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Swiss spies suspected in tax espionage
A man suspected of being a Swiss
spy has been indicted
in Germany. He is suspected of having been employed by the Swiss intelligence
services to spy on German tax officials in an attempt to discover who was
involved in a 2010 leak of information from a Swiss Bank. German officials
bought CDs containing the data in 2012, and shared it with officials across the
European Union. In total the data helped recover €7bn in tax revenue.
The case is one of the stranger
cases of state capture by the banking industry we have seen in recent years,
and shows that despite claims that it is embracing transparency, the Swiss
Government are still willing to go to extreme lengths to protect their banks
being used as hubs for dirty money.
However, spies working for
the Swiss government may think twice in the future about undertaking such
missions, if stories
circulating about the arrest of this suspect are to be believed. According to
some reports Swiss prosecutors may have blown the cover of their spy by failing
to redact passages of documents related to the prosecution of a Swiss banker
for leaking the information.Apartheid Gold and Swiss secrecy
For anyone looking for more about
how Swiss banking secrecy and Swiss foreign policy are intertwined, look no
further than this week’s feature
on Apartheid gold in South Africa’s News 24 website.
The article looks at declassified
documents from Switzerland which provide details of how Swiss banks helped the
Apartheid regime stash their gold in the tax haven’s bank vaults.
Why were to Swiss to keen
to help out? Bizarrely, it appears that one reason is that Switzerland was
eyeing up South Africa as a safe haven for government officials and Swiss banks
if World War three was to break out in Europe.Tax, international co-operation and the developing world
Representatives from tax
authorities from 35 countries met on the shores of Lake Victoria last week for
a high level dialogue on how to improve tax collection on the continent. The
meeting, which was hosted by the African Tax Administration Forum (ATAF), was
the first of its kind, and gave some insight into the priorities of African tax
officials.
Top of the target list appears to
be tax incentives. According to the Ugandan Observer there appears to be widespread
agreement that tax incentives given to large foreign companies to
invest in Africa, simply aren’t working, and are costing states dearly.
Delegates at the event said that
tax incentives are frequently a key ask form investors. Dumisani Masilela, the
commissioner general of Swaziland’s tax body, argued that African governments
needed to see how they could improve local businesses as a counter to this.
He said: “They [investors]
want to take as much money as they can to their respective countries. The thing
we need to be looking into is developing entrepreneurship among ourselves.”Portugal eaten by Angola’s kleptocrats
An article in the New York Times
this week highlights the damage that can be done by financial secrecy and
offshore finance.
In Angola half of the population
live on less than $3.10 a day, and poor healthcare contributed to yellow fever
outbreak earlier this year. However, Danillo Dos Santos, the president’s son,
still finds €500,000 to buy a collection of photographs at a celebrity auction.
Over three decades Dos Santos has
ruled over Angola, but as one of Africa’s longest serving presidents steps
down, many think little will change, because during that time the president has
managed to concentrate power in the hands of a tiny elite. The most powerful,
and the most wealthy are his daughter and his son, who control the state oil
company and the state’s sovereign wealth fund. For years allegations have
circulated that the Dos Santos family have used their grip on the economy to
siphon off billions via offshore companies.
One consequence of the huge
concentration of wealth in the hands of Angola’s elite has been its
relationship with its former colonial master, Portugal.
Desperate for cash, Portugal has
flung open its bank vaults to questionable Angolan cash, and has adopted a no
questions asked policy on where that money might come from. The result has been
a growing bribery problem involving Angolan investments in the country.
The full story can be found
here.
- Should the rich be taxed more? A new paper shows unequivocally yes (28 Aug 2017)
- Wiretaps of executives reveal details in Bombardier bribery, collusion case(28 Aug 2017)
- Alcohol content of Carling is lower than advertised, owner tells tax court(28 Aug 2017)
- Sturgeon faces demand to raise income tax for Scotland's richest (28 Aug 2017)
- UK Serious Fraud Office investigating Formula One over bribery claims (28 Aug 2017)
- Swedish Government Pulls Tax Increase Plans to Avert Crisis (28 Aug 2017)
- Pakistan: Nearly half corporate taxpayers paid no tax in 2016 (28 Aug 2017)
Illicit Financial Flows: Why we should claim these resources for gender, economic and social justice awid
Panama Papers case, Pakistan: Nawaz Sharif’s family challenge disqualification verdict Financial Express
For analysis, listen to the TJN August 2017 podcast
Panama Papers lead to exposing 3 billion yen in untaxed income The Asahi Shimbun
The oil deal, the disgraced former minister, and $800m paid via a UK bank The Guardian
“Britain’s commitment to tackling high-end money laundering through the City of London is under serious scrutiny”
Why Lowering Corporate Taxes Is a Political Promise that Does Not Deliver Austaxpolicy: The Tax and Transfer Policy Blog
A reminder: Ten Reasons to Defend the Corporation Tax - how it protects democracy and curbs inequality - and seven myths, busted
Malawi, Ghana, Africa: #TaxJustice to fund education Global Alliance for Tax Justice
Could Puerto Rico Be the Next Hot Tax Haven? Bloomberg Businessweek"Some 65,000 Puerto Ricans left their bankrupt U.S. island commonwealth last year. A group of private bankers are moving the other way. They’re increasingly opening offshore banks known as International Financial Entities ..."
South Africa: Parliamentary Budget Offices Conference Turns Its Attention to Illicit Financial Flows Parliament of the Republic of South Africa
African taxmen balk at financial incentives The Observer Uganda
“Tax incentives present one of the largest leakages in the system. Countries are opening up special economic zones which are undermining taxadministration.”
UK: 'Life-changing consequences:' HMRC warns of the risks of hiding wealth Business Insider
USA: FinCEN escalates crackdown on shell companies Compliance Week
Australia: Commonwealth Bank faces class action over money-laundering scandal The Guardian
African tax authorities consider how to boost revenue devex
Developing Countries’ Role in International Tax Cooperation Martin Hearson's Blog
Video: EADI Nordic Conference 2017 // Globalization and International Tax Justice
New Report: Anti-Money Laundering Efforts Near Failure FACT Coalition
Panama Papers: Pakistan’s Ousted Prime Minister Refuses to Cooperate with Investigators OCCRP
Pakistan Finance Minister Ishaq Dar files review petition against Panamagate verdict The Indian Express
Portugal Dominated Angola for Centuries. Now the Roles Are Reversed.The New York Times
“In Angola, they call Portugal the laundromat”
Vietnam: FDI from tax havens poses risks to economy VietNamNet
Hat tip: AABA's Offshore Watch
Nigeria: Federal Government Gives Wealthy Tax Evaders 90 Days to Declare Assets This Day
Australian Taxation Office commissioner says profits on $7bn in sales being taxed for the first time The Guardian
Multinational giants accused of shifting Australian revenue offshore The Sydney Morning Herald
Chevron Settlement Could Mean $8B in Extra Tax for Australia Bloomberg BNA
See also: Australia puts multinationals on notice after Chevron drops tax appeal Reuters
UK crackdown on global financial crime puts onus on companies International Bar Association
Suspected Swiss spy indicted in Germany swissinfo
Alleged spying on German tax officials, in data leak case
India: Income-Tax Dept gets more hands to sift shell firms The Hindu Business Line
Brazil: Operation Car Wash Widens to Include US & Greek Firms OCCRP
Sweden Charges Bombardier Sales Manager with Bribery OCCRP
... for a US$ 350 million deal in Azerbaijan, allegedly via a UK shell company
Panama Papers: Fugitive's trail exposes Red Bull co-owners' offshore deals ABC News / AP
A Spark in the Dark – Scottish Limited Partnerships and the UK Government’s Faltering Transparency Initiative Bellingcat
