Friday, November 11, 2011

Links Nov 11

Anti-money laundering: FINMA concludes its audit on dealing with PEPs FINMA
Nov 10:
FINMA press release ( blogged earlier) : "The Swiss Financial Market Supervisory Authority FINMA has investigated the way in which banks have dealt with "politically exposed persons" (PEPs). Most financial institutions have fulfilled their particular due diligence obligations satisfactorily to well; in four cases FINMA will open enforcement proceedings. FINMA has not identified the necessity to adjust the current regulations."

Now see:
Despots' money: Finma disappoints Alliance Sud
(In French)
Nov 10 - Alliance Sud, coalition of Swiss NGOs has criticised the FINMA audit as superficial and opaque, pointing out that FINMA investigated only 20 banks, and that the audit did not cover the handling of assets held by possible associates and corporate vehicles. FINMA's conclusion that there was no need for action in terms of changes to anti-money laundering regulations is completely incomprehensible.

See also:
Banks probed over dictator asset rules swissinfo
Nov 10 - Mark Pieth, chairman of the board of the Basel Institute on Governance said: “It’s not a question of revising the (anti-money laundering) law, it’s a question of applying it ... I think it’s a bit strange that Finma would start their investigation at this point. They should be far more proactive in ordinary life, they can’t just wait until the scandal breaks to act.” Hat tip: Bruno Gurtner.

And listen:
For money laundering, Switzerland still 'very attractive' for dictators World Radio Switzerland
Nov 11 - Interview with Mark Herkenrath of Alliance Sud.

Welcome to the National Heist Service (NHS): UK hospital now run from Jersey and BVI Treasure Islands
Nov 11 - A story of the UK's National Health Service having services provided through private businesses owned through tax havens. See more on this from Tax Research UK and a report from the Bureau of Investigative Journalism last May.

The Italian Job The Financial Crimes
Nov 11 - On the very nasty story of coordinated derivatives attacks. "Of course, the people who pay for this vicious cycle of unregulated (and untaxed - another battle) speculative asset-stripping, as the London-NY bearpack attacks the threatening Euro and Eurozone regulation, are the ordinary people of the Eurozone and of Europe more generally." Hat tip: The Cynical Tendency

How We Are Changing the Conversation on Corporate Taxes Citizens for Tax Justice
Nov 10 - "The release of the corporate tax avoidance study by CTJ and ITEP last week marked a turning point in the debate over the budget deficit and tax reform. Until now, members of Congress and the Obama administration could ignore the 67-73 percent of Americans who think that large corporations pay too little in taxes. But now, with hundreds of news stories about our findings, there is no denying the public appetite for corporate tax reform that asks profitable companies to pay their fair share."

See also related articles from CTJ:
Tax Dodger: General Electric
Tax Dodger: Honeywell
Tax Dodger: Verizon
Tax Dodger: Wells Fargo
Tax Dodger: Duke Energy
Tax Dodger: Boeing


Johnny Depp leaves France: They just want my money Yahoo (In French)
Nov 7 - More celebrity tax-dodging - according to a Guardian interview: Johnny Depp, who GQ anoints "the world's coolest actor", reportedly prefers living in France rather than his native country the USA. He refuses, however, to take up permanent residence status in France as he wants to avoid paying tax there - not so cool. Hat tip: Sandra Kidwingira.

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