Plate Forme Paradis Fiscaux et Judiciaires France
Sherpa France
Transparency International France France
NGO ArtIdea Georgia
TRACC -Georgia Georgia
The Johanniter Germany
Transparency International Germany Germany
Ghana Integrity Initiative Ghana
Centre for European Constitutional Law Greece
Accion Ciudadana Guatemala
Stat View International Guinea
Afrikaplatform Hungary
Civil Society Development Foundation Hungary
Foundation for Development of Democratic Rights Hungary
K-Monitor Hungary
National Confederation of Hungarian Trade Unions Hungary
Centre for Applied Sociology India
Gram Bharati Samiti India
The National Center For Peace & Development India
Transparency International India India
Indonesia Corruption Watch Indonesia
LEIP Indonesia
National Law Reform Consortium Indonesia
Partnership for Governance Reform / Kemitraan Indonesia
Telapak Indonesia
Transparency International Indonesia Indonesia
Iraqi Center For Transparency and Corruption Iraq
Kurdistan Anti Corruption Network Iraq
Dochas Ireland
Transparency International Ireland Ireland
OMETZ Israel
Campagna per la Riforma della Banca Mondiale (CRBM) Italy
AfricCOG -Africa Centre for Open Governance Kenya
Bunge la Mwananchi Kenya
Kenya tuitakayo: Citizens’ Coalition for Constitutional Culture Kenya
Transparency International Kenya Kenya
Kuwait Transparency Kuwait
Public Investigation Bureau Latvia
Actions for Genuine Democratic Alternatives (AGENDA) Liberia
Center for Transparency & Accountability Liberia
Transparency International Lithuania Lithuania
Transparency Zero Corruption Macedonia
Baholalao Integrity Safeguard Committee Madagascar
Centre for Public Policy Studies Malaysia
Libertad en accion Mexico
Transparencia Mexicana Mexico
MANS Montenegro
Etica y Transparencia Nicaragua
Association Nigérienne de Lutte contre la Corruption (ANLC) Niger
African Network for Environment and Economic Justice (ANEEJ) Nigeria
African Youth Empowerment Nigeria
Blossom Nigeria Project Nigeria
Equity Advocates Nigeria
Grass Root Anti-Corruption Awareness Network Initiative Nigeria
Independent Advocacy Project (IAP) Nigeria
Moms Club International Nigeria Nigeria
Nigeria Labour Congress Nigeria
NPA Nigeria Nigeria
Publish What You Pay/NEITI Nigeria
Save Earth Nigeria Nigeria
Socio-Economic Rights & Accountability Project (SERAP) Nigeria
Transparency in Nigeria Nigeria
Women Environment & Development Network (WEDEN) Nigeria
Women in Publishing (WIP) Nigeria
Women’s Right to Education Programme (WREP) Nigeria
Zero Corruption Coalition Nigeria
Attac Norway
Norwegian Church Aid Norway
GINI -Governance Institutions Network International Pakistan
PILDAT -Pakistan Institute of Legislative Development & Transparency Pakistan
Society for the Empowerment of People-STEP Pakistan
Transparency International Pakistan Pakistan
AMAN -Transparency International Palestine Palestine
Grupo de Trabajo Contra la Corrupcion (GTCC) / Work Group against Corruption Peru
National Human Rights Coordination Body Peru
Proetica Peru
Business for Integrity 2020 Philippines
Global watch Philippines
Public Services Labor Independent Confederation (PSLINK) Philippines
Transparency and Accountability Network Philippines
Transparency International Philippines Philippines
Ummah Fi Salam Philippines
Asociatia Romana pentru Transparenta Romania
Trade Union Elie Radu Romania
Transparency International Russia Russia
Transparency International Rwanda Rwanda
Forum Civil Senegal
REPAOC Senegal
Africa Youth for Peace and Development Sierra Leone
Youth Partnership for Peace and Development Sierra Leone
Open Society Foundation (OSF) Slovakia
Transparency International Slovakia Slovakia
Integriteta-association for ethics in public service Slovenia
Transparency International Solomon Islands Solomon Islands
Human Rights Trust of Southern Africa South Africa
Institute for Security Studies (ISS) South Africa
T.F.A.C (The Fight Against Corruption ) South Africa
Heungsadan (Young Korean Academy) Transparency Movement South Korea
K-Pact Council South Korea
Transparency International Korea South Korea
Transparency International Sri Lanka Sri Lanka
Transparency International Sweden Sweden
Basel Institute on Governance -ICAR Switzerland
Transparency International Switzerland Switzerland
Uniting Church in Australia Synod of Victoria and Tasmania
Transparency International Chinese Taipei Taiwan
Luta Hamutuk Institute Timor Leste
Transparency Institute Trinidad and Tobago
Transparency International Uganda Uganda
Water Governance Institute Uganda
Association for Accountancy and Business Affairs United Kingdom
Partnership for Transparency Fund United Kingdom
Protimos United Kingdom
Rights & Accountability in Development (RAID)
Tax Research UK (Richard Murphy, Director) United Kingdom
The Corner House United Kingdom
The office of Lord Brennan, UK United Kingdom
Trades Union Congress (TUK) United Kingdom
Transparency International UK United Kingdom
War on Want United Kingdom
World Wildlife Fund UK United Kingdom
American Bar Association Rule of Law Initiative United States
Financial Intelligence Council United States
Hills Program on Governance United States
Project on Organizing Development Education and Research United States
The Jus Semper Global Alliance United States
Transparency International USA United States
Observatorio Hannah Arendt Venezuela
Provea Venezuela
Transparencia Venezuela Venezuela
Citizens Forum Zambia
Transparency International Zambia Zambia

Continue Reading »


Thursday’s Daily News Stories

Clark Gascoigne

Election 2010: Liberal Democrats promise tax avoidance crackdown
The Guardian, April 14, 2010

Op-Ed: Implications of tax avoidance
Business Daily Africa, April 15, 2010

HSBC clients face French tax probe over stolen data
BBC News, April 14, 2010

ATO gets tough with offshore tax cheats
The Australian, April 15, 2010

Sars cracks down on tax evasion
Eye Witness News, April 14, 2010

NTS Cracks Down on Loan Sharks, Funeral Companies
The Korea Times, April 15, 2010

Carbon credit documentary should not have been shown, BBC admits
The Guardian, April 11, 2010

Clemency sought for imprisoned UBS whistle-blower
Associated Press, April 14, 2010

Greece Passes ‘Revolutionary’ Tax Overhaul to Boost Revenue
Business Week, April 14, 2010

Germans target nine suspects in HP bribery probe
Reuters, April 15, 2010

Former mayor of Jerusalem held on bribery allegations
The Guardian, April 14, 2010

N27 Billion Halliburton Scam IBB, Abdulsalami, Diya, 77 Others Indicted
Daily Independent (Lagos), April 14, 2010

Ibori: Court Stops EFCC
This Day, April 15, 2010

Brooklyn men admit funding money-laundering in N.J. corruption sting
The NJ Star-Ledger, April 15, 2010

HSBC customers face French money laundering investigation
Daily Telegraph, April 14, 2010

Black money in foreign banks can make Budget ‘Tax free’ for next 30 years: Jethmalani
MyNews.in, April 15, 2010

Hollywood Stars Who Owe Uncle Sam Big Bucks in Back Taxes
Fox News, April 15, 2010

Tax Day 2010: How The Income Tax Put Al Capone Behind Bars
Huffington Post, April 15, 2010

Continue Reading »


Wednesday’s Daily News Round-Up

EJ Fagan

Africa: Jonathan Jolted By New Graft Report On Nigeria’s Leaders
The Daily Independent (Lagos), April 13, 2010

Curbing illegal financial flows from Africa
The Nigeria Guardian, April 14, 2010

UBS chief apologises for bank’s role in tax evasion
AFP, April 14, 2010

Swiss Lawmakers Bow to Bankers Urging UBS Settlement (Update1)
Bloomberg News, April 14, 2010

Former UBS Client Pleads Guilty to Hiding Assets in Secret Offshore Bank Accounts
Department of Justice Press Release, April 13 2010

Top U.S. Bribery Prosecutor to Join Paul Weiss
The Wall Street Journal, April 14, 2010

Changing Attitudes To Corruption
The Jamaica Gleaner, April 14, 2010

Corruption, ethnic distrust threaten Nigeria – Bola Ajibola
The Sun News (Nigeria), April 14, 2010

Nigerian youths protest corruption, insecurity
AFP, April 14, 2010

Greeks Strike Ahead of Key Tax-Reform Vote
Dow Jones Newswire, April 14, 2010

World Bank Encourages Candidate Countries to Complete EITI Validation Process
Penki News, April 14, 2010

India identifies 9 special tax havens
India Express, April 14, 2010

Continue Reading »


Tuesday’s Daily News Round-Up

EJ Fagan

The art of throwing money away
The Sun News (Nigeria), April 13, 2010

Lehman Channeled Risks Through ‘Alter Ego’ Firm
The New York Times, April 12, 2010

Swiss party to back UBS deal, for bonus curb
Reuters, April 13, 2010

UBS Client Pleads Guilty to Failing to Report Over $1 Million in Swiss Bank Accounts
Department of Justice Press Release, April 12, 2010

China Gets Aggressive Over Transfer Pricing Documentation
China Briefing, April 13, 2010

Texas hosts ten tons of gold, silver, gemstones forfeited in international drug money laundering
Washington Examiner, April 13, 2010

Angola must improve anti-corruption fight: rights group
AFP, April 13, 2010

Corruption in Kabul
Gulf Daily News (Bahrain), April 13, 2010

Afghan officials want to direct more foreign aid
The Associated Press, April 13, 2010

Avon suspends China staff on bribery investigations
Reuters, April 13, 2010

Moment of truth for drive to tackle oil’s power to corrupt
The Financial Times, April 13, 2010

EU Lawmakers To Mull New Deal On Non-EU Hedge Funds
Dow Jones Newswires, April 13, 2010

Continue Reading »


Tax avoiders get round the law

Richard Murphy

Tax avoidance is the grey area between tax compliance and tax evasion. When tax avoiding a taxpayer to ensure that one of these happens:

a. less tax is paid than might be required by a reasonable interpretation of the law of a country, or
b. income is declared in a country which does not appear to be that in which it was really earned, or
c. tax is paid somewhat later than the income to which it relates was earned.

The difference between tax avoidance and tax compliance is that tax compliance is seeking to pay the right amount of tax (but no more) in the right place at the right time where right means that the economic substance of the transactions undertaken coincides with the place and form in which they are reported for taxation purposes  whilst tax avoidance seeks to reduce tax paid by working between the letters of the law.

Both tax avoidance and tax compliance can claim to be legal, but only tax compliance can justify that claim with certainty. Tax avoidance relies on the existence of doubt for its validity.

Continue Reading »

Pg 130 of 174 First...1020...129130131132...140150...Last
Latest Press Releases

TED Prize Winner Charmian Gooch Announces Global Campaign to Abolish Anonymous Companies

Global Witness · March 19, 2014

Vancouver, Canada, March 18, 2014 –This year’s TED Prize winner – Charmian Gooch of Global Witness – has announced that she will use the prestigious million-dollar award “to make it impossible for criminals and corrupt dictators to hide behind anonymous companies.” The announcement was made live and online from the TED stage in Vancouver, with support from leading members of the business, political, law enforcement and campaigning community.

European Parliament Gives Overwhelming ‘yes’ Vote to End Secret Corporate Ownership

Financial Transparency Coalition · March 11, 2014

Joint NGO Media Reaction Financial Transparency Coalition – Eurodad – Global Witness – Transparency International EU Office – Oxfam Brussels, March 11, 2014 – Today, the European Parliament endorsed the creation of public registers of who really owns companies, trusts and other legal structures. This will make it much harder for criminals, tax evaders, corrupt politicians and other money launderers to hide their identity, and their illicitly-acquired assets, behind anonymous companies and trusts.

NGOs welcome MEPs’ vote for ground-breaking changes to fight money laundering

Financial Transparency Coalition · February 20, 2014

Joint NGO media reaction Financial Transparency Coalition – Eurodad - Global Witness - Oxfam A cross political party agreement in the European Parliament ...