Thursday, March 22, 2012

Links Mar 22

Offshore financial centres and international development: An NGO perspective Cayman Financial Review
Jan 18 - Article by David McNair, an important piece to be published in offshore financial centre media - "This article gives an NGO perspective on the role of offshore financial centres in global development and why it is in the self interest of OFCs to share information".

See also:
The future of offshore financial centres: Survival traits in a new era Cayman Financial Review
Jan 18 - Interesting to contrast with David McNair's article linked above - the article points out: "It is certainly true that international politics and the economic interests of OECD countries plays a key role in the continuing pressures that IFCs face" - but does not address the issue of the impact of offshore on developing countries.

Revised British tax deal re-opens battle front swissinfo
Mar 21 - "A modified tax deal between Switzerland and Britain has revived Swiss hopes that it could provide a platform to save banking secrecy ... The success of the Rubik treaty is of vital importance to the Swiss financial sector. If the British scheme can be passed and implemented by the start of next year, other countries such as Greece could soon start negotiating for their own deals." The report cites TJN's commentary.

The Biggest Story in Banking, Thanks to IRS Forbes

Mar 21 - On the U.S. Government "breaking down the walls of Swiss banking secrecy."

Jurisdiction Profile: The Austrian Banking Model, A Well-Kept Secret To Many WealthBriefing
Feb 27 - TJN asserts that a global, multilateral approach is required to address abuses of bank secrecy and to achieve tax justice. This article provides an example of why that is the case: "The Swiss banking model is constantly under attack from abroad, but it is not often mentioned that almost identical secrecy laws are found in the neighbouring Alpine state of Austria..."

Philippines: Technical Assistance Report on Road Map for a Pro-Growth and Equitable Tax System IMF
Mar 19 - "The mission‘s work was based on the following key objectives besides the revenue goal: Improving the Philippines‘ competiveness in doing business under the ASEAN Economic Community (AEC) framework; Simplifying the tax system; Improving the equity of the tax system; and Improving the effectiveness of the tax system. Hat tip: Francis Weyzig.

EU transparency proposal threatened by imaginary laws Eurodad

Mar 21 - "One of the clearest flaws in the European Commission’s (EC) proposal to increase corporate and government accountability has been ignored. Namely, the EC has included an exemption meaning companies would not have to disclose payments in countries where criminal law prohibits such disclosure..."

Time to talk about the Finance Curse Treasure Islands
Mar 22 - Nick Shaxson comments, on a Reuters article on this issue. The term “Finance Curse” is the result of years of discussions with Nick, and John Christensen and others. It is similar to (but different from) the Resource Curse, Nick's previous field of expertise.



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