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Dissecting the Cayman Islands Offshore Financial Centre: small place, big money

November 7, 2016   Blog, Secrecy, Tax Havens, Tax Havens

We welcome this latest research on the under-researched Cayman Islands, an Offshore Financial Centre (OFC) ‘with foreign assets amounting to over 1500 times Cayman’s domestic economy.’ As we so often explain, while Switzerland currently tops our Financial Secrecy Index, if the UK and its Crown Dependencies and Overseas territories were all rolled into one and assessed together, the UK would in fact be number one in terms of the world’s most significant offenders. And the Cayman Islands is a prolific contributor to that dubious pedigree. We rank the British Overseas Territory of the Cayman Islands as number five in our 2015 Financial Secrecy Index, which combines a secrecy score with a global scale weight in financial services exports.

Now we’re pleased to present the following research from Jan Fichtner at CORPNET which “uncovers, investigates and aims to understand global networks of corporate control in contemporary global capitalism.” It’s funded by the European Research Council and is located at the Amsterdam Institute for Social Science Research, University of Amsterdam. We now hand over to Jan Fichtner:

Why reregulation after the crisis is feeble: Shadow banking, offshore financial centers, and jurisdictional ‘competition’

September 5, 2016   Blog, Tax Havens & Financial Crisis

Prof. Thomas Rixen

Prof. Thomas Rixen, who has written a lot about tax ‘competition’ (aka tax wars) in the past, has a new article looking at similar dynamics in the area of financial regulation. Entitled Why reregulation after the crisis is feeble: Shadow banking, offshore financial centers, and jurisdictional competition, it points out that the shadow banking sector, many of whose players were implicated in the global financial crisis that erupted almost a decade ago, is heavily entwined with offshore financial centres.  Typically, this involved banks sponsoring off-balance sheet vehicles, located in places like Cayman or Luxembourg: these supposedly took risk off the banks’ books, but then returned to haunt the banks when they blew up, causing widespread economic disaster.

“Squeaky clean” Cayman caught in the act – again

March 10, 2016   Blog, Information Exchange, Secrecy
The Buck stops at Buck House

Does the Buck stop at Buckingham Palace?

From the U.S. Department of Justice:

“Cayman National Securities Ltd. (CNS) and Cayman National Trust Co. Ltd. (CNT), two Cayman Island affiliates of Cayman National Corporation . . . pleaded guilty to a criminal Information charging them with conspiring with many of their U.S. taxpayer-clients to hide more than $130 million in offshore accounts from the U.S. Internal Revenue Service (IRS) and to evade U.S. taxes on the income earned in those accounts.”

The Offshore Wrapper: a week in tax justice #73

February 10, 2016   Blog, The Offshore Wrapper
The Offshore Wrapper is written by George Turner

The Offshore Wrapper is written by George Turner

The North Korean Connection

The offshore world, with its secrecy and complex corporate structures can throw up some of the most extraordinary connections. One of them was unveiled this week by Finance Uncovered, a global network of investigative journalists.

Links Nov 18

”Global citizenship is essentially a branding exercise” and passport shopping is big business Quartz
Fascinating piece on citizenship-for-sale, and speaking on the tax issues

Getting to Good – towards responsible corporate tax behaviour Discussion paper by Christian Aid, ActionAid and Oxfam

G20: global tax system tweaked– not fixed Global Alliance for Tax Justice

Ghana will join fight to stop illicit financial flows from Africa Graphic

2015- The end of tax neutral jurisdictions Cayman Reporter
“It is time to take our heads out of the sand and face the rather grim reality that stares us in the face.”

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