Links May 20

DoJ Does Victory Lap on Credit Suisse Guilty Plea on Single Criminal Charge naked capitalism
Very important insights. See also Credit Suisse escapes worst as it pleads guilty to U.S. charges Reuters – New York regulator decides not to revoke the bank’s license, and top management stay in place, and Credit Suisse Clients Remain Secret as Bank to Help U.S. Bloomberg “It is a mystery to me why the U.S. government didn’t require as part of the agreement that the bank cough up some of the names of the U.S. clients with secret Swiss bank accounts,” said U.S. Senator Carl Levin.”

Glencore must end secrecy around its finances, says Christian Aid
See also: Glencore pumped president’s friend with cash as it took over prize Congo mine Global Witness, and this gem.

Dozens of Companies Admit Using Tax Havens Citizens for Tax Justice
New report finds 301 Fortune 500 companies hold a combined $2 trillion offshore, collectively avoiding $550 billion in U.S. corporate income tax.

I applied the public interest test to the big pharma deal and Pfizer failed The Conversation
Prem Sikka comments.

GSK dodged millions in China drug tax scam – state media Reuters

Slow start to UK hunt for ‘hidden millions’ Guernsey Press

Lawyers: War on tax avoidance may scare investors The Scotsman
Taking the ostrich position. Hat tip: Offshore Watch

The Money-Laundering Vatican Bank Comes Clean The Daily Beast

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New research on key role major economies play in global tax avoidance

offshore-network_colorcorrectedAn important new study on Offshore Financial Centres (OFCs) from the University of Amsterdam has made some fascinating discoveries, challenging, as the Financial Secrecy Index has, the popular misconception that tax havens are only palm fringed little islands and exposing that in fact major economies play a key role in global tax avoidance. Specifically they’ve […]


Launch of international research collaboration, #AltAusterity

alt austerityToday is the launch of #AltAusterity, a new, international research collaboration of which Tax Justice Network is a partner.  The project aims to stimulate public debate on the subject of austerity though high quality research. It is a response to the lack of evidence which has underpinned the current policy agenda on austerity. The project […]


RB tax avoidance – company calls for public country by country reporting after Oxfam report reveals profit shifting

pictureOxfam has today released a report on tax dodging by RB, the company formerly known as Reckitt Benckiser and the maker of thousands of well known household products. The report looks at the 2012 restructuring of the company which saw it set up ‘hubs’ in the Netherlands, Dubai and Singapore, all well known corporate tax […]


Half measures mean Mauritius will continue to be a tax haven for the developing world

MauritiusThere was news this week that Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). This is an initiative from the OECD to allow countries to take measures designed to stop tax avoidance by multinational companies and put them into their existing network of […]


G20: Pressure rising on tax haven USA

HamburgWhilst the eyes of the world focused on the isolation of the US from the ‘G19’ position on climate change, something remarkable played out elsewhere in the process. Following closely the common EU position that we highlighted a few days ago, the G20 communique devotes important space to tax justice. It’s so good we quote […]


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