Just over four years have passed since a huge archive of secret documents from the Panamanian law firm Mossack Fonseca, containing wide-ranging details of fraud, tax evasion and other illegal financial schemes, were leaked to a German newspaper provoking a global scandal. The public outcry that … [Read more...]
Enablers
Nixon-era laws have shaped western racism and protected ‘enablers’ of financial crimes
This guest blog written by Dr Mary Alice Young of the University of the West England proposes that in the aftermath of Covid-19, Western governments must redress antiquated and inherently racist organised crime control laws By Dr Mary Alice Young* Organised crime is not homogeneous, and is … [Read more...]
Quote of the day – accountants “not set up to look for fraud.”
Following the acrimonious collapse of a British cake business, Patisserie Valerie, a quote of the day from a top accountant: We’re not looking for fraud, we’re not looking at the future, we’re not giving a statement that the accounts are correct . . . we are looking in the past and we are not set … [Read more...]
Fintech, hotbed of offshore deregulation and crime
Reuters has just published an article titled Swiss watchdog to propose looser anti-money laundering rules for fintechs. (Fintech is short for "financial + technology" and it is about bringing technology into the financial sector.) Switzerland's move is, apparently: part of a drive to boost … [Read more...]
OECD rules vs CRS avoidance strategies: not bad, but short of teeth and too dependent on good faith
The OECD's Model Mandatory Disclosure rules for CRS avoidance strategies are not bad in our opinion, but short of teeth and far too dependent on good faith by rogue intermediaries and taxpayers... On March 9th, 2018 the OECD published the Model Mandatory Disclosure Rules for CRS Avoidance … [Read more...]
Reforming the multi-billion dollar accounting and finance education industry
We keep on saying that the Big Four accountancy firms tend to get an easy ride when it comes to the coverage of scandals like the Panama Papers and now the Paradise Papers. All too often the spotlight is shone on the celebrities and the big names that have been exposed. That's all fair enough BUT … [Read more...]
Bad week for the big four
Last week was a bad week for the big four accountancy firms. These companies, which have for years marketed themselves as technocratic advisors to both governments and business, are seeing more exposure for the role they have played in driving the offshore economy, tax abuse, and the emptying of … [Read more...]
#ParadisePapers and the Big Four: in the words of a former insider
We're sharing in full an article by tax ethicist George Rozvany who racked up 32 years of experience at senior levels of Big 4 accounting firms and major corporations. We interviewed him previously on the Taxcast along with the award winning economics and finance journalist Michael West speaking on … [Read more...]
#ParadisePapers: The onshore heart of the offshore industry
We're sharing this blog in its entirety from Icelandic journalist Sigrun Davidsdottir's excellent Icelog. The Paradise Papers emphasises, yet again, that the damaging effect of offshore is much more pervasive that robbing countries of tax. Offshore creates a two-tier business environment, hiding … [Read more...]
Big Four accounting firms are key drivers of tax haven use, new research says
As scandals emerge from the Paradise Papers, the Big Four accountancy firms seem to have managed to stay largely out of the spotlight once again. But research released today shows that scrutiny of their practices is justified in the public interest. The new study is authored by Dr Chris Jones and … [Read more...]
