Friday, August 19, 2011

Links Aug 19

The World of Dirty Money Pambazuka News
Jul 27 - Part 1 of a four-part series of articles on the flow of 'dirty money', written by Charles Abugre, regional director for Africa, United Nations Millennium Campaign. "Charles Abugre introduces ‘the web of secrecy, collusions and the players that drive and sustain the world of illicit money flows’"

See also:
Corporations, Crime, Corruption And Capital Flight Pambazuka News
Part 2: "Tax avoidance, not developing country corruption, is the biggest source of illicit capital flight."

TNCs, transfer pricing and tax avoidance Pambazuka News
Part 3: "How do multinationals and unethical companies conceal and move capital abroad? Mostly through manipulating import and export prices."

Fighting Illicit Capital Flight Pambazuka News
Part 4: See the commentary on offshore secrecy jurisdictions, tax havens, and the secrecy services industry.

Africa looking to set up tax havens BusinessReport

Aug 18 - "As several African governments examine the possibility of setting up their own 'offshore' financial centres, the trade name for tax havens, campaigners are calling for transparency and fair tax regimes. 'We need pan-African action,' says Alvin Mosioma, coordinator of the Tax Justice Network Africa."

Special Report: The bonds that turned to dust Reuters

Aug15 - An article in the Reuters series exploring the extent and impact of corporate secrecy in the United States and beyond. "What emerges is a cautionary tale from the wilds of offshore finance, a lesson to investors about how easy it is to be drawn into a global maze of paper companies with little substance."

Indian anti-corruption campaigner Anna Hazare leaves jail to begin public hunger strike Guardian
Aug 19 - "Nearly 2,000 men, women and schoolchildren gathered outside Tihar jail on Friday morning to catch a glimpse of the 73-year-old activist who has used the tactics of Mahatma Gandhi in his fight to force the government to adopt his proposals for an anti-corruption law."

It's time for Northern Ireland to get real on corporation tax Tax Research UK
Aug 19 - "The Belfast Telegraph featured an article yesterday where a KPMG partner in Belfast argued Ireland will never give up its low tax rate whatever Merkel and Sarkozy say and that Northern Ireland’s tax rate must be cut as soon as possible. KPMG are heavily invested in the plan to make Northern Ireland a tax haven so I am not surprised by the comments. They are, of course, amongst the very few who would gain from this plan which would be massively onerous for the ordinary people of Northern Ireland."

Warren Buffett Is Right, the Wall Street Journal Is Wrong Citizens for Tax Justice
Aug 17 - Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, called for higher taxes for millionaires in a widely-noted op-ed this week (blogged here). The Wall Street Journal reacted with a variety of misleading counter-arguments. Read the conclusions of our friends at CTJ.


The Truth About the Panama Trade Deal The Economic Populist
Aug 18 - More on the story we've blogged previously of the U.S. and it's dealings with tax haven Panama.

Madoff trustee demands $2 billion from UBS swissinfo
Aug 18 - "The trustee seeking money for victims of Bernard Madoff’s fraud has filed an amended $2 billion (SFr1.59 billion) lawsuit, adding new allegations against UBS.Irving Picard on Wednesday accused the Swiss bank of misleading regulators in the United States and Luxembourg about its ties to Madoff, while helping feeder funds funnel their clients’ money into his Ponzi scheme."

It's goodbye Switzerland as the profits from tax evasion disappear Tax Research UK
Aug 17 - Richard Murphy comments on a report in the Wall Street Journal stating that ABN Amro, the Netherlands’ third biggest bank, will sell its private banking operations in Switzerland to local operator Union Bancaire Privee.

What is a tax haven? Le Monde (In French)
Aug 18 - This article provides an overview explanation of tax havens, following reporting on France standing up to Swiss dodging as we blogged earlier.

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