28th December 2017
More than $500 million has been recouped by tax authorities worldwide after the Panama Papers revelations, first published in April 2016. Spain alone collected $122 million after an investigation into the affairs of tax residents who had stockpiled money offshore. Among the countries represented in the Panama Papers data,… Read More
22nd December 2017
An offshore firm connected to the Paradise Papers has been ordered to pay almost €53m after a court ruled it had “manufactured” correspondence in a deliberate attempt to help a mother hide money from her estranged daughter. Appleby Mauritius, an offshore services firm owned by the law firm Appleby until… Read More
20th December 2017
Isle of Man Today The government is planning to pass a law to bolster the fight against money laundering. Feedback is now being sought on the Anti-Money Laundering and Other Financial Crime (Miscellaneous Amendments) Bill 2017, which the government says is aimed to strengthen the Isle of Man’s reputation as… Read More
19th December 2017
BBC Law firm Appleby is taking legal action against the BBC and the Guardian over their reporting of leaked documents detailing offshore tax-avoidance schemes, known as the Paradise Papers. It is suing for breach of confidence and wants the documents disclosed. Appleby said confidential information had been taken in a… Read More
18th December 2017
Dawn Justice Faisal Arab, who was a member of the three-judge Supreme Court bench that exonerated the PTI chairman on Friday, observed in his additional note that Imran Khan did not incorporate offshore company Niazi Services Limited (NSL) to park assets acquired through embezzlement, bribery or tax evasion to keep… Read More
15th December 2017
Gibraltar’s financial services watchdog will introduce the world’s first bespoke licence for “fintech” firms using blockchain distributed ledger technology from next month in a bid to attract start-ups to the British overseas territory as it prepares for Brexit. The move is the first of its kind and would formally recognise… Read More
13th December 2017
By Kateryna Kapliuk, OCCRP It’s been almost four years since Viktor Yanukovych, Ukraine’s former president, fled the country after the Euromaidan revolution. But the new government’s investigators have so far been unable to establish how much money his rule has cost the country – or where it went. There has… Read More
6th December 2017
KYC360 News The laundering of billions of dollars from a Malaysian government wealth fund using offshore companies is the worst type of kleptocracy [seen], according to US Attorney General Jeff Sessions. Sovereign wealth fund 1Malaysia Development Bhd (1MDB) was set up by the Malaysian government to promote economic development,… Read More
29th November 2017
KYC360 News European Union parliamentarians (MEPs) have called for a special inquiry into details of aggressive tax planning uncovered by the Paradise Papers. MEPs belonging to the Special Inquiry into Money Laundering, Tax Evasion and Tax Avoidance (PANA) have called for the creation of a permanent standing committee to probe… Read More
21st November 2017
BBC Assets totalling nearly £59m have been confiscated from criminals connected to Jersey over a 10-year period, figures obtained by the BBC show. A transparency campaigner said the return was “relatively modest” for an island “vulnerable” to money laundering. Island authorities believe the amount demonstrates financial crime is being… Read More