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 estimates reveal the extent of tax avoidance by multinationals

Price Waterhouse CoopersNew figures published today by the Tax Justice Network provide a country-level breakdown of the estimated tax losses to profit shifting by multinational companies. Applying a methodology developed by researchers at the International Monetary Fund to an improved dataset, the results indicate global losses of around $500 billion a year. The figures appear in a […]

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Banking Secrecy in China, its related territories and Taiwan

Hong Kong from Sky 100Foreword. The Tax Justice Network is a non partisan network of experts working towards transparency, so we do not take any position about countries’ territorial and political claims. However, we do expect countries with a de jure (legal) or de facto (in practice) influence over other territories, to take responsibility for their power. We point […]

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Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]

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New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]

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Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 

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