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Secrecy for Sale

Secrecy for Sale

http://www.icij.org/offshore

Related:  LOBBYING FINANCIER confrérie de Banquierstax havens - offshorecorruption

About the ICIJ The International Consortium of Investigative Journalists is an active global network of 160 reporters in more than 60 countries who collaborate on in-depth investigative stories . Founded in 1997, ICIJ was launched as a project of the Center for Public Integrity to extend the Center’s style of watchdog journalism, focusing on issues that do not stop at national frontiers : cross-border crime, corruption, and the accountability of power . Backed by the Center and its computer-assisted reporting specialists, public records experts, fact-checkers and lawyers, ICIJ reporters and editors provide real-time resources and state-of-the-art tools and techniques to journalists around the world. Our advisory committee consists of some of the biggest names in investigative journalism : Bill Kovach, Rosental Calmon Alves, Phillip Knightley, Gwen Lister, Goenawan Mohamad, Reginald Chua and Brant Houston. Why we exist The need for such an organization has never been greater.

The offshore trick: how BVI 'nominee director' system works Nominee directors are not illegal and can sometimes be useful, for example in preparing "off-the-shelf" ready-made companies. But the legal conjuring trick behind the British Virgin Islands nominee system opens the way to abuses. It depends on three pieces of paper:

The Biggest Price-Fixing Scandal Ever Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. B.C. hospital P3 ownership moves to tax haven One more of British Columbia's public-private partnerships (P3s) has headed down the road to ownership in a European tax haven. Bilfinger Berger Global Infrastructure completed deals last summer to acquire equity and loans for the Kelowna Vernon Hospital. It is also buying out equity and loans on Alberta's North East Stoney Trail highway P3 in Calgary.

Sham directors: the woman running 1,200 companies from a Caribbean rock At the age of 38, Bradford-born Sarah Petre-Mears is running one of the biggest business empires on earth. Or so it would appear. Official records show her controlling more than 1,200 companies across the Caribbean, the Republic of Ireland, New Zealand and the UK itself. Her business partner, Edward Petre-Mears, is listed as a director of at least a further 1,000 international firms. Secret Files Expose Offshore’s Global Impact Dozens of journalists sifted through millions of leaked records and thousands of names to produce ICIJ’s investigation into offshore secrecy ­ A cache of 2.5 million files has cracked open the secrets of more than 120,000 offshore companies and trusts, exposing hidden dealings of politicians, con men and the mega-rich the world over. The secret records obtained by the International Consortium of Investigative Journalists lay bare the names behind covert companies and private trusts in the British Virgin Islands, the Cook Islands and other offshore hideaways.

Super-Rich Hold Up To $32 Trillion In Offshore Havens LONDON, July 22 (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday. The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion. The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co. He used data from the World Bank, International Monetary Fund, United Nations and central banks. The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities.

Tax haven There is no generally accepted definition of what a tax haven is, but activities that are commonly associated with such places range far beyond tax. Some definitions do focus purely on tax: for example, a widely cited academic paper describes a tax haven as a jurisdiction where particular taxes, such as an inheritance tax or income tax, are levied at a low rate or not at all.[1] Other definitions refer to a state, country, or territory which maintains a system of financial secrecy, which enables foreign individuals to hide assets or income to avoid or reduce taxes in the home jurisdiction. Some refer to "secrecy jurisdictions" as an alternative to "tax havens," to emphasise the secrecy element, and a Financial Secrecy Index ranks jurisdictions according to their size and secrecy. [2] Earnings from income generated from real estate (i.e. by renting property owned in an offshore jurisdiction) can also be eliminated in this way. Definitions[edit] There are several definitions of tax havens.

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