Links Jun 5
Global week of action to end tax haven secrecy Christian Aid
Jun 1 - On the global week of action to end tax haven secrecy, reporting that Christian Aid campaigners headed into London to deliver letters to the embassies of key G20 countries including the US, Brazil and Mexico, asking them to deliver progress in ending tax haven secrecy.
Brazilian society and parliament press for concrete measures to put an end to tax havens End Tax Haven Secrecy
Jun 1 - A summary of recent developments in Brazil's assertive stance in confronting abuse of tax havens.
India yoga guru Baba Ramdev to launch protest BBC India
Jun 4 - "Indian yoga guru Baba Ramdev has said he will launch a protest in August unless the government brings back illegal money in foreign banks. He made the announcement during a hunger strike with campaigner Anna Hazare to protest against corruption. Reports say $500bn of illegal money was deposited in overseas tax havens." Hat tip: Offshore Watch.
Kenya: Tax haven joins NHIF scam probe Daily Nation
Jun 5 - "A tax haven" - British Virgin Islands - "has promised to help Kenya establish the identity of the shadowy owners of a company at the centre of the National Health Insurance Fund civil servants medical scheme scandal."
Western banks 'reaping billions from Colombian cocaine trade' Guardian
Jun 2 - "While cocaine production ravages countries in Central America, consumers in the US and Europe are helping developed economies grow rich from the profits, a study claims ... It's taboo to go after the big banks ... It's political suicide in this economic climate, because the amounts of money recycled are so high."
Barclays in frame for new offshore tax fraud allegations Treasure Islands
Jun 5 - "The Financial Times is reporting that a Milan judge has said that Alessandro Profumo, the former head of Unicredit bank, is to stand trial along with 16 other Unicredit officials and three from Britain’s Barclays bank, for involvement in tax fraud."
Ex-Vatican bank head linked to Finmeccanica probe Reuters
Jun 5 - "Homes belonging to Ettore Gotti Tedeschi, the former head of the Vatican's bank, were searched by Italian police in connection with a corruption probe into defence technology group Finmeccanica."
A Look at the IRS's New Position on Offshore Lending TaxProf
Jun 5 - A new paper reports - "While banks have suffered large losses, hedge funds have been rapidly expanding what the Internal Revenue Service (IRS) considers to be lending. Current hedge fund loans have been estimated to exceed $1 trillion ... Although the issue of offshore lending has been brought to the forefront by the financial crisis, the phenomenon is not new."
Guernsey Hosts Major Anti-Corruption Seminar Tax-News
Jun 5 - "The conference, titled 'Puppet Masters', included an examination of legal structures and entities used in a number of corruption cases, on the back of a report on the matter from the World Bank. "
Brussels explores creation of 'EU public prosecutor' EUobserver
Jun 5 - "British liberal Bill Newton Dunn noted that member states tolerate tax havens despite their role in money laundering. 'Most of the tax havens are sponsored by my member state,' he said, citing the Isle of Man and the Channel islands in the UK as examples."
Jun 1 - On the global week of action to end tax haven secrecy, reporting that Christian Aid campaigners headed into London to deliver letters to the embassies of key G20 countries including the US, Brazil and Mexico, asking them to deliver progress in ending tax haven secrecy.
Brazilian society and parliament press for concrete measures to put an end to tax havens End Tax Haven Secrecy
Jun 1 - A summary of recent developments in Brazil's assertive stance in confronting abuse of tax havens.
India yoga guru Baba Ramdev to launch protest BBC India
Jun 4 - "Indian yoga guru Baba Ramdev has said he will launch a protest in August unless the government brings back illegal money in foreign banks. He made the announcement during a hunger strike with campaigner Anna Hazare to protest against corruption. Reports say $500bn of illegal money was deposited in overseas tax havens." Hat tip: Offshore Watch.
Kenya: Tax haven joins NHIF scam probe Daily Nation
Jun 5 - "A tax haven" - British Virgin Islands - "has promised to help Kenya establish the identity of the shadowy owners of a company at the centre of the National Health Insurance Fund civil servants medical scheme scandal."
Western banks 'reaping billions from Colombian cocaine trade' Guardian
Jun 2 - "While cocaine production ravages countries in Central America, consumers in the US and Europe are helping developed economies grow rich from the profits, a study claims ... It's taboo to go after the big banks ... It's political suicide in this economic climate, because the amounts of money recycled are so high."
Barclays in frame for new offshore tax fraud allegations Treasure Islands
Jun 5 - "The Financial Times is reporting that a Milan judge has said that Alessandro Profumo, the former head of Unicredit bank, is to stand trial along with 16 other Unicredit officials and three from Britain’s Barclays bank, for involvement in tax fraud."
Ex-Vatican bank head linked to Finmeccanica probe Reuters
Jun 5 - "Homes belonging to Ettore Gotti Tedeschi, the former head of the Vatican's bank, were searched by Italian police in connection with a corruption probe into defence technology group Finmeccanica."
A Look at the IRS's New Position on Offshore Lending TaxProf
Jun 5 - A new paper reports - "While banks have suffered large losses, hedge funds have been rapidly expanding what the Internal Revenue Service (IRS) considers to be lending. Current hedge fund loans have been estimated to exceed $1 trillion ... Although the issue of offshore lending has been brought to the forefront by the financial crisis, the phenomenon is not new."
Guernsey Hosts Major Anti-Corruption Seminar Tax-News
Jun 5 - "The conference, titled 'Puppet Masters', included an examination of legal structures and entities used in a number of corruption cases, on the back of a report on the matter from the World Bank. "
Brussels explores creation of 'EU public prosecutor' EUobserver
Jun 5 - "British liberal Bill Newton Dunn noted that member states tolerate tax havens despite their role in money laundering. 'Most of the tax havens are sponsored by my member state,' he said, citing the Isle of Man and the Channel islands in the UK as examples."
posted by TJN at 6:45 am
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