DOCSLIB.ORG

Fraud and Corruption/Ethics and Integrity

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fraud and Corruption/Ethics and Integrity No 2 | 2019 Fraudand Corruption Ethicsand THEME Integrity Journal ...integrity is the biggest “ asset on our balance sheet Table of contents NUMBER 2/2019 13 17 INTERVIEW INTERVIEW Günther Oettinger, Commissioner for Budget & Juhan Parts, ECA Member Human Resources Calling for strategic European values – we all have to fraud management fight for them! Finding and rectifying a fraud case while auditing EU funds By Orsolya Szarka, Investment for Cohesion, Growth and 49 Inclusion Directorate 04 EDITORIAL 37 How criminals evade VAT and how we use 08 Fraud and corruption in the EU - the need for new techniques to detect it a more multi-faceted approach By Carlos Soler Ruiz, Regulation of Markets and By Professor Michael Levi, Cardiff University Competitive Economy Directorate 13 European values – we all have 45 The ECA Statement of Assurance - to fight for them! separating errors from alleged fraud Interview with Günther Oettinger, Commissioner By Nikolaos Kilonis, Financing and administering the for Budget & Human Resources Union Directorate By Gaston Moonen 49 Finding and rectifying a fraud case while 17 Calling for strategic fraud management auditing EU funds Interview with Juhan Parts, ECA Member By Orsolya Szarka, Investment for Cohesion, Growth By Derek Meijers and Gaston Moonen and Inclusion Directorate 23 ECA Opinions on the Commission’s 52 Private sector auditors in the fight against legislative proposals for fighting fraud fraud: from audit to forensic investigation By Eva Lindström, ECA Member By Lilian Grooten and Gérard Zolt, EY Luxembourg 26 Fraud risk for the EU budget – what the ECA 58 Cooperation is key to make the fight against recommends fraud successful By Judit Oroszki, Financing and Administering the Interview with Ville Itälä, Director-General of the EU Union Directorate Anti-Fraud Office - OLAF By Gaston Moonen 33 Tackling fraud in EU cohesion policy spending – looking behind and beyond the 65 New kid on the block: the European Public audit Prosecutor’s Office By Dana Christina Ionita and Jorge Guevara López, By Oliver Salles, European Public Prosecutor’s Office investment for Cohesion, Growth and Inclusion 70 EPPO, OLAF and CJEU - a brief look at their Directorate interplay By Jan Inghelram, Court of Justice of the European Union 2 58 73 INTERVIEW INTERVIEW Ville Itälä, Director-General of the EU Inge Gräßle, Member of the European Anti-Fraud Office - OLAF Parliament and Chair of its Budgetary Control Cooperation is key to make Committee the fight against fraud Upholding the rule of law to successful preserve the EU’s key values INTERVIEW Interview with Alexander F. Wagner, Associate Professor at the University of Zurich Honesty as a value that matters 113 for business 73 Upholding the rule of law to preserve the 101 Moral leadership as an answer to EU’s key values corruption and fraud Interview with Inge Gräßle, Member of the By Alex Brenninkmeijer, ECA Member European Parliament and Chair of its Budgetary 105 Auditing the ethical framework of EU Control Committee institutions: easier said than done By Gaston Moonen By Mihails Kozlovs, ECA Member 80 GRECO – States responding to the global 110 We need people with moral courage threat of corruption Interview with Anton Colella, Global CEO of By Agnès Maîtrepierre, Ministry of Europe and Moore Stephens International Foreign Affairs of France By Gaston Moonen 84 The fight against tax fraud: an EU action 113 Honesty as a value that matters priority for business By Cécile Remeur, European Parliament Interview with Alexander F. Wagner, Associate 89 Corporate bribery – EU needs to step up Professor at the University of Zurich to the plate By Derek Meijers and Gaston Moonen By Branislav Hock, University of Portsmouth 119 DIRECTOR'S CUT 93 AFCE International Fraud Conference Making sure fraud risks are on our radar Zurich Interview with By Derek Meijers and Gaston Moonen Mariusz Pomienski and Zac Kolias, ECA directors 99 Fraud fighters: anti-fraud training By Derek Meijers and Gaston Moonen for ECA auditors By Robert Lamers, Head of European Partnership development, Association of Certified Fraud Examiners 3 Table of contents 141 129 Flipping the narrative:from fighting corruption to building integrity Integrity risks and remedies By Ina de Haan, Netherlands Court of Audit in the EU institutions By Carl Dolan, Open Society European Policy Institute 125 Standards of public life, and attitudes 166 Fraud and corruption in the EU: top four to ethical behaviour cases in recent times By Amita Patel, Audit Quality Control Committee By Camilla Barlyng, Directorate of the Presidency Directorate 169 FORESIGHT AND AUDIT 129 Integrity risks and remedies in the De-cluttering data to make the fight EU institutions against fraud more effective By Carl Dolan, Open Society European Policy Institute By Lara Dobinson, European Anti-Fraud Office (OLAF) 133 Whistleblowing- a key issue for all EU 172 FORESIGHT AND AUDIT / LONG READ institutions and bodies Big data analytics as a tool for auditors to By Christophe Lesauvage, ECA Legal Service identify and prevent fraud and corruption 137 Whistleblowing in the private sector: in public procurement the how matters By Isabelle Adam, Government Transparency Institute, By Moritz Homann, EQS Group AG and Mihály Fazekas, Central European University and Government Transparency Institute 141 Flipping the narrative: from fighting corruption to building integrity REACHING OUT By Ina de Haan, Netherlands Court of Audit 180 The Hague 2: SAIs meeting again to discuss 145 It’s ethics, stupid! - or why legal is accruals accounts in the public sector not enough By Peter Welch, Sustainable Use of Natural Resources By Luis Alvarez Arderius, Canary island Regional Audit Directorate Institution, and Julio García Muñoz, University of 182 ECA meets key stakeholders in Lithuania Castilla-La Mancha By Aušra Maziukaitė, private office Rimantas Šadžius, 149 Why, why, why? Analysing the root causes of ECA member fraud and corruption 185 Budgetary control commission of the By James C. Paterson, Director of Risk & Assurance German Bundestag visits the ECA Insights Ltd (RiskAI) By Roberto Gabella Carena, Directorate of the 155 ‘The Panama Papers’ - tackling Presidency transnational white collar crime through 186 ECA participates in SIGMA /OECD meeting cross-border journalist collaboration on reporting practices to increase impact Interviewing the two authors of the bestseller By Marton Baranyi, Directorate of the Presidency book ‘The Panama Papers,’ Frederic Obermaier and Bastian Obermayer 188 Auditors Alliance Meeting 2019, By Gaston Moonen and Judith Stein, Directorate of OECD, Paris the Presidency By Daniel Tibor, Directorate of the Presidency 162 The role of investigative journalists: 189 European Parliament grants discharge the need for accountability, justice on the 2017 EU budget and sustained EU pressure By Helena Piron Mäki-Korvela, Directorate of the Presidency By Tom Gibson, Committee to Protect Journalists 191 ECA contributing to Eurofi's high-level seminar in Bucharest By Victoria Gilson, private office of Rimantas Šadžius, ECA Member 4 155 INTERVIEW Interviewing the two authors of the bestseller book The Panama Papers, Frederic Obermaier and Bastian Obermayer ‘The Panama Papers’ - tackling transnational white collar crime through cross-border journalist collaboration 193 6th Global Audit Leadership Forum (GALF) 204 ECA goes back to school – ECA auditors – from small to big participating in the EU B2S programme By Martin Weber, Directorate of the Presidency Ágnes Godány, Directorate of the Presidency 196 ECA hosting a European Coordinators FOCUS meeting – discussing Transport Flagship 208 ECA publications in March/April /May 2019 Infrastructure projects 212 NEXT EDITION By Guido Fara, Investment for Cohesion, Growth and Inclusion Directorate 198 Jacques de Larosière visits ECA to speak about the viability of the Eurozone By Laura Lalikova, private office of Alex Brenninkmeijer, ECA Member 200 ECA participates in conference on EU audit innovation in Bucharest By Marc-Oliver Heidkamp, private office of Klaus- Heiner Lehne, ECA President 202 Europe Day 2019 – sharing cake and a sense of belonging Gina Wittlinger, Directorate of the Presidency PRODUCTION Editor in chief: The contents of the interviews Past editions of the Journal Gaston Moonen and the articles can be found on ECA’s website: Tel.: +352 4398 - 45716 are the sole responsibility eca.europa.eu/en/Pages/Journal.aspx E-mail: of the interviewees and authors [email protected] and do not necessarily Deputy editor: reflect the opinion of the Derek Meijers European Court of Auditors E-mail: [email protected] Unless indicated otherwise, all pictures and graphical visuals Desktop publishing: Nicolas Toulas originate from the ECA distribution: Directorate of the Presidency For more information: Photos: European Court of Auditors Reproduction prohibited 12, rue Alcide De Gasperi 1615 Luxembourg, eca.europa.eu © ECA LUXEMBOURG © European Union, 2019 @EU auditors Reproduction is authorised [email protected] provided the source is acknowledged 5 Editorial Putting ethics and integrity up front Last month, I got to talk with a friend of mine - with whom I get along increasingly well since we started sharing the same hobby – about the work he is doing. The more I heard, the more I had the feeling that he is - as he put it himself – ‘in the wrong business.’ He works in the Trust business, dealing not with ethics, but with all kinds of financial structures. It’s a business which has become quite an important sector in some Member States. It is also a funny name for a business where for many people the details of its activities often trigger the complete opposite of trust. Some of the ugly sides to this business were revealed in the book The Panama Papers, whose authors, Bastian Obermayer and Frederik Obermaier, we interviewed for this Journal. Reading the book was like stepping into a different world. Quite convincingly, the two investigative journalists explain how the super rich of this world can cloak their wealth, shielding it from taxation anywhere in the world, with no real fiscal or legal checks whatsoever.
Load more

Recommended publications
  • The Future of Investigative Journalism: Global, Networked and Collaborative
    The Future of Investigative Journalism: Global, Networked and Collaborative Ellen Hume and Susan Abbott March 2017 Note: This report is extracted from our recent evaluation of the Global Investigative Journalism Network (GIJN) for the Adessium Foundation. Ellen Hume would like to thank especially David Kaplan, Susan Abbott, Anya Schiffrin, Ethan Zuckerman, James Hamilton, Tom Rosenstiel, Bruce Shapiro, Marina Guevara Walker and Brant Houston for their insights. 2 1. Overview: The Investigative Media Landscape The internet and DIY communication tools have weakened the commercial mainstream media, and authoritarian political actors in many once-promising democratic regions are compromising public media independence. Fewer journalists were murdered in 2016 than the previous year, but the number of attacks on journalists around the world is “unprecedented,” according to the Index on Censorship.1 Even the United States, once considered the gold standard for press freedom, has a president who maligns the mainstream news media as “enemies of the people.” An unexpectedly bright spot in this media landscape is the growth of local and cross-border investigative journalism, including the emergence of scores of local nonprofit investigative journalism organizations, often populated by veterans seeking honest work after their old organizations have imploded or been captured by political partisans. These journalism “special forces,” who struggle to maintain their independence, are working in dangerous environments, with few stable resources to support them. Despite the dangers and uncertainties, it is an exciting time to be an investigative journalist, thanks to new collaborations and digital tools. These nonprofits are inventing a potent form of massive, cross-border investigative reporting, supported by philanthropy.
    [Show full text]
  • European Parliament
    EUROPEAN PARLIAMENT Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion Public Hearing The Panama papers – Discussion with the investigative journalists behind the revelations 27 September 2016 9h00 - 11h30 (2h30) Paul-Henri Spaak 1A002 Brussels Draft PROGRAMME 09:00 - 09:10 Welcome by the PANA Chair 09:10 - 09:20 Pre-recorded messages from Gerard Ryle and Marina Walker, Directors at the International Consortium of Investigative Journalists (ICIJ) [based in Washington DC] Bastian Obermayer, Süddeutsche Zeitung [based in Washington DC] 09:20 - 10:10 Presentations by speakers (all confirmed, at 7 min each) Frederik Obermaier (Süddeutsche Zeitung) (via Skype/ visioconference) Kristof Clerix (Knack magazine, Belgium) Oliver Zihlmann (Sonntagszeitung | Le Matin Dimanche, Switzerland) Julia Stein and Jan Strozyk (Norddeutscher Rundfunk/ NDR, Germany) Minna Knus (MOT, Finnish Broadcasting Company, Finland) 10:30 - 11:25 Discussion with PANA Members 11:25 - 11:30 Conclusions by the PANA Chair Secretariat of the Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion [email protected] PUBLIC HEARING THE PANAMA PAPERS – DISCUSSION WITH THE INVESTIGATIVE JOURNALISTS BEHIND THE REVELATIONS TUESDAY, 27 SEPTEMBER 2016 9.00 - 11.30 Room: Paul-Henri Spaak (1A002) CVS OF THE JOURNALISTS Gerard Ryle Gerard Ryle leads the ICIJ’s headquarters staff in Washington, D.C., as well as overseeing the consortium’s more than 190 member journalists in more than 65 countries. Before joining as the ICIJ’s first non-American director in September 2011, Ryle spent 26 years working as a reporter, investigative reporter and editor in Australia and Ireland, including two decades at The Sydney Morning Herald and The Age newspapers.
    [Show full text]
  • IMPACT REPORT a Word from the Founder and Director|
    2017 - 2020 IMPACT REPORT A word from the founder and director| In October 2017 as we were preparing to launch a collaborative " network of journalists dedicated to pursuing and publishing the work of other reporters facing threats, prison or murder, prominent Maltese investigative journalist Daphne Caruana Galizia was horrifically silenced with a car bomb. Her murder was a cruel and stark reminder of how tenuous the free flow of information can be when democratic systems falter. We added Daphne to the sad and long list of journalists whose work Forbidden Stories is committed to continuing. For five months, we coordinated a historic collaboration of 45 journalists from 18 news organizations, aimed at keeping Daphne Caruana Galizia’s stories alive. Her investigations, as a result of this, ended up on the front pages of the world’s most widely-read newspapers. Seventy-four million people heard about the Daphne Project worldwide. Although her killers had hoped to silence her stories, the stories ended up having an echo way further than Malta. LAURENT RICHARD Forbidden Stories' founder Three years later, the journalists of the Daphne Project continue and executive director. to publish new revelations about her murder and pursue the investigations she started. Their explosive role in taking down former Maltese high-ranking government officials confirms that collaboration is the best protection against impunity. 2 2017-2020 Forbidden Stories Impact Report A word from the founder and director| That’s why other broad collaborative On a smaller scale, we have investigations followed. developed rapid response projects. We investigated the circumstances The Green Blood Project, in 2019, pursued behind the murders of Ecuadorian, the stories of reporters in danger for Mexican and Ghanaian journalists; investigating environmental scandals.
    [Show full text]
  • Following the Money: Lessons from the Panama Papers Part 1
    ARTICLE 3.4 - TRAUTMAN (DO NOT DELETE) 5/14/2017 6:57 AM Following the Money: Lessons from the Panama Papers Part 1: Tip of the Iceberg Lawrence J. Trautman* ABSTRACT Widely known as the “Panama Papers,” the world’s largest whistleblower case to date consists of 11.5 million documents and involves a year-long effort by the International Consortium of Investigative Journalists to expose a global pattern of crime and corruption where millions of documents capture heads of state, criminals, and celebrities using secret hideaways in tax havens. Involving the scrutiny of over 400 journalists worldwide, these documents reveal the offshore holdings of at least hundreds of politicians and public officials in over 200 countries. Since these disclosures became public, national security implications already include abrupt regime change and probable future political instability. It appears likely that important revelations obtained from these data will continue to be forthcoming for years to come. Presented here is Part 1 of what may ultimately constitute numerous- installment coverage of this important inquiry into the illicit wealth derived from bribery, corruption, and tax evasion. This article proceeds as follows. First, disclosures regarding the treasure trove of documents * BA, The American University; MBA, The George Washington University; JD, Oklahoma City Univ. School of Law. Mr. Trautman is Assistant Professor of Business Law and Ethics at Western Carolina University, and a past president of the New York and Metropolitan Washington/Baltimore Chapters of the National Association of Corporate Directors. He may be contacted at [email protected]. The author wishes to extend thanks to those at the Winter Conference of the Anti-Corruption Law Interest Group (ASIL) in Miami, January 13–14, 2017 who provided constructive comments to the manuscript, in particular: Eva Anderson; Bruce Bean; Ashleigh Buckett; Anita Cava; Shirleen Chin; Stuart H.
    [Show full text]
  • FAQ Panama Papers by Frederik Obermaier and Bastian Obermayer
    FAQ Panama Papers By Frederik Obermaier and Bastian Obermayer Investigative work - Could you explain how the Panama Papers information was obtained? Could you explain whether such information is in itself complete or if some information may have been either not obtained/ left out of the leak/ not exposed? In other words, how representative is the data that you refer to in your publications for the “offshore world” in general? Süddeutsche Zeitung obtained the 2,6 terabyte of Panama-Papers-information from an anonymous source calling itself “John Doe”. We do not know which percentage of the internal information of the Panamanian law firm Mossack Fonseca this is. We guess it displays pretty much of their business. Süddeutsche Zeitung, ICIJ and its partners with whose Süddeutsche Zeitung shared the data have reported and are still reporting on cases of public interest. As this is such a big amount of data investigations take time. We are pretty sure that there will still be revelations that are at least in parts based on the Panama-Papers-data. The Panama Papers showed that there is a whole parallel world offshore in which the rich and powerful enjoy the freedom to avoid not just taxes but all kinds of laws they find inconvenient. Let’s face the facts: Hiding the real ownership of companies and thus also bank accounts is not an unique approach of Mossack Fonseca and its clients – it is one of the main reasons of individuals going offshore (with Mossack Fonseca’s help or the help of other providers). - Upon reception of the data, how did you organise your research? How did you select cases to focus on? Every member of the international team that worked (coordinated by the ICIJ) on the Panama Papers had access to the whole dataset.
    [Show full text]
  • Resource Open Letter to Rt Hon Jeremy Hunt MP
    Rt Hon Jeremy Hunt MP Secretary of State for Foreign and Commonwealth Affairs Foreign & Commonwealth Office King Charles St Westminster London SW1A 2AH Tuesday, 9 July 2019 Dear Foreign Secretary, Anti-money laundering legislation and media freedom As representatives of some of the leading media and civil society organisations investigating and exposing criminal and corrupt practices in the UK, and around the world, we warmly welcome the leadership of the UK Government in hosting an important summit on press freedom. The success of this summit offers the opportunity for the UK government to set the gold standard for an environment that enables journalists to hold the powerful to account. Sadly, the government’s current approach to implementing a key piece of legislation to combat money laundering - the Fifth Anti-Money Laundering Directive (5MLD) - does not meet this standard. It appears designed to frustrate journalists and researchers from accessing, and ultimately reporting on, vital information about the beneficiaries of the opaque system of financial trusts that have tax liabilities in the UK. Investigative journalism has, in recent years, blown a hole in global financial secrecy that has been used to move illicit wealth, mask criminal activity or fund terror activities. From the Panama Papers, to the work of Daphne Caruana Galizia, news organisations and individual journalists are working to uncover the tide of dirty money flowing around the world. In Daphne’s case, she paid the ultimate sacrifice for this work. As well as exposing
    [Show full text]
  • Best of Helmut Schmidt Journalistenpreis
    2016 1 Journalistenpreis Schmidt Helmut Die Urteile der Jury der Urteile Die Best of of Best Die Gewinner über ihre Arbeiten ihre über Gewinner Die Die Gewinner-Beiträge Die mediummagazin.de magazin für journalisten für magazin Kontakt Helmut Schmidt Journalistenpreis, ING- DiBa AG, Dr. Ulrich Ott, Theodor-Heuss-Allee 2, Best of … 60486 Frankfurt am Main, Telefon 069/27 222 66233 Homepage www.hsjp.de E-Mail hsjp@ Wirtschaftsjournalismus ing-diba.de BEST OF … funk, Hermann-Josef Tenhagen, Chef- Was der Helmut Schmidt redakteur von Finanztip, Dr. Uwe Vor- In den Specials „Best of …“, kötter, Chefredakteur „Horizont“, Dr. die wir in loser Folge in „me- Journalistenpreis auszeichnet Frank-B. Werner, Herausgeber von dium magazin“, in „Der Ös- „€uro am Sonntag“, Ulrich Wickert, terreichische Journalist“ und Journalist und Buchautor (Jury-Vorsit- in „Schweizer Journalist“ veröffentlichen, dokumen- ZUM 21. MAL vergab die ING-DiBa 2016 sagte der ehemalige Bundeskanzler Hel- zender), Dr. Ulrich Ott, Moderator und tieren wir herausragende den Helmut Schmidt Journalistenpreis. mut Schmidt (†2015), nach dem der Pressesprecher der ING-DiBa AG. und preisgekrönte journalis- Sie zeichnet damit besondere Leistun- Preis benannt ist. LEITMOTIV Namenspatron Helmut tische Beiträge. Darüber hin- gen bei der verbraucherfreundlichen Der Helmut Schmidt Journalistenpreis Schmidt gab als Leitmotiv für den Preis aus fragen wir nach Arbeits- Bericht erstattung über Wirtschafts- ist mit insgesamt 30.000 Euro dotiert. vor: „Was ich erwarte, ist ein Wirt- weisen der Autoren und den und Finanzthemen aus. 191 Bewerbun- Die Jury berücksichtigt hierfür Print-, schaftsjournalismus, der es als sein Ziel Begründungen der Juroren – gen sind dieses Jahr für den Journalis- TV-, Hörfunk- und Online-Beiträge ansieht, Zusammen hänge durchsichtig und wollen so einen Beitrag tenpreis eingegangen.
    [Show full text]
  • Cargo Theft Report SUPPLY CHAIN INTELLIGENCE CENTER EMEA
    Q2-2019 Cargo Theft Report SUPPLY CHAIN INTELLIGENCE CENTER EMEA Introduction The SensiGuard™ Supply Chain Intelligence Center (SCIC) continues to collect data to provide a clear picture of cargo theft within the EMEA region to our partners. In the second quarter of 2019, the SCIC has been able to collect a total of 1,423 incidents. This is lower than Q2-2018, when there were 1,739 incidents collected, a decrease of 18%. It is important to highlight that this is not because the cargo theft rate has decreased, but because some of our data-sharing partners did not have their data available when the report was being written. This data will become available at a later date and the SCIC will include this in future reports. As in previous quarters, the following heat map shows that the majority of reported incidents are confined to countries in Western Europe. However, this quarter the SCIC was able to record various incidents in Russia, with the help of a new partner in this part of the region. The SCIC would like to highlight that the countries that are featured in this report are much better at reporting cargo theft incidents than the ones that are not mentioned. It is important to point out that this is not because cargo theft is not occurring in these areas. sensitech.com Year on Year Comparison of Total Cargo This is lower than Q2-2018, when the total value was Crime €39,509,371 and the average value was €68,002. In Q2-2018, a much higher number of incidents recorded had a value Below, the SCIC presents a Year on Year comparison for attributed with 33.4%.
    [Show full text]
  • Integrated Report 2019 BAM Plants 150,000 Trees
    Integrated Report 2019 BAM plants 150,000 trees Royal BAM Group nv made the sustainable choice to celebrate its 150th anniversary by planting 150,000 trees in 2019, to help preserve the planet for future generations. BAM employees volunteered at various locations to plant the trees, with support from school children in Belgium and Denmark. CEO Rob van Wingerden: ‘Future generations matter to us. We need to help preserve the planet for them. Forests are key to restraining climate change and restoring biodiversity. Trees provide clean air to breathe and so much more. BAM sees these trees as a symbolic gesture that underlines our commitment to become a sustainable company, initially focussing on becoming CO2 neutral and circular. We still have a lot to do, but it is high on our agenda.’ In close collaboration with Trees for All (which supports tree planting projects around the world), sixteen projects were selected for BAM’s tree-planting initiative. Tree for Bunnik Together with representatives of the municipality of Bunnik, BAM CEO Rob van Wingerden and CFO Frans den Houter planted a Japanese honey tree (Styphnolobium japonicum) on the occasion of BAM’s 150th anniversary. The three-metre-high honey tree was planted at Bunnik rail station, opposite BAM’s head office. Integrated Report 20182019 2 Royal BAM Group nv Integrated Report 20182019 3 Royal BAM Group nv Royal BAM Group nv, Runnenburg 9, 3981 AZ Bunnik, P.O. Box 20, 3980 CA Bunnik, the Netherlands, Telephone +31 (0)30 659 89 88, [email protected], www.bam.com, established at Bunnik, the Netherlands, Trade register number 30058019 Layout Boulogne Jonkers Design, Zoetermeer, the Netherlands Printing Veenman+, Rotterdam, the Netherlands Illustrations AHR (89), De Beeldredaktie (34), Deon Prins (43), Marcel van Kerckhoven (27), Neil Warner (47), Lourdas Photography (29), Ossip van Duivenbode (79), Paul Tierney (10), Peter Morgan (61), Phenster/Mark Prins (68 t/m 71), Sasja van Vechgel (77), Sofico (28), Studio Lab (90), Trevor Palin (13, 65), Utku Pekli (51), Wolfgang Reiher (206).
    [Show full text]
  • The Future of International Exchanges in a Post-Pandemic World ABOUT KONRAD-ADENAUER-STIFTUNG This Report Was Commissioned by the Konrad-Adenauer-Stiftung (KAS)
    The Future of International Exchanges in a Post-Pandemic World ABOUT KONRAD-ADENAUER-STIFTUNG This report was commissioned by the Konrad-Adenauer-Stiftung (KAS). KAS is a German political foundation. At home as well as abroad, our civic education programs aim at promoting liberty, peace, and justice. We focus on consolidating democracy, the unification of Europe and the strengthening of transatlantic relations, as well as on development cooperation. The views, conclusions and recommendations expressed in this report are solely those of its author(s) and do not reflect the views of the Konrad-Adenauer-Stiftung, or its employees. American Council on Education ACE and the American Council on Education are registered marks of the American Council on Education and may not be used or reproduced without the express written permission of ACE. American Council on Education One Dupont Circle NW Washington, DC 20036 © 2021. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the publisher. The Future of International Exchanges in a Post-Pandemic World Contents Introduction ..................................................................................................................................................1 Chapter 1: Government-Funded Academic Exchanges ..................................................................................9
    [Show full text]
  • The Value of Offshore Secrets: Evidence from the Panama Papers
    The Value of Offshore Secrets: Evidence from the Panama Papers James O’Donovan† Hannes F. Wagner‡ Stefan Zeume †‡ INSEAD Bocconi University University of Michigan First Draft: April 19, 2016 This Draft: May 29, 2017 We thank John Barrios (discussant), Morten Bennedsen, Jennifer Blouin (discussant), Art Cockfield (discussant), Alexander Dyck (discussant), Julian Franks, John Gallemore, Nicola Gennaioli, Jim Hines, Niels Johannesen, Karl Lins, Colin Mayer, Tom Neubig (discussant), Kasper Meisner Nielsen (discussant), Bastian Obermayer (Süddeutsche Zeitung), Marco Ottaviani, Paolo Pasquariello, Kai Petainen, Uday Rajan, Fabiano Schivardi, Andrei Shleifer, Tyler Shumway, Joel Slemrod, Sheridan Titman, and Luigi Zingales for insights that benefitted this paper. We also thank participants at ABFER 2017, the Texas Finance Festival 2017, the Drexel Corporate Governance Conference 2017, the Texas/Waterloo Tax Symposium 2016, the National Tax Association Annual Conference 2016, the Italian Economic Association Annual Conference 2016, and seminar participants at American University, Bonn University, Carnegie Mellon University, Concordia University, McGill University, and the University of Michigan (Finance, Public Finance). We are indebted to the International Consortium of Investigative Journalists for providing access to the Panama Papers data. Zeume gratefully acknowledges financial support from the Mitsui Life Financial Research Center. † Department of Finance, INSEAD, [email protected]. ‡ Department of Finance, Bocconi University, [email protected]. ‡† Department of Finance, University of Michigan, [email protected]. The Value of Offshore Secrets: Evidence from the Panama Papers Abstract We use the data leak of the Panama Papers on April 3, 2016 to study whether and how the use of offshore shelters affects firm value. We find that the leak erases $135 billion in market capitalization among 397 public firms that we trace as users of offshore vehicles exposed in the leak.
    [Show full text]
  • 58"Rrq Among the Hundreds of Australian Names in the Files Werjonvicted Criminals and Long Time Targets of the Joint ATO-AFP Task Force, Project Wickenby
    THE PANAMA PAPERS AND FOUR CORNERS I would like to preface my remarks by stating the obvious. I am a journalist, not a law enforcement officer or a policy maker. My role is simply to shine a light on issues of importance to the public. Tax fairness, tax avoidance and evasion, money laundering and white collar crime are of huge interest to the Australian public and that is why we at Four Comers and the ABC became involved in the Panama Papers project. The background to the project and its post publication impact is what I can address today. On April 4, over one hundred news organisations from around the world, including the ABC, released a series of reports on the offshore financial world under the banner line, the Panama Papers. O Y) The stories were based{I .5 million leaked records from a little known Panamanian law firm, Mossack Fonseca, a firm that creates offshore shell companies on an industrial scale - some 214,000 companies, trusts and foundations were created over years. With thirty offices around the world, from Panama, to the British Virgin Islands, Hong Kong to New Zealand, the Czech Republic to Brazil, Mossack Fonseca has a huge footprint in the offshore world. The Panama Papers' investigation by journalists began a year ago after an anonymous source contacted reporter Bastian Obermayer from the German newspaper, Suddeutsche Zeitung. The volume of the material and its implications led the German paper to ask the International Consortium oflnvestigative Journalists, ICIJ, based in Washington DC, to contact its members around the world and ask them to join in analysing the extraordinary material.
    [Show full text]