Swiss bankers, and many other tax haven operatives, have always complained that they are unfairly victimised by international anger over their financial secrecy practices. “What about Delaware,” they routinely asked, “how come they can get away with it?”
And, at least in this respect, they had a point, even though it was merely a cheap exercise in what-aboutism. But, as of January 1, no longer:
“An historic anti-corruption measure ending anonymous companies in the United States became law on Friday, capping a more than decade-long campaign by transparency advocates, after both Chambers of Congress voted to override the president’s veto of the annual defense bill.”
This is a major victory. As we have long pointed out, the United States has long been one of the world’s biggest, if not the biggest, tax havens: our latest Financial Secrecy Index ranks them as Number 2 worst offender.
How a mini movement overturned secret US shell companies
Panama Papers tax haul tops $143 million
A Tax Office investigation sparked by one of the biggest leaks of confidential financial information has led to more than $140 million in new liabilities, with a small number of criminal investigations continuing.
About 1400 Australians were named in the Panama Papers leak in April 2015, which included 11.5 million files from Panamanian law firm Mossack Fonseca. Newly released data shows the ATO has completed more than 500 audits and reviews linked to the revelations, with more work under way
Getting the Most Out of Internal Audit
An effective internal audit team can provide great value to an organization. It's encouraging this is starting to be recognized.
Australian Taxation Office records massive spike in promotion reviews
Salmon swindlers allegedly net 250 tonnes of fish from Sydney plant
Five people have been charged over the theft of salmon, worth about $4 million, from a facility in Ingleburn in Sydney's south-west.
Australian Taxation Office records massive spike in promotion reviews
Why Conspiracy Theories Are So Attractive To So Many
Experts say that the majority of people do not easily fall for falsehoods. But when misinformation offers simple, casual explanations for otherwise random events, “it helps restore a sense of agency and control for many people,” says Sander van der Linden, a social psychologist at the University of Cambridge. – National Geographic
Do We Want Uplifting Entertainment In These Difficult Times? Not Me!
“The temptation to simplify morality when social injustice is rife is understandable, but reading Dostoevsky makes me impatient with the schematic bent of our age. To be fully human is to acknowledge, as Prospero puts in “The Tempest,” “this thing of darkness” as our own.” – Los Angeles Times
What We Need Is Artificial Intelligence That Explains Itself
A computer that masters protein folding and also tells researchers more about the rules of biology is much more useful than a computer that folds proteins without explanation. – The Conversation
