Featured Tax Evasion

‘Magnitsky Act’ will fail while Britain remains money laundering hub, experts warn

By Adam Bychawski, openDemocracy, 10 July 2020 openDemocracy — MPs and anti-corruption campaigners have warned that the British government’s proposed ‘Magnitsky-style’ sanctions regime is not enough to tackle money laundering amid fears that Britain has become a ‘global hub for financial crime’. On Monday, the UK imposed sanctions against 49… Read More

Jordan presses sweeping tax evasion crackdown to aid ailing economy

Jordan’s Prime Minister Omar al-Razzaz promised on Sunday to deepen a crackdown on tax evasion that officials say has deprived the country’s cash-strapped economy of billions of dollars’ revenue in recent years. The government has gone after senior businessmen and former politicians suspected of tax dodging, money laundering and customs… Read More

Trump taxes likely going to Manhattan D.A., but maybe few others

President Donald Trump’s refusal to release his tax returns has long fed a belief among his critics that they must contain politically damaging financial information or even evidence of criminal conduct. The U.S. Supreme Court on Thursday cleared the way for Manhattan District Attorney Cyrus Vance to get his hands… Read More
10th July 2020
The Kremlin has said it will impose retaliatory sanctions on the UK after Dominic Raab announced Magnitsky Act-style measures against individuals in Russia, Saudi Arabia, Myanmar and North Korea. Britain’s post-Brexit sanctions, which are designed to stop the laundering of “blood money”, targeted 20 Saudis and 25… Read More
10th July 2020
The Ministry of Home Affairs on Wednesday announced it has set up an inter-ministerial committee to probe into alleged violation of various legal provisions by Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust and Indira Gandhi Memorial Trust. A Special Director of the Enforcement Directorate (ED) will head the committee. “MHA… Read More
7th July 2020
Zambia has torn up its tax treaty with Mauritius, the latest African nation to cancel an agreement with one of the world’s leading offshore havens. President Edgar Chagwa Lungu’s cabinet terminated the 2012 treaty and will soon start to negotiate a new deal, according to a statement obtained by… Read More
7th July 2020
The Enforcement Directorate has initiated the process of registering another money-laundering case against middleman Sanjay Bhandari and others. It is related to an alleged illegal consultancy agreement with Samsung Engineering Co. Limited (SECL) to help the company get a project worth ₹6,744.32 crore in Gujarat. Last month, in the same… Read More
7th July 2020
‘Money laundering is modern-day alchemy. You take cash earned from criminal activity, put it through a system designed to obliterate any trail of its origins, and then bring it out the other end as legitimate income,” said Jeffrey Robinson, author of The Laundrymen, a seminal book on the subject. Money… Read More
6th July 2020
Seeking to attract immigrants with high purchasing-power, Uruguay has relaxed its fiscal residence requirements – triggering a rush of consultations from Argentines. Those interested in moving across the Rio de la Plata say they’re not only in tax benefits. Political stability, legal security and even a different approach to controlling… Read More
3rd July 2020
Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More
2nd July 2020
Vatican police on Tuesday raided the office that manages St. Peter’s Basilica, seizing documents and electronic equipment as part of an investigation into possible corruption in procurement practices. The extraordinary raid comes a month after the Vatican published new procurement rules intended to prevent corruption and cut costs. The Holy… Read More
1st July 2020
Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More
1st July 2020
When customs agents in Riga followed a tip and searched passengers arriving on a private jet from Ukraine last year, they hit the jackpot. Luggage belonging to the four travelers contained about $1 million in U.S. and European banknotes. The contraband was seized. Latvia, a European Union and euro-area… Read More