Featured Tax Evasion

German tax haven law passes lower house

Drying up the “feel-good places for tax evaders” was parliament’s aim, said conservative finance politician Fritz Güntzler of Chancellor Angela Merkel’s Christian Democrats (CDU) as the lower house of parliament, the Bundestag, adopted the bill on Thursday. But skeptics, including opposition Markus Herbrand of the pro-business Free Democrats, said that… Read More

UAE and Egypt’s central banks sign supervision agreement

The Central Bank of the UAE and the Central Bank of Egypt signed an agreement to strengthen the supervision of licensed financial institutions, such as banks, finance companies and foreign exchange businesses. The agreement sets up mechanisms to oversee the licensing and ownership structure of LFIs, the examination of their… Read More

How the UK lost its leading role in the global fight against corruption

The last time the UK chaired a summit of the G7, or the G8 as it was in 2013, David Cameron was in an ebullient mood as he held a closing press conference in glorious late afternoon sunshine by Lough Erne in Northern Ireland. He sensed… Read More
10th June 2021
Inoussa Kanazoé, a businessman with close links to the brother of Burkina Faso’s former president Blaise Compaoré, made his fortune through the import and export of foodstuffs, petrol, and cement. He is notably the owner of CimFaso (Cimenterie du Faso), which is a partner of Swiss company Holcim via its… Read More
8th June 2021
Italian tax police have seized assets worth more than 20 million euros ($24 million) from the local unit of logistics giant Deutsche Post DHL (DPWGn.DE) as part of a fraud investigation, a judicial document seen by Reuters showed on Monday. Deutsche Post DHL confirmed that its… Read More
8th June 2021
Britain’s exotic network of “Treasure Island” tax havens could be facing the biggest threat to its existence in half a century after the United States and its allies pledged to squeeze more tax out of large, profitable multinational companies. The often distant islands of Britain’s former empire have served as… Read More
7th June 2021
After amassing a fortune selling scrap metal in South Africa, Peter Cooper immigrated to Canada in the mid-1990s with his sons Marshall and Richard and their families. They settled in Victoria, purchased luxurious homes and became permanent residents — qualifying for Canadian health care and other social services. But that… Read More
4th June 2021
Laura Kövesi knows a lot about fighting fraud and corruption in hostile conditions. She served as Romania’s chief prosecutor at the anti-corruption directorate from 2013 until she was forced out from her office in 2018 by the then justice minister. While in office, she brought ex-prime ministers, former ministers, MPs,… Read More
3rd June 2021
The digital banking alternative Revolut has started requesting users of its mobile phone app to provide their tax residence details and taxpayer identification numbers, leaving clients wondering whether their transactions will be transmitted to the Maltese authorities. The answer is simply, yes. The OECD’s CRS (Common Reporting Standard) and the… Read More
3rd June 2021
The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion. The Treasury Department, in its “Greenbook” of revenue proposals released last Friday, proposed a requirement for cryptocurrency… Read More
2nd June 2021
The European Union created a monitoring body to help drive policies against tax evasion and avoidance, just as a global push gathers steam to change the treatment of corporate revenues. Economy Commissioner Paolo Gentiloni told reporters in Brussels that the new EU Tax Observatory will become “a hub of new… Read More
2nd June 2021
Hundreds of tiny companies based in Scotland and with directors in the Philippines have been reported to police over concerns about an alleged multimillion pound tax fraud scheme. New research estimates that about 600 “mini-umbrella” companies have been set up to take advantage of the employment allowance, which was designed… Read More
2nd June 2021
A former executive at private bank M.M. Warburg on Tuesday became the first banker to be jailed over a multi-year scam to bilk the German state of billions of euros by filing bogus claims for tax rebates on stock dividends. A court in Bonn handed down a sentence of five… Read More