Links Jul 17

Who Aids Whom? Exposing the True Story of Africa’s $192 Billion Losses Think Africa Press
See also: Aid to Africa: donations from west mask ‘$60bn looting’ of continent The Guardian, and recent blog Honest Accounts? The true story of Africa’s billion dollar losses

Network against illicit financial flows launched in Zimbabwe EIN News

Leaked agreement shows Tanzania may not get a good deal for gas African Arguments

Tanzania: We may never get back the Swiss billions, experts say The Citizen

Kenya: Tax evasion sting recovers Sh25bn from multinationals Business Daily

Vulture funds – Elliott versus Peru: a terrible precedent Red del Tercer Mundo (In Spanish)
Hat tip: Jorge Gaggero. See also the recent Offshore Wrapper on vulture funds here. For Jubilee USA’s explanation on vulture funds see here, and on the Elliott vs Peru story here. See also What Happens When the Vulture Funds Start Circling The Wall Street Journal for a summary of “some of the biggest battles to have played out between vulture funds and their sovereign debtors” – note offshore connections in these stories, including BVI, Cayman, and Jersey.

Niece of shadowy ex-government fixer arrested on money-laundering charges El País
Story involves a complex web of financial structures to launder the stolen money, via Switzerland, Cayman Islands, Gibraltar, Hong Kong, Madeira and Luxembourg.

Luxembourg Ink-Outs Not Dark Enough to Hide Shiny Tax Deals Bloomberg

Investigators Probe the Ways a Swiss Broker Courted Libyan Business The Wall Street Journal

UK: Criminals are laughing at the government’s corporate ownership register

British overseas territories leaders meet in Cayman Caribbean News Now!

Cyprus signs the CoE-OECD Convention on tax matters Balkans Business News

Jersey Silence Financial Secrecy Media Monitor

Allegations that Seychelles has helped Sri Lanka to transfer funds to Swiss banks are “false” says Seychelles foreign minister Seychelles News Agency
See also earlier blog Murky Seychelles tries to wriggle free of tax haven taint

UK: HMRC publishes list of suspect tax avoidance schemes BBC

Czech tennis champion Kvitová faces storm over Monaco tax haven Radio Prague

Barclays’ Compliance Programme – A Triumph of Hope over Experience Rowans-Blog
On a proposed Financial Compliance Centre being set up at the Judge Business School at Cambridge University, in conjunction with Barclays Bank. See also recent TJN blog Cambridge University: the Chinese government connection

Alex cartoon 17 July
A witty view on corruption in the banking world

Related Posts

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 […]


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 […]


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

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL ( or CC 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 […]


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 […]


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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