Archive : Category

The 3rd International Conference on Beneficial Ownership Registries, Argentina


indexThe 3rd International Conference on Beneficial Ownership Registries will take place in Buenos Aires on June 21st-22nd at Argentina’s Central Bank.  It is co-hosted by TJN with Fundacion SES, Argentina’s AML Prosecutor (PROCELAC), the Anti-Corruption Agency and Security Ministry. We blogged about this event last year here and we’ll report back to you once again this year on the highlights.

EU Parliament multinational transparency vote introduces ‘commercial confidentiality’ loophole

June 13, 2017   Blog, Country by Country

Yesterday the European Parliament held a crucial tax justice vote on making multinational companies with an annual net turnover of 750 million euros and above publicly report their activities, structures and tax payments on a country-by-country basis. That would mean no more secrecy around those things that affect the welfare of you, me and the rest of the world on a daily basis. It would mean the end of the outrageous secret deals done with governments behind closed doors. Each country would know how much tax a multinational company contributes to their Treasuries. As they say, sunlight is the best disinfectant.

At TJN we have fought a long campaign on this issue, joined by many friends in the tax justice movement. When TJN first floated this idea along with Richard Murphy it was laughed at. Now we’re moving closer and closer to it. But we’re not there yet.

You can read more on the benefits of public country-by-country reporting here. And here’s why this issue is so important:

UK coalition government driven by corporation tax cutters

June 12, 2017   Blog, Tax Competition
From TJN's Department of You Couldn't Make This Up

From TJN’s Department of You Couldn’t Make This Up

The minority UK government elected last week is scrambling to agree a ‘confidence and supply’ agreement with a tiny party from Northern Ireland called the DUP (originally the Democratic Unionist Party).  The DUP has attracted considerable attention in the past 24 hours because of its Protestant fundamentalist religious values and general social conservatism.  TJN would like to point out the DUP’s commitment to tax havenry, and in particular its policy of competing with other countries within the United Kingdom in a race-to-the-bottom on the corporate income tax rate.

Double-Layer Secrecy: add Lawyer Confidentiality to Banking Secrecy

June 12, 2017   Beneficial Ownership, Blog, Secrecy

Global automatic exchange of banking information is set to start among countries that have committed to implement the OECD’s Common Reporting Standard (CRS). Similar automatic exchanges have already started between the U.S. and some countries that have managed to sign a FATCA-related Inter-Governmental Agreement (IGA) although there’s little reciprocity between Tax Haven USA and other nations.

ScalesofInjusticeWe’ve already highlighted our concerns many times on lack of access by developing countries, and loopholes related to excluded accounts and thresholds, among other problems. But here’s a potential loophole we haven’t discussed before: professional bank accounts held by lawyers on behalf of their clients, allegedly for cases where there are legal proceedings in process (e.g. to pay for the plaintiff’s claims if a lawsuit is lost, to hold assets that will be divided in a divorce, etc.)

Back to Top