Financial Transparency Coalition

The economics editor of the Independent has written a review of Nick Shaxson’s book, Treasure Islands. To be candid, it’s easily the most cynical review to date. As he concludes:

part from new potatoes, gold-top milk and some tourism, Jersey has little going for it economically. Nor do most of the British overseas territories fingered by Shaxson - which are only nominally under UK jurisdiction, a point he neglects or misunderstands. Most are too small and poor to be independent states, even with their financial income. As a second-best they have been granted self-government and they are, uncomfortably for the...

The ConDem government has announced a further development in its plan to turn the UK into a tax haven. As the FT reports this morning:

Multimillionaire foreigners prepared to invest their money in Britain will find it easier to make a home in the UK under government plans to relax immigration rules for the super-rich. The Home Office will shortly propose changes to “investor visas” to encourage more rich people to live and invest in the UK.

Under the plans:

WASHINGTON, DC – Global Financial Integrity (GFI) joined a coalition of professional and civil society organizations calling upon the Senate Judiciary Committee to support a provision in S. 23, The Patent Reform Act of 2011, which will eliminate tax strategy patents today.

As the Mail on Sunday reports yesterday:

When Barclays boss Bob Diamond confirmed that the bank had about 300 subsidiaries in tax havens there were gasps of dismay at a Treasury Select Committee hearing earlier this month. Few at the highly charged meeting would have believed such a vast network of offshore companies existed, potentially allowing the bank and its clients to avoid huge sums in tax. They would still be in the dark had MP Chuka Umunna not put the figure to Diamond in the first place. But a Financial Mail investigation can reveal that Barclays’ Byzantine structure is far...