Analysis: Asia next in line of fire for U.S. tax police
Reuters, July 7, 2010
US to access Europeans’ bank data in new deal
BBC, July 8, 2010
A Liechtenstein disclosure: Bulk of LDF assets can stay put
International Adviser, July 7, 2010
‘No need to have previous criminal records to go to prison in new money laundering bill,’ Alak
Buenos Aires Herald, July 8, 2010
Nigeria asks for Akingbola’s arrest, extradition
Next (Nigeria), July 8, 2010
Anti-money laundering bill suffers setback
Next (Nigeria), July 8, 2010
Singapore To Host Asia Pacific Meeting On Money Laundering
Bernama, July 8, 2010
Deutsche Bahn sacks employees in foreign bribery scandal
The Local (Germany), July 8, 2010
Following on from Ghana’s recent World Cup defeat at the hands (literally) of Uruguay’s Suárez, Khadija Sharife has just posted a blog on how Ghanaian people are probably becoming victims of cheating on a far larger scale, albeit not so visible on television sets around the world.
Ghana is entering into its era of oil production. Before end-2010 the Jubilee oil field, one of Africa’s biggest offshore finds since the start of this century, could turn Ghana into the continent’s fifth largest oil-producing nation, bringing in upwards of $800 million a year. Happy days.
But dig a little deeper, and you find the first signs of the resource curse are readily discernible. As Sharife reports, ownership of the Kwame Nkrumah MV 21, the Floating Production Storage and Offloading facility used in the Ghanaian production programme, is obscured through offshore special purpose vehicles in the Netherlands, a country widely used as a conduit for shifting profits offshore.
Recently we blogged our rather harsh response to the OECD’s claim that its deeply flawed information exchange standard is “universally endorsed.” As if any more evidence were needed in support of our argument, see this in India’s Economic Times.
India will pitch for deeper tax information exchange agreements at the G-20 to make such pacts more effective in facilitating the flow of crucial data on tax evasion.
New Delhi is expected to present a detailed paper on the issue at the forthcoming Seoul meeting, urging that domestic laws of countries must support such agreements for effective information exchange. “These agreements should ensure that there is actual flow of information and benefits for countries entering them (agreements) in checking evasion,” said a finance ministry official privy to the discussions.
Jersey is in a profound mess. Its finance industry is failing, with funds under management rapidly leaving the island and the profits of its finance sector falling by fifty per cent in 2009. Worse still, it faces a government spending deficit of at least £100 million a year representing 18% of its total annual government income unless radical reforms take place soon. To compound matters its corporate tax system faces being ruled unacceptable by the European Union, threatening another £120 million of its state income.
In the face of this crisis the government of Jersey has begun a fiscal strategy review. It has suggested increases in personal taxes amounting to £50 million a year and cutting government spending by the same amount will solve its problems, whilst adopting a new corporate tax system and planning for growth will keep the economy in balance.
There is however a fundamental problem at the heart of this plan: it does not address the fact that Jersey’s one and only major business – offshore finance – is failing in its current form. As such making choices on raising taxes are largely irrelevant because there may be little to tax if urgent action is not taken by Jersey to transform its future.
“With G-20 Influence… Comes G-20 Responsibility”
The Huffington Post, July 6, 2010
Youth Employment – A Must!
Daily Independent (Nigeria), July 6, 2010
World’s Best Tax Havens
Forbes, July 6, 2010
India likely to pitch for deeper tax information exchange at G-20 meet
Economic Times, July 7, 2010
Vanuatu upset by tax haven label
Australian Broadcasting Corporation, July 7, 2010
Africa’s poorest countries tax more aggressively
Afrique en Ligue, July 7, 2010
Panama’s Manuel Noriega convicted by French court
BBC, July 7, 2010
Nigeria: Money Laundering – Senate to the Rescue
Leadership (Nigeria), July 6, 2010
This week, as U.S. families gathered to celebrate their nation’s 234 years of Independence, headlines worldwide announced signs the global economic recovery is stalling or, perhaps, even reversing. The U.S. Labor Department reported that the world’s largest economy added just 83,000 private sector jobs in June and overall the nation lost a total of 125,000 jobs, as the U.S. Census temporary workers exited their jobs. Other economic indicators boded ill as well, with auto sales rising a ho-hum 14% in June, sales of existing homes dropping 30% over the month of May, and consumer confidence slipping almost 10 points.
President Obama, speaking to reporters after the release of the June unemployment figures, offered the explanation that the U.S. “continues to fight headwinds from volatile global markets.”
The President was obliquely referring to Europe and Japan, where rising deficits and stubborn unemployment figures have led to falling confidence in the private sector and stock market plunges. As the Great Recession has made abundantly clear, pulling the global economy out of such a deep hole will require coordinated effort from every major economy. The U.S. will not be able to regain robust growth again without at least healthy growth from its industrial counterparts across the Atlantic. And the same goes in other direction, as well.
Swiss accounts no longer an airtight option for corrupt Indonesian officials
The Jakarta Post, July 6, 2010
MEA to seek details of Hasan Ali’s Swiss accounts
Economic Times, July 3, 2010
As Oil Industry Fights a Tax, It Reaps Subsidies
New York Times, July 3, 2010
We’re no longer a tax haven
Cyprus Mail, July 3, 2010
HSBC Clients With Asian Accounts Said to Face U.S. Tax Probe
BusinessWeek, July 6, 2010
IRS Closing In On Offshore Accounts
Hartford Business Journal, July 5, 2010
$250m tax bill puts Toyota in the red
Sydney Morning Herald, July 6, 2010
Teddy Bear Sales Used in L.A. Money Laundering Scheme
Wall Street Journal, July 3, 2010
Ghana is not prepared to combat money laundering and terrorist financing- Report
Ghana News Agency, July 5, 2010
On June 28th, only six days before the election for governor of the Mexican state of Tamaulipas, favored candidate Rodolfo Torre, was shot and killed by masked gunmen. Torre was a member of the Institutional Revolutionary Party (PRI) whose main message commanded a fight against Mexico’s crippling drug activity. Drug-related violence and corruption continue to stifle efforts at economic and political stability and development in the country.
Mexico’s largest economic challenges are primarily reducing poverty and creating jobs, both of which are extremely hard to tackle with continued political violence and little trust by investors in the stability of Mexican markets.
According to the US Department of State 2010 International Narcotics Control Strategy Report, Mexico is a major source of and a transit country for drugs entering the U.S. Approximately 90 percent of the cocaine that enters the US market is trafficked through Mexico. Clearly, the drug-related violence in Mexico is not only a problem for the country’s own political stability and economic development, but also a threat to U.S. security.
Spain investigates 3000 secret bank accounts
Telegraph, July 2, 2010
Ex-UBS Client Zaltsberg Admits Hiding $2.6 Million
Bloomberg Businessweek, July 1, 2010
UAE seals tax agreement with Germany
Gulf News, July 2, 2010
Mexico to Impose Dollar Limits for Exchange Houses
Bloomberg Businessweek, July 1, 2010
Editorial: Guatemala at risk
Los Angeles Times, July 2, 2010
UK firm Octel bribed Iraqis to keep buying toxic fuel additive
Guardian, June 30, 2010
Graft main obstacle to business in Nigeria: study
Reuters, July 1, 2010
Smith & Wesson Says It Is Under DOJ Investigation
Dow Jones, July 1, 2010
Tax Offshore Wealth Sitting In First World Banks
Forbes, July 1, 2010
Sarkozy government under fire in tax evasion row
AFP, June 30, 2010
Senate chairman starts probe of Transocean’s taxes
Associated Press, June 30, 2010
Change in IRS rules could block rewards for whistleblowers
The Washington Post, July 1, 2010
Mauritius tax treaty may be changed
Bloomberg UTV (India), June 30, 2010
Minister’s tax transfer pricing proposal short of expectations
Business Daily (Kenya), Jul y 1, 2010
Bermuda, US join to tackle money laundering
The Royal Gazette (Bermuda), July 1, 2010
Senate goes tough on money laundering
The Guardian (Nigeria), July 1 2010
If we believe Plutarch, Solo abolished debt or reduced debt interests in Athens in the 6th century BC, but having informed three friends of his project, he had the discontent to find out that those friends had borrowed to purchase vast amounts of land shortly before the new law was enacted. Insider trading, fraud in finance, dissymmetry of information, lack of transparency have probably always been components of money dealings. They did not emerge in 2008, and ethics has never formed the golden rule of finance; nor has immorality, since finance is what human beings make it.
What emerged in 2008 is that the greed of a relatively small number of individuals could bring about a massive, sudden and global economic crisis. That was new, even if we compare it with the Great Depression, caused by a long-lasting and global speculation on all financial markets. It is now clear that greed has to leave the driver’s seat that it used to have in several institutions, and that the markets have to be protected from those institutions which would still be badly managed.
Post G20 Toronto Summit Analysis: Official Statement is Heavy on Promises, Short on Action
Task Force on Financial Integrity and Economic Development, June 30, 2010
Egypt no. 2 in Africa in smuggling money
Bikya Masr (Egypt), June 30, 2010
Op-ed: Time to act on tax transparency
Guardian, June 30, 2010
India joins select club to counter financial frauds
The Hindu, June 30, 2010
Overseas outsourcing of U.S. jobs must stop says Central Valley congressman
Central Valley Business Times, June 29, 2010
US Charges 18 in Money-Laundering Case
Voice of America, June 29, 2010
SEC Fines Telecom Firm $300,000 for Violating FCPA
Main Justice, June 29, 2010
FACTBOX – Six major corruption scandals in India
TrustLaw, June 30, 2010
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February 6, 2015·
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January 29, 2015·
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