Featured Tax Avoidance

S. Korea to crack down on cryptocurrency-related illegalities

South Korea said Monday it plans to crack down on any illegality involving cryptocurrencies, such as money laundering, until June amid skyrocketing prices of virtual money. The interagency crackdown comes as the latest frenzied buying of bitcoin and other cryptocurrencies raises concerns about speculative investments and potential illegal activities, according… Read More

Denmark charges six from UK and US with cum-ex fraud

Prosecutors in Denmark have charged three Britons and three Americans with defrauding the Danish treasury of more than 1.1bn kroner ($175m; £130m; €150m) through a German bank. Two British citizens have already been charged as part of a “cum-ex” trading fraud that swindled the treasury of a total of 12.7bn… Read More

ICAP Memos Reveal Inner Workings of Now Notorious Cum-Ex Era

ICAP Plc’s rules for running trades that enabled what German lawmakers have called one of the costliest tax dodges in history were clear: don’t ask, don’t tell. “Do not enquire after the tax analysis of the German counterparty,” notes a 2008 memo signed off by a… Read More
7th April 2021
Latvian lender Rietumu Banka won a 75% reduction in what was once France’s highest criminal fine for a company. Rietumu, which had allegedly helped clients of a company-registration and advisory firm dodge taxes, will still have to pay 20 million euros ($23.6 million), down from the… Read More
6th April 2021
U.S. Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate to end a “30-year race to the bottom on corporate tax rates.” In prepared remarks to the Chicago Council on Global Affairs, Yellen said she also… Read More
29th March 2021
The richest Americans are hiding more than 20 percent of their earnings from the Internal Revenue Service, according to a comprehensive new estimate of tax evasion, with the top 1 percent of earners accounting for more than a third of all unpaid federal taxes. That’s costing the federal government… Read More
18th March 2021
Spain will take Gibraltar off its list of tax havens after an agreement with the United Kingdom on tax cooperation entered into force earlier this month. While the British Overseas Territory was no longer on the European Union or the Organisation for Economic Cooperation and Development (OECD)’s lists of… Read More
9th March 2021
The United Arab Emirates, a magnet for the globe’s ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted a $200 billion-plus money flow to the country. The index by the Tax Justice Network, which highlights countries that attract… Read More
26th February 2021
Luxembourg has dismissed accusations of rampant tax avoidance and insisted that the country respects “all the applicable European and international rules and standards in terms of tax transparency , the fight against tax abuses and the fight against money laundering and the financing of terrorism”. The duchy is reeling from relevations made public in an exercise dubbed as Openlux, a collaboration… Read More
26th February 2021
At long last, Raimbek Matraimov was going to be giving instead of taking. The former Kyrgyz customs official, nicknamed Raim-Million for his immense wealth, agreed in October to repay 2 billion soms (US$24 million) to compensate his government for years of corruption. His admission of guilt and repayment of a… Read More
25th February 2021
Billions of people around the world are being trapped in poverty by systemic tax abuses, corruption and money laundering, according to a UN commission report calling for a global crackdown. The UN panel on financial integrity for sustainable development urged governments to overhaul tax rules and the banking system… Read More
24th February 2021
Two former KPMG auditors were suspended from practicing before the Securities and Exchange Commission over alleged improper professional conduct during a 2015 audit of a now-defunct not-for-profit college that had overstated its assets, the agency said. The SEC said that Christopher Stanley, a former KPMG partner, and Jennifer Stewart, a… Read More
24th February 2021
By Khadija Sharife and Mark Anderson, OCCRP, 22 February 2021 OCCRP — In January 2020, at the Turkish port of Derince on the eastern shores of the Sea of Marmara, a huge cache of weapons was loaded onto the MV Storm. Registered in the tax haven of Vanuatu,… Read More