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Worst fears realised? Jersey shares ‘old’ records of trusts and foundations

Life’s full of surprises, some pleasant, some not so much. Imagine you had undeclared offshore assets when the global financial crisis struck, and you’ve nervously watched the world move towards TJN ‘s proposal for multilateral, automatic information exchange. Until now you’ve probably felt ok, and that you had a choice between two moves. Either you could say ‘Ok, the game’s up – I’ll use an amnesty or some kind of disclosure facility, and go straight’; or you could decide to keep hidden, using the new loopholes that are being actively promoted in Switzerland and elsewhere.

21870055935_0a6dfe5d22_bYou probably weren’t worrying too much about the past though. Information exchange will relate to existing holdings, so you just need to get things lined up before it kicks in (from September 2017 or after). But as India’s Economic Times reports,

“The worst fear of those with secret offshore bank accounts and private trusts is coming true — some tax havens are ready to part with ‘old’ records and even details of trusts and foundations that no longer exist.”

Links Jun 27

June 27, 2017   Blog

World Public Services Day – campaign highlights Global Alliance for Tax Justice

Want to fund better public services? End corporate tax dodging PSI / The Guardian

Expiry date in tax havens? Jersey shares ‘old’ records of trusts & foundations The Economic Times
‘The worst fear of those with secret offshore bank accounts and private trusts is coming true…’

Tax justice features heavily in accountancy’s top ten influencers Tax Research UK

Why MEPs should vote in favour of releasing public country-by-country reporting as open data Open Knowledge International Blog

Corporations secretly lobbying UN to allow tax avoidance in its anti-poverty agenda Humanosphere

Transparency in Corporate Ownership Key to Breaking India’s Financial Secrecy Financial Transparency Coalition

LuxLeaks: Luxembourg’s response to an international tax scandal Financial Times
‘Damaging attacks on sweetheart deals have forced policy changes’

Nigeria: Money laundering: Putting banks on the spot Punch

Mozambique: Audit into ‘hidden debts’ shows at least $713m missing IOL
See also: Credit Suisse’s Handsome Return in Mozambique finews

New UK Laws Combat Money Laundering Through Scottish Limited Partnerships OCCRP

France: Congo President’s Daughter Charged With Money Laundering OCCRP

US senators renew effort to outlaw shell companies Financial Times
‘US lawmakers are launching a fresh effort to outlaw “shell companies” amid fears that Russia is exploiting such opaque corporate vehicles to spread its influence.’

Strengthened EU rules to tackle money laundering, tax avoidance and terrorism financing enter into force European Commission – Press release

The British Virgin Islands is trying to prove its not a tax haven — campaigners aren’t buying it Business Insider

Tax havens really do mess up our economy Tax Research UK


The 3rd International Conference on Beneficial Ownership Registries in Buenos Aires


As we mentioned recently on our blog the 3rd International Conference on Beneficial Ownership Registries took place in Buenos Aires on June 21st-22nd at Argentina’s Central Bank. This was another successful event attended by the Tax Justice Network’s Andres Knobel, who reports back to us here on the dicussions there:

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