Quote of the day – on trusts and public registries

   0   0 Blog, Secrecy, The Mechanics of Secrecy
Window dressing at best?

Window dressing at best?

Both G8 and G20 have committed to tackling tax haven secrecy.  In the past 18 months they have made specific commitments to create registers of beneficial ownership of companies, though we are far from convinced they are prepared to take every necessary step to prevent crooks from hiding behind offshore legal structures.  It serves little purpose (say) if an investigation into a British Virgin Island registered company reveals that the company is wholly owned by a trust settled in Jersey, since Jersey doesn’t disclose any information about who settles or benefits from trusts settled in that jurisdiction.  Hence the importance of this quote from an article in SwissInfo:

“We must not be naive . . . a criminal would never declare to a registrar that he controls a company, and the company registries will never be in a position to verify the information given to them . . . The beneficial ownership registry concept will only be credible if it included also legal arrangements such as trusts.  Limiting it to companies only is window dressing at best.”

And the source of the quote?  Not a tax justice advocate, but Daniel Thelesklaf (pictured), director of Liechtenstein’s Financial Investigation Unit.

 

 


Related Posts

The BVI: Responsible for worldwide tax losses of $37.5 billion a year

BVI report blogAn extraordinary report by consultants Capital Economics, for BVI Finance, claims that the British Virgin Islands are responsible for $1.5 trillion of assets invested around the world, and that these result in 2.2 million jobs and $15 billion in tax revenue. A better approximation would be that the BVI imposes global tax losses of $37.5 […]

READ MORE →

Event: Making Tax Work for Women in the UK and Globally

Invitation_ Tax and Gender eventOn Wednesday 28th June 2017 at 16.30 our very own Liz Nelson will be speaking at an event in London that aims to bring together gender and tax justice advocates to highlight the need for coherent and gender-responsive fiscal policies to safeguard the rights of women and girls both in the UK and globally. The […]

READ MORE →

Historic event on women, human rights and tax justice in Bogota

BogotaLast week civil society organisations, researchers, labour union activists and policy makers met in Bogota, Colombia to explore how tax justice issues can ensure governments, multinational corporations and others meet their obligations to women in order to secure their full range of human rights. The Women’s Rights and Tax Justice conference opened with a conversation […]

READ MORE →

The Offshore Wrapper: the Panama Papers, one year on

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceWelcome to the Offshore Wrapper – your weekly update from TJN.  Happy Paniversary! This week it’s been one year since the Panama Papers were leaked, and a number of organisations around the world have been marking the occasion though the global week of action for tax justice. In London, activists from the TJN and the […]

READ MORE →

Protesting PwC: Professionals Without Conscience

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceThis week is the global week of action for tax justice and on Wednesday 5th April activists from the Tax Justice Network and Methodists for Tax Justice held a protest outside the London offices of Price Waterhouse Coopers. The global week of action for tax justice is happening one year after the release of the […]

READ MORE →

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top