Financial Transparency Coalition

Back in 2009, when Task Force members began lobbying the UK government on what the G20’s crackdown on tax havens might look like, the response was that automatic exchange of information was cumbersome, difficult, that there was far too much information to be useful – and, to paraphrase, that it would end up being shipped around the world in boxes which would cause a fire hazard. But last week the UK parliament accepted the Draft Penalties, Offshore Income etc. (Designation of territories) Order 2011. This measure, designed to crack down on UK taxpayers holding assets offshore,...

ACCRA – Intelligence picked by The Herald has revealed some shocking underhand dealings involving a fishing company at the Tema Fishing Habour called Free Fisheries Ghana Limited, owned by Olga Popova, a Russian lady.

The European presidency has just issued a note advocating a push to increase financial transparency in Europe through its Savings Tax Directive. As they say:

"The Presidency attaches crucial importance to gear up bilateral talks in order to reach political agreement upon the adoption of the Savings Tax Directive in the very near future."

Unsurprisingly, there are some rather large flies in this ointment. Austria and Luxembourg have long been holdouts on the European Savings Tax Directive, working hard behind...

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...