Money laundering haven
DUBAI - War
profiteers, terror financiers and drug traffickers sanctioned by the
US in recent years have used Dubai's real-estate market as a haven for
their assets, a new report alleges.
The report by the Center
for Advanced Defence Studies relying on leaked property data from
the city-state, offers evidence to support the long-whispered rumours
about Dubai's real-estate boom. (AP)
OTTAWA - In a report to be made public, the government estimates
Canadian individuals are hiding between $75.9B and $240.5B in offshore
tax havens and elsewhere, and not paying tax on it.
Tax debt collections
According to the government's official foreign direct investment
statistics, Canadian businesses reduced their holdings in the top 10
tax havens from $272.4B in 2015 to $261B at the end of last year.
Foreign direct investment,
Private equity's $1T question
NEW YORK - A Chinese man has transferred more
than 29% of HNA
Group of China - the equivalent of as much as $18B - to a New
York-based private foundation. Understanding HNA's ownership structure
is important because the company last year was the biggest Chinese
investor in the US.
(NY Times) MORE:
Mystery man gives away a fortune
CYPRUS - The
Bank, permanently blocked in April by a US court from access to
the US banking system and thus basically shut down, has among its
depositors arguably the biggest collection of financial outlaws the
world has seen in decades.
Cyprus citizenship program
PAULO - Thousands of properties in the most expensive neighborhoods of
Sao Paulo belong to little more than 200 shell companies associated
with tax havens. The value
of these properties is around $2.7B, of which 62% are business units
and 29% are residential properties.
Secret is out
Global tax evasion investigation
is at the centre of an international tax evasion investigation into
55,000 suspect bank accounts, which has involved the seizure of assets
as part of coordinated action by authorities in Britain, the
Netherlands, Germany, France and Australia.
Honest tax system
PARIS - Jerome Cahuzac, the minister who led
Francois Hollande's drive for a more honest tax system, has been
sentenced to 3 years in prison for tax fraud and secretly stashing his
wealth in tax havens around the world.
Jerome Cahuzac affair
Tax breaks cost billions
OTTAWA - The research paper released by the
Canadian Centre for Policy Alternatives (CCPA)
says breaks on personal income taxes in Canada cost almost as much as
the government collects from those taxes, and they disproportionately
benefit the rich.
Out of the
RESP for higher income families
An internal evaluation of the
Canada Education Savings Program, which pours more than $800M in
grants each year into the education-savings accounts of Canadian
families, concludes that it is skewed toward the well-off.
US biggest foreign investor
- The biggest holder of US equities as the Cayman Islands which
holds $628B worth of US equities despite having a GDP of less than
$4B. (Value Walk)
US trends in family wealth
RIO DE JANEIRO - Brazilian billionaire
the world's wealthiest banker, is suspected of paying $4.25M in
bribes to tax authorities in exchange for their waiving some $415M
in tax debt. (EFE)
WASHINGTON - Tennessee Senator
has reportedly failed to disclose millions of dollars in income from
various investments since taking office in 2007.
Corker is the third-ranking Republican serving on the
US Senate Committee on Banking, Housing, and Urban Affairs.
The committee oversees the real-estate and financial-services
Tax money for tax avoidance
VANCOUVER - The Canadian government provided more than $1B in loans
to a mining company that used a complex offshore business structure
to allegedly avoid nearly $700M in Canadian tax.
Turquoise Hill Resources, a Canadian company headquartered in
Vancouver received a loan of $750M (US) in 2015 from
Export Development Canada, a Crown corporation that supports
Canadian businesses abroad. (Toronto Star)
- Malta has just published a list of its newest citizens, and it's
striking for the number of wealthy Russians on it - more than
730 Russians in all.
Massive tax scandal
BERLIN - An international group of bankers, lawyers and stockbrokers
appears to have fiddled the tax system, employing practices which
were at best unethical, at worst illegal.
Ultimately they may have deprived the state of nearly $36B.
Multibillion Euro theft
Corporate tax havens
Canadian corporations held $71B in assets in
Barbados. They had another $36B in the
Cayman Islands. According
estimate from CTF
the amount of money Canadian corporations held in the world's top 10
tax havens jumped to $199B in 2014, from $187B a year earlier.
Inside the world's tax havens
By virtue of their great wealth, and a co-operative tax system,
they'll be able to direct billions of dollars - a significant
portion of which might otherwise have gone into the tax pool and
been spent collectively - on the causes and solutions they favour,
with little oversight.
20 billionaires worth as much as half of America
Tax avoidance claims
World economic table
Britain has overtaken France to become the world's fifth largest
economy, new analysis shows.
The Centre for Economics and Business Research (CEBR)
said Britain's acceleration was also boosted by the inclusion of sex
and drugs to UK growth. (Telegraph
homes 'safe deposit boxes' for foreign buyers
economy in 2015
Hunt for 'black money'
DELHI - The Central Bureau of
Investigation said in 2012 that $500B was held by Indians in tax
Indian black money
One of the
world's most corrupt militaries
Corruption in India
Law to keep cops from stealing
LOS ANGLES - Legislators are trying to
make it harder for law enforcement officials to seize money and
property from people who have not been charged with a crime.
LONDON - By channelling finance and profits through
tax-haven subsidiaries, telecoms giant
is alleged to have avoided paying the British government billions of
pounds in tax. (BIJ) MORE:
exposes Swiss branches
Global money laundering hub
SHANGHAI - China is emerging as a global hub for money laundering,
not just for Chinese but for criminals around the world.
Scammed for $3M
OTTAWA - Canadians who tip off
the revenue agency on major international tax evasion cases could be
rewarded with 15% of the recovered money, Finance Minister Jim
Flaherty announced in the federal budget. (CTV) MORE:
Tax: Supplementary information
CTV Budget 2013 Dirty little job-training secret
US latest 'finger in the dyke' move
WASHINGTON - The Obama administration
cracked down on certain overseas corporate mergers and acquisitions,
aiming to curb American companies from shifting their ownership
abroad to shirk paying US taxes.
Tim Hortons says new US rules won't stop sale
Corporate tax in the US Not
a tax dodge
ATF report .pdf
New age of crony capitalism
'Rent-seeking' is what economists call a special type of
money-making: the sort made possible by political connections.
In the emerging world, the past quarter-century has been
great for rent-seekers.
Aristocracy of pull
Export-Import Bank of the US
Operation Choke Point is illegal
WASHINGTON - The Justice Department's
'Operation Choke Point' is so flagrantly illegal it cannot continue
in any form under the law. (Breitbart)
Operation Choke Point
Pitchforks are coming
money for nothing
Is the Fed unconstitutional?