EU to remove Panama, South Korea from tax haven blacklist

Yahoo – AFP, January 16th, 2018

EU to remove Panama, seven others from tax haven blacklist: source

Brussels (AFP) - The EU will remove Panama, South Korea and six other countries from its recently unveiled tax haven blacklist in a quick reversal that drew criticism from activists.

An EU official told AFP that the bloc's finance ministers would pare down the list at talks next week, satisfied that the countries had made commitments to tax reform that Brussels will monitor.

"Barring a major surprise, EU finance ministers should remove eight countries from the blacklist of tax havens," the official told AFP on condition of anonymity.

The change of mind comes just a few weeks after the EU announced an original blacklist of 17 non-EU countries, which drew furious reaction from several of those targeted.

The United Arab Emirates, Tunisia, Mongolia, Macau, Grenada and Barbados will also be removed from the list.

The official said the countries removed from the list now move to the EU's so-called "grey list", jurisdictions that have made unspecified commitments to the EU on reforming their tax laws.

"I confirm that a dozen blacklisted third countries have since December sent additional commitments," EU Economic Affairs Commissioner Pierre Moscovici told reporters in Paris.

"It's a good sign, since the purpose of a list is to get out and to get off of it you have to solve the problems that are identified," Moscovici added.

The lists came a year on from the leak of the "Panama Papers" -- a massive amount of data from a prominent Panamanian law firm showing how the world's wealthy stash assets.

The EU originally screened a total of 92 countries to draw up the list, which is expected to be continuously updated.

"This is a worrying trend. Just one month after adopting the list they are taking people off," Aurore Chardonnet, an EU tax policy advisor at Oxfam, told AFP.

"They are weakening the credibility of the list... which is becoming empty," she added.

At the time of its adoption in December, the 28 members of the EU failed to agree on possible sanctions against blacklisted countries.

While France's finance minister, Bruno Le Maire, pleaded for sanctions, his Luxembourg counterpart, Pierre Gramegna, was less in a hurry: "It's bad enough to be on the blacklist".

Saint Lucia, Trinidad and Tobago, as well as Bahrain, Guam, the Marshall Islands, Palau, Samoa, American Samoa and Namibia remain on the blacklist.

Denmark pays for Panama Papers data on own citizens

Yahoo – AFP, September 29, 2016

In April, media outlets published details of murky offshore financial dealings
gleaned from 11.5 million leaked documents from a Panamanian law firm --
the so-called "Panama Papers" (AFP Photo/Andreas Solaro)

Copenhagen (AFP) - The Danish tax authority said on Thursday it had paid an anonymous source almost six million kroner (0.81 million euros, $0.9 million) for leaked data from the Panama Papers on hundreds of Danes.

The government justified the payment earlier this month saying it needed to take all necessary measures to catch tax evaders.

"The material contains the number of files on Danes that we expected and the quality is on a par with the sample cases we were given before," Jim Sorensen, a division head at the agency, said in a statement.

The agency would now analyse the material in more detail, he said.

The Danish government said on September 7 that it would pay an amount in the "lower millions" of kroner to the anonymous source for information on between 500 and 600 Danish taxpayers from the Panama Papers.

In April, media outlets published details of murky offshore financial dealings gleaned from 11.5 million leaked documents from a Panamanian law firm -- the so-called "Panama Papers".

The leaks saw a host of high-profile politicians, celebrities and sports stars embarrassed over their assets in tax havens.

EU nations urge crackdown as Panama Papers claim Spanish minister

Yahoo – AFP, Paul Handley, 15 April 2016

Spain's industry minister Jose Manuel Soria (pictured) resigned over allegations 

he had links to offshore companies (AFP Photo/Eduardo Dieguez)

Washington (AFP) - Europe's top economies called for a crackdown on tax havens and urged G20 countries to rip away the secrecy protecting shell companies, as the Panama Papers scandal claimed Spain's industry minister as the latest political victim.

In the strongest reaction yet to the leaked Panama Papers, the finance ministers of Britain, France, Germany, Italy and Spain proposed a blacklist of havens like Panama if they failed to share corporate registry data.

"Today we deal another hammer blow ‎against those who hide their illegal tax evasion in the dark corners of the financial system," British Finance Minister George Osborne said in a statement.

Spain's industry minister, Jose Manuel Soria, stepped down Friday after being named in the leaked papers, citing "mistakes" in explaining his alleged offshore interests and "the obvious harm that this situation is doing to the Spanish government".

Soria's troubles began on Monday when Spanish online daily El Confidencial, which has had access to the Panama Papers, said he was an administrator of an offshore firm in 1992.

Soria called a news conference to deny any link to the company, but as the week went by, more allegations emerged from other media outlets, revealing further alleged connections to offshore havens.

It is unclear as yet whether any of his alleged actions were illegal.

'Aggressive tax planning'

In their joint statement during a meeting of the World Bank and International Monetary Fund in Washington, the five EU ministers said: "The recent extensive leaks from Panama show the critical importance of the fight against tax evasion, aggressive tax planning and money laundering."

World Bank President Jim Yong Kim said the illicit financial activities enabled by tax havens undermined the fight against poverty.

"When taxes are evaded, when state assets are taken and put into these havens, all of these things can have a tremendous negative effect on our mission to end poverty and boost prosperity," he said.

Graphic showing public figures forced to resign or under pressure following the

Panama papers revelations (AFP Photo/Alain BOMMENEL, Kun TIAN)

The joint European move was a reaction to the leak of thousands of documents on anonymously-owned shell companies from Mossack Fonseca, a Panamanian law firm that specialized in setting up such firms.

The trove showed the use of shell companies by prominent politicians including close associates of Russian President Vladimir Putin, family members of Chinese leaders, British Premier David Cameron, and the leaders of Iceland and Argentina.

The leak placed Panama in the spotlight as one of the leading havens that have not joined an agreement on sharing information on bank accounts and other assets.

The five threatened to create a blacklist of countries which do not cooperate on sharing data. "We want to have lists which make it possible to place sanctions on countries which don't respect the rules," French Finance Minister Michel Sapin said.

Under pressure, Panama said Thursday it was ready to begin working together with the "Common Reporting Standard" (CRS) system on sharing information about assets and accounts.

"Panama's path to financial transparency is irreversible," Vice President Isabel de Saint Malo de Alvarado said in a statement.

But the Oxfam anti-poverty group, which released Thursday a paper showing how top US coproations have socked away $1.4 trillion in profits in tax havens, said the European proposals are still too weak.

"If the proposed registry of beneficial owners of companies and trusts is hidden from the public, how can we know who is hiding their profits and fortunes and trying to avoid paying their fair share?" they said.

A policeman stands guard outside Mossack Fonseca headquarters in Panama City

 (AFP Photo/Ed Grimaldo)

Warnings over slow growth

In the meetings that got underway Thursday, both the IMF and World bank urged countries to do more to support economic growth and prevent the world from backsliding toward recession.

They said the demand for financial support from struggling governments has risen to levels normally seen during crises.

"In the global economy, there are not many bright spots," World Bank President Kim said. "The weakening global economy threatens our progress toward ending extreme poverty by 2030."

"We are on alert, not alarm," IMF chief Christine Lagarde said.

"The current policy responses that we are seeing need to go faster and need to go deeper."

Lagarde also warned that Britain's threatened pullout for the European Union was a "serious concern" for the global economy.

"It's been a long marriage between members of the European Union," she said.

"It's really my personal hope that it doesn't break," she added. "Like all marriages, good talks can actually help and I hope that the dialogue can continue."

French Finance Minister Michel Sapin speaks next to German Finance Minister

 Wolfgang Schauble (L) and Spanish Minister of Economy Luis De Guindos (R),

during a press conference on April 14, 2016 in Washington, DC (AFP Photo/Molly Riley)

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Top European countries call to end secrecy of shell companies

Yahoo – AFP, April 14, 2016

A policeman stands guard outside Mossack Fonseca, the Panamanian law firm
 whose leaked Panama Papers revealed how the world's wealthy and powerful
used offshore companies to stash assets (AFP Photo/Ed Grimaldo)

Washington (AFP) - Europe's five leading economies called Thursday for a crackdown on tax havens, urging the G20 powers to end the secrecy of shell companies that enables tax evasion and money laundering.

In the strongest reaction yet to the leaked "Panama Papers," the finance ministers of Britain, France, Germany, Italy and Spain also proposed a blacklist of havens like Panama if they do not share corporate registry data with others.

They proposed establishing transnational registries that identify the beneficial owners of companies, trusts, foundations and other entities that had been able to hide from tax administrators and law enforcement.

"We want to have lists which make it possible to place sanctions on countries which don't respect the rules," said French Finance Minister Michel Sapin.

The proposal of the five was to be submitted to the finance ministers of the G20 meeting in Washington on Thursday and Friday.

"The recent extensive leaks from Panama show the critical importance of the fight against tax evasion, aggressive tax planning and money laundering," the five said.

French Finance Minister Michel Sapin speaks next to German Finance Minister

 Wolfgang Schauble (L) and Spanish Minister of Economy Luis De Guindos (R),

during a press conference on April 14, 2016 in Washington, DC (AFP Photo/Molly Riley)

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Iceland premier resigns in Panama Papers scandal

Yahoo – AFP, Hugues Honore with David Williams in Paris, April 5, 2016

Iceland Prime Minister Sigmundur David Gunnlaugsson had been under pressure to
 resign since leaked financial documents showed he and his wife owned an offshore
company in the British Virgin Islands (AFP Photo/Jonathan Nackstrand)

Reykjavik (AFP) - Iceland's prime minister resigned Tuesday, becoming the first political victim of a mushrooming worldwide scandal over hidden offshore financial dealings exposed in the so-called Panama Papers.

Prime Minister Sigmundur David Gunnlaugsson was the biggest casualty of a worldwide media probe into 11.5 million leaked documents that purportedly reveal the offshore financial activities of 140 political figures, including 12 current or former heads of state.

"The prime minister told (his party's) parliamentary group meeting that he would step down as prime minister and I will take over," the Progressive Party's deputy leader Sigurdur Ingi Johannsson told a live broadcast.

A series of other leaders and stars fingered in the leaked papers have hit back at the allegations, denying any wrongdoing despite the international furore.

Those named include Russian President Vladimir Putin's associates, Chinese President Xi Jinping's relatives, British Prime Minister David Cameron's later father and celebrities such as Argentine footballing great Lionel Messi.

Iceland's leader had been under immense pressure after the papers, leaked from a Panamanian law firm, appeared to show that he and his wife Anna Sigurlaug Palsdottir owned an offshore company in the British Virgin Islands and placed millions of dollars there.

Though the prime minister denied ever hiding money abroad, pressure on his government had mounted, with egg-throwing protesters gathering in the streets Monday and fresh demonstrations planned Tuesday.

Graphic on the political fall-out of the Panama papers leak in Iceland where huge

 crowds poured into the streets of the capital Monday calling for the prime minister 

to resign (AFP Photo/John SAEKI, Adrian LEUNG)

'Groundless allegations'

The vast stash of records from Panamanian legal firm Mossack Fonseca was obtained from an anonymous source by German daily Sueddeutsche Zeitung and shared with more than 100 media groups by the International Consortium of Investigative Journalists (ICIJ).

The network of journalists published their first findings Sunday after a year-long probe.

Offshore financial dealings are not illegal in themselves, though they may be used to hide assets from tax authorities, launder the proceeds of criminal activities or conceal misappropriated or politically inconvenient wealth.

In Beijing, there was no official reaction to ICIJ allegations that eight current or former members of the ruling party's most powerful body concealed their fortunes through offshore havens, as well as relatives of Xi Jinping, who has overseen a much-publicised anti-corruption drive.

Asked whether China would investigate those named in the reports, however, foreign ministry spokesman Hong Lei said: "For such groundless accusations, I have no comment."

The Kremlin suggested a US plot after the leaks put a close friend of Putin's at the top of an offshore empire worth more than $2 billion.

"Putin, Russia, our country, our stability and the upcoming elections are the main target, specifically to destabilise the situation," said a Kremlin spokesman, claiming many of the journalists were former officers from the US state department, the CIA and special services.

Rich must pay taxes too

Messi's family denied any wrongdoing after the footballer and his father were named as owners of a Panama company that had not previously been disclosed during a Spanish probe into their tax affairs.

"The Panama company to which they refer to is a totally inactive company that never had any funds or any open current accounts," the Messi family said in a statement Monday.

Australia, France and the Netherlands have announced investigations into revelations contained in the papers. A judicial source said Spain had opened a money-laundering probe into the law firm.

"We need to make sure that not just ordinary citizens pay their taxes but also people who have a lot of money, who earn a lot of money, pay their taxes where they make that money and don't hide the money," visiting European Commission Vice President Frans Timmermans told reporters Tuesday in the Polish capital Warsaw.

Panama has pledged to identify whether any crimes had been committed and any financial damages should be awarded.

But France's Finance Minister Michel Sapin said his country would put Panama back on its list of countries that do not cooperate in efforts to track down tax dodgers following the revelations.

Latest allegations

Among the latest allegations of the Panama Papers investigations:

- A North Korean front company used to help fund the country's nuclear weapons programme, Pyongyang-based DCB Finance Ltd, was among Mossack Fonseca's clients, according to the BBC and The Guardian.

British Prime Minister David Cameron

 Cameron's Downing Street office insisted

 it was a "private matter" whether the family

 still had funds in offshore investments 

(AFP Photo/Alex Wong)

-- Prime Minister David Cameron's father ran an offshore fund that paid no tax in Britain for 30 years, according to the Panama Papers probe. Cameron's Downing Street office insisted it was a "private matter" although a government source later told AFP that the prime minister himself did not have any such funds.

-- Aides to French far-right leader Marine Le Pen put in place a "sophisticated offshore system" to hide money, according to Le Monde newspaper.

-- Syria used Mossack Fonseca to create shell companies to help it break international sanctions and fund its war effort, the French paper said.

The papers, from around 214,000 offshore entities covering almost 40 years, also name the president of Ukraine and the king of Saudi Arabia. Ukrainian President Petro Poroshenko denied any wrongdoing, but he may face an attempt to impeach him.

One of the Panama law firm's founders, Ramon Fonseca, told AFP the leaks themselves were "a crime, a felony" and "an attack on Panama".

Mossack Fonseca is subject to investigations in Germany and also in Brazil, where it is part of a huge money laundering probe that has threatened to topple the current government.

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Panama Papers: What did the EU Commissioner know?

The wife of a Spanish EU Commissioner had a shell company in Panama - but the EU Commission has dismissed it as "apparently" harmless. Bernd Riegert reports from Brussels.

Deutsche Welle, 4 April 2016

Micaela Domecq Solis-Beaumont.

The name is one of thousands of names listed in account files from Panama made public by several media operations. Solis-Beaumont is married to Miguel Arias Canete (pictured above), Spain's EU Commissioner for Energy and Climate Protection. His wife is from a wealthy family and had the power to sign documents for the Rinconado Investment Group - a shell firm in Panama - in 2005.

The company existed at a time when her husband held public office in Madrid, and when he joined the EU Commission in 2014. A journalist from the investigative group that evaluated the "Panama Papers" informed the Spanish Commissioner, who in turn immediately called EU Commission President Jean-Claude Juncker with the news of possible negative publicity the Commission might face.

No wrongdoing

Juncker dismissed accusations of
 having introduced tax evasion models
in Luxembourg

There is no evidence the Canetes were involved in illegal business or evaded taxes, but EU Commissioners are expected to meet high ethical standards.

Canete had disclosed his finances upon taking office - as required - including the business activities of close relatives. Commissioner Canete's "declaration appears to be in compliance with the code of conduct for commissioners," EU Commission spokesman Margaritis Schinas said on Monday in Brussels, and twice pointed out that this assessment is based on Canete's statements.

According to the spokesman, Canete declared the company in Panama had been inactive for years, so there couldn't have been a conflict of interest that in turn might have influenced his job. His wife's lawyers said Micaela Demecq Solis-Beaumont had given the Spanish revenue offices all the necessary information.

'Scandalous' tax evasion

The EU Commission has taken up the fight against tax avoidance and international tax loop holes.

A European Parliament committee is looking into whether EU Commission President Jean-Claude Juncker turned Luxembourg into a tax haven by introducing tax evasion models for large companies when he was prime minister.

The accusations, roundly dismissed by Juncker, emerged two years ago in the wake of the "Lux Leaks" disclosure of secret tax deals between Luxembourg finance authorities and companies.

EU lawmaker Michael Theurer says the Panama Papers are shocking. "Of course, our special investigative committee will also take up the trails and findings from the Panama Papers," he said. "We knew that Panama is a tax haven, but the apparent extent of the tax evasion and the suspicion that heads of state and government are involved is a scandal," the German lawmaker said.

EU to tax profits where they're generated

Luxembourg has extremely low tax rates for profits generated in other parts of the world. This custom, also a common practice in other EU states like Ireland or the Netherlands, is to be curbed by a new EU law. The EU Commission, led by French EU Commissioner Pierre Moscovici, submitted a proposal earlier in the year that would see profits taxed where they are actually generated. Tax evasion schemes like those in Luxembourg would, then, cease to be attractive.

Moscovici told French broadcaster RTL that the EU was now free of tax havens: "We are complying with international standards." Potential allegations emanating from the Panama Papers would have to be investigated. However, the mere existence of an offshore firm was not illegal, he added. The French, Dutch and other governments in Europe announced that tax authorities and state prosecutors would scrutinize the bank account data.

Panama City has been an offshore hub for years

Punishment for banks?

Sven Giegold, a member of the European Parliament for the Green party and financial expert, demanded sanctions on European banks which are engaged in business with dubious offshore companies: "Through their inactivity, EU member states allow wealthy elites to make funds disappear in third countries and thereby evade inland tax payments. It's scandalous that there is no transparency whatsoever for this sort of business and that we still have to rely on information provided by whistleblowers and journalists," Giegold said in Brussels.

The EU Commission promptly expressed disagreement with Giegold's view. European banks already had to disclose their tax operations and shares, said a spokesperson for the Commission.

The bank account lists from Panama feature names of various other European politicians. Acting prime minister of Iceland, Sigmundur David Gunnlaugsson, and two of his cabinet ministers apparently owned secret offshore companies provided by the now notorious Panama City law firm.

A close aide of former Greek prime minister Antonis Samaras and the late father of British prime minister David Cameron are also believed to have been active in Panama.

Cameron family fortune made in tax havens

Revealed: David Cameron's father built up legal offshore funds in Panama and Geneva 

guardian.co.uk, Ed Howker and Shiv Malik,  Friday 20 April 2012

The Jersey, Panama and Geneva connection
Ian Cameron's will

David Cameron's father set up offshore investment funds which explicitly
 boasted of their ability to remain outside UK tax jurisdiction. Photograph:
Dan Kitwood/PA

David Cameron's father ran a network of offshore investment funds to help build the family fortune that paid for the prime minister's inheritance, the Guardian can reveal.

Though entirely legal, the funds were set up in tax havens such as Panama City and Geneva, and explicitly boasted of their ability to remain outside UK tax jurisdiction.

At the time of his death in late 2010, Ian Cameron left a fortune of £2.74m in his will, from which David Cameron received the sum of £300,000.

Cameron and other cabinet members have recently suggested that they would be willing to disclose their personal tax filings amid growing scrutiny following the budget, but this would only shed light on annual sources of income rather than accumulated wealth or inheritance.

The structure employed by Cameron senior is now commonplace among modern hedgefunds, which argue that offshore status can help attract international investors. UK residents would ordinarily have to pay tax on any profits they repatriated, and there is nothing to suggest the Camerons did not.

Nevertheless, the dramatic growth of such offshore financial activity has raised concerns that national tax authorities are struggling to pin down the world's super-rich.

Ian Cameron took advantage of a new climate of investment after all capital controls were abolished in 1979, making it legal to take any sum of money out of the country without it being taxed or controlled by the UK government.

Not long after the change, brought in by Margaret Thatcher after her first month in power, Ian Cameron began setting up and directing investment funds in tax havens around the world.

Leaving his full-time role as a City stockbroker, Ian Cameron went on to act as chairman of Close International Asset management, a multimillion-pound investment fund based in Jersey; as a senior director of Blairmore Holdings Inc, registered in Panama City and currently worth £25m; and he was also a shareholder in Blairmore Asset Management based in Geneva.

However, the family will – a public document seen by the Guardian – only details the assets of Ian Cameron's estate in England and Wales. Offshore investments would only be listed in submissions to HMRC for inheritance tax purposes. It is unclear what those assets – if any – are worth and which family member owns them.

In 2009 the compilers of the Sunday Times Rich List estimated Ian Cameron's wealth at £10m.

He was survived by his wife, Mary Fleur Cameron, who as his spouse would not have had to pay inheritance tax on sums transferred between them.

In 2006 Ian's eldest son, Alexander, became the sole owner of the family's £2.5m house in Newbury, Berkshire, where David had been brought up.

Another family home in Kensington, London, worth £1m, passed to his two daughters in equal share.

Cameron's father was "instrumental" in setting up the Panamanian company, Blairmore Holdings, in 1982, which was exempt from UK tax, when David was a pupil at Eton aged 16.

The fund shares its name with the family's ancestral home in Aberdeenshire, Blairmore House, in which Ian Cameron was born in 1932 but which the family no longer owns.

A lengthy prospectus for Blairmore Holdings written in 2006 and meant to attract high net worth "sophisticated" investors, with at least $100,000 to buy shares, is explicit about how the fund sought to avoid UK tax. At the time more than half of the fund's 11 directors were UK nationals.

Under Panamanian law the fund was excluded from taxation derived from other parts of the world.

"The fund is not liable to taxation on its income or capital gains as long as such income or capital gains are not derived from sources allocated within the territory of the Republic of Panama," the 2006 prospectus reads.

"The Directors intend that the affairs on the Fund should be managed and conducted so that it does not become resident in the United Kingdom for UK taxation purposes. Accordingly ... the Fund will not be subject to United Kingdom corporation tax or income tax on its profits," the prospectus continues.

The investor document also credits Ian Cameron as a founder member of Blairmore Holdings and states that as an adviser he would be paid $20,000 a year – the highest paid director – whatever profits were realised.

In fact, the long-term Panamanian investment fund performed above market rate over many years averaging a 116% return from 2002-2007. Today many of the fund's largest holdings are in blue-chip stocks such as Apple, Unilever and Coca Cola.

Before his death, aged 77, Ian Cameron was also chairman and shareholder of Close International Equity Growth Fund Ltd, registered in Jersey and worth £9m according to papers filed in 2005. In that year just under half of the fund's holdings were in UK listed stocks.

A third fund set up in Geneva, Switzerland, had a shorter life span and finally dissolved in 2007 but had many of the same registered shareholders as the Panamanian outfit. These included a number of former employees of Panmure Gordon, the stockbroking firm where Ian Cameron spent much of his career and those from Smith and Williamson investment management where Cameron senior was a consultant.

One notable investor into the Panama fund was a charity established by Tory peer Lord Vinson. Accounts from 2009 show that a charitable trust set up under his own name invested £82,000 into the fund – almost one quarter of its investments in shares.

Vinson's trust that year went on to donate tens of thousands of pounds to rightwing think tanks including the Institute of Economic Affairs and Civitas.

David Cameron has recently remarked on companies who have taken advantage of offshoring to legally avoid tax. Speaking at the start of the year to small business leaders in Maidenhead, he said: "With the large companies, that have the fancy corporate lawyers and the rest of it, I think we need a tougher approach.

"One of the things that we are going to be looking at this year is whether there should be a general anti-avoidance power that HMRC can use, particularly with very wealthy individuals and with the bigger companies, to make sure they pay their fair share."

The row also comes as the top rate of tax was lowered in last month's budget from 50p to 45p and the rate of corporation tax continue to drop to achieve the chancellor's ambition of giving the UK one of the lowest rates of corporationtax in the G7.

Responding to opposition criticisms over the lowering of the top tax rate, Cameron said: "The cut in the 50p tax rate is going to be paid five times over by the richest people in our country."

Downing Street said it did not want to comment on what was a private matter for the Cameron family.

A spokesperson added: "The government's tax reforms are about making sure that some of the richest people in the country pay a decent share of income tax."

The investment managers Smith and Williamson, for whom Ian Cameron worked, chose not to comment.

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