DOCSLIB.ORG

PANA Draft Programme of Hearings and Missions Updated 18 July 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PANA Draft Programme of Hearings and Missions Updated 18 July 2017 Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion PANA draft programme of Hearings and Missions Updated 18 July 2017 Date Topic / objective Invited representatives/guests / Comments Pre-recorded messages from: Gerard Ryle (Director at the International Consortium of Investigative Journalists (ICIJ)) Bastian Obermayer (Süddeutsche Zeitung) Frederik Obermaier (Süddeutsche Zeitung) Tuesday, 27 September Panama papers – Discussion with 2016 the investigative journalists behind Speakers: 09.00 - 11.30 the revelations Kristof Clerix (Knack magazine, Belgium) Public hearing Oliver Zihlmann (Sonntagszeitung | Le Matin Dimanche, Switzerland) Julia Stein and Jan Strozyk (Norddeutscher Rundfunk/ NDR, Germany) Minna Knus (MOT, Finnish Broadcasting Company, Finland) Michael Lennard, Chief, International Tax Cooperation Section U.N. Dept. of Economic and Social Affairs - United Nations (UN) (via videoconference) Anti-money laundering and tax Caroline Malcolm, Senior Counsellor and Advisor to the Director and Deputy Director at the OECD’s Thursday, 13 October 2016 Centre for Tax Policy and Administration (via videoconference) evasion: Who sets the rules and 9.00 - 12.30 Daniel Thelesklaf, President of the Committee on the Evaluation of Anti-Money Laundering Public hearing how? Measures and the Financing of Terrorism (MONEYVAL) Isabelle Vaillant, Director for Regulations, European Banking Authority (EBA) In addition, a representative of the European Commission was invited to take the floor Tuesday, 8 November 2016 Theme: Anti-Money Laundering: Exchange of views with Věra Jourová, Member of the European Commission responsible 14.00 - 15.30 state of play of the implementation for Justice, Consumers and Gender Equality Committee meeting of EU legislation First panel: experience from an EU perspective: Monday, 14 November 2016 Anti-money laundering and tax 15.00 - 18.30 evasion: Who assures compliance Public hearing Giovanni Kessler, Director-General of the European Anti-Fraud Office (OLAF) 1 | P a g e Date Topic / objective Invited representatives/guests / Comments with the rules and enforces them? Simon Riondet, Europol Business manager – Head of the Financial intelligence Group (EUROPOL, including FIU.net)Representative of EUROJUST Klaus Meyer-Cabri, German Member of EUROJUST’s College Second panel: experience from a national perspective Philippe de Koster, President of the CTIF-CFI, Belgian Financial Intelligence Unit (FIU) Michel Claise, Belgian Prosecutor Norbert Naulin, Head of the special investigation unit “EOKS” (Investigation Group Organised Crime – Tax Fraud) of the North Rhine-Westphalia tax authorities who analyse leaked data Representative from the Danish tax authorities who bought the leaked Panama Papers Patrick Montagner, Deputy Secretary General of the College of the French prudential supervisor (“Autorité de contrôle prudentiel et de résolution”) (via videoconference) Wednesday, 16 November Exchange of views with Professor 2016 Joseph E. Stiglitz Exchange of views with the Professor Joseph E. Stiglitz, Nobel Memorial Prize in Economics 11.00 - 12.30 Extraordinary meeting Wednesday, 7 December Fight against tax evasion and anti- Exchange of views with Pierre Moscovici, Member of the European Commission responsible for 2016 money laundering: state of play of Economic and Financial Affairs, Taxation and Customs in the context of "Fight against tax evasion: 15.00 - 18.30 progress made at EU level state of play of progress made at EU level", and with Ashish Kumar, Policy Analyst at the Financial Committee meeting Action Task Force (FATF). First panel: Professor Ronen Palan, Senior advisor - Tax Justice Network The role of lawyers, accountants Professor Brooke Harrington, Associate Professor Copenhagen Business School. Author of “Capital Tuesday, 24 January 2017 and bankers in Panama Papers without Borders, Wealth Managers and the One Percent” 9.00 - 12.30 Public hearing (Part I) Daniel Hall, Director and co-head of Burford’s global corporate intelligence - Burford Capital Second panel: Rupert Manhart, Chair of the Anti-money laundering Committee of The Council of Bars and Law Societies of Europe (CCBE), and Richard Frimston, Member of the CCBE and expert on topics 2 | P a g e Date Topic / objective Invited representatives/guests / Comments relating to tax, beneficial ownership, and offshore activities aspects Wim Mijs, Chief Executive Officer (CEO), and Roger Kaiser, Senior Policy Adviser of European Banking Federation (EBF) Professor Stef van Weeghel, Global Tax Policy Leader, Price Waterhouse Coopers (PWC) Working document on the inquiry Thursday, 26 January 2017 into Money Laundering, Tax 11.00 - 12.00 Consideration of working document - Co-Rapporteurs: Jeppe Kofod (S&D) and Petr Jezek (ALDE) Committee meeting Avoidance and Tax Evasion Workshop on "Offshore activities Thursday, 26 January 2017 and money laundering: recent 14.00 - 16.00 Professor Dr. Brigitte Unger Workshop findings and challenges” Mark Pieth, former Member of the Panamian Inquiry Committee Interparliamentary week Panama Papers, Bahamas leaks: Tuesday, 31 January 2017 which follow-up did national Ed Groot, chair of the Dutch Parliamentary Committee of Inquiry into Tax structures 9.30 - 11.15 Parliaments give to the revelations? Ahmed Ahmed Laaouej, Chair of the Belgian Special Committee on the Panama Papers Joint hearing ECON/PANA with Which lessons can be learned? National Parliaments Kai Jan Krainer, Vice-Chair of the Committee on Finance of the Austrian National Council First panel: the German experience Benedikt Strunz (Norddeutscher Rundfunk/ NDR, Germany), Investigative Journalist and member of the Panama-Papers team Aleksandra Helena Sobisz and Katrin Keikert, Former compliance officers, Berenberg Bank The role of lawyers, accountants Thursday, 9 February 2017 Michael Kemmer, General Manager and member of the Board of Directors of the Association of and bankers in Panama Papers 9.00 - 12.30 German Banks and Thorsten Höche, Head of the legal department Association of German Banks (Part II) Public hearing Ulrike Paul, Vice-President of the Bundesrechtsanwaltskammer (BRAK or German Federal Bar) and Frank Johnigk, Head of the Department Money Laundering and Criminal Law of the BRAK Second panel: The case of the NORDEA Bank Søren Kristensen (Danish Broadcasting Corporation (DR)), Investigative Journalist at the International Consortium of Investigative Journalists (ICIJ) 3 | P a g e Date Topic / objective Invited representatives/guests / Comments Matthew Elderfield, Head of Group Compliance and Member of Nordea Executive Management and Johan Ekwall, Chief of Staff, Nordea Biörn Riese and Andreas Steen, Mannheimer Swartling (leading business law firm in the Nordic region) Prem Sikka, Essex Business School, Academic Sol Picciotto, Lancester University, Academic Rita de la Feria, University of Leeds, Academic Murray Worthy, Anti-corruption organisation Global Witness, NGO Rachel Davies, Transparency International UK, NGO Richard Murphy, Tax Justice Network, NGO Oliver Pearce, Oxfam, NGO Peter Dempsey, Intermediary (lawyer) Douglas Flint, HSBC, Intermediary (bank) Paul Rankin, HSBC, Intermediary (bank) Thursday, 9 February pm - Mission to United Kingdom Iain McKinnon, HSBC, Intermediary (bank) Friday 10 February 2017 Paul Kelly, HSBC, Intermediary (bank) Hank Cole, HSBC, Intermediary (bank) Barbara Patow, HSBC, Intermediary (bank) David Rowe-Francis, HSBC, Intermediary (bank) Will Morgan, HSBC, Intermediary (bank) Ian Messer, Law Society of Scotland, Intermediary (lawyer) John Riches, Law Society of England and Wales (LSEW), Intermediary (lawyer) Sandy Bhogal, Law Society of England and Wales (LSEW), Intermediary (lawyer) Edward Craft, Law Society of England and Wales (LSEW), Intermediary (lawyer) Amy Bell, Law Society of England and Wales (LSEW), Intermediary (lawyer) 4 | P a g e Date Topic / objective Invited representatives/guests / Comments Robert Hodgkinson, Institute of Chartered Accountants in England and Wales (ICAEW), Intermediary (accountant) Frank Haskew, Institute of Chartered Accountants in England and Wales (ICAEW), Intermediary (accountant) Ian Young, Institute of Chartered Accountants in England and Wales (ICAEW), Intermediary (accountant) Simon Tosserams, Institute of Chartered Accountants in England and Wales (ICAEW), Intermediary (accountant) Edward Scicluna, Parliament of Malta, Minister (Finance) Joe V. Bannister, Malta Financial Service Authority, Public Authority Marianne Scicluna, Malta Financial Service Authority, Public Authority Anton Bartolo, Malta Financial Service Authority, Public Authority Lawrence Cutajar, Financial Intelligence Analysis Unit (FIAU) Daphne Caruana Galizia, Journalist Ivan Camilleri, Times of Malta, Journalist Matthew Vella, Malta Today, Journalist Mission to Malta Monday, 20 February 2017 Alexander Balzan, One News, Journalist Pierre Mifsud, EMD Advisory, Intermediary (legal, tax, advisory and corporate services) Malcolm Booker, Deloitte Malta, Intermediary (accountant) Manfred Galdes, ARQ Risk and Compliance Ltd., Intermediary (corperate, tax, accounting etc. services) Paul Mifsud, Sparkasse Bank, Intermediary (bank) Konrad Mizzi, Parliament of Malta, Minister Beppe Fenech Adami, Parliament of Malta, National Deputy 5 | P a g e Date Topic / objective Invited representatives/guests / Comments Pierre Gramegna, Parliament of Luxembourg, Minister (Finance) Félix Braz, Parliament of Luxembourg, Minister (Justice)
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]
  • 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]
  • The Value of Offshore Secrets – Evidence from the Panama Papers
    The Value of Offshore Secrets – Evidence from the Panama Papers James O’Donovan† Hannes Wagner‡ Stefan Zeume †‡ INSEAD Bocconi University University of Michigan First Draft: April 19, 2016 This Draft: November 18, 2016 ______________________ We thank Morten Bennedsen, Art Cockfield (discussant), Alexander Dyck, Julian Franks, John Gallemore, Nicola Gennaioli, Jim Hines, Karl Lins, Colin Mayer, Tom Neubig (discussant) Bastian Obermayer (Sueddeutsche Zeitung), Marco Ottaviani, Paolo Pasquariello, Uday Rajan, Fabiano Schivardi, Andrei Shleifer, and Joel Slemrod for insights that have benefitted this paper. We also thank participants at the Texas/Waterloo Tax Symposium 2016, the National Tax Association Annual Conference 2016, the Italian Economic Assocation Annual Conference 2016, and seminar participants at 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 through their webpage. All remaining errors are our own. † 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 secret offshore vehicles affects firm value around the world. The data provide insights into the operations of more than 214,000 shell companies incorporated in tax havens by Panama-based law firm Mossack Fonseca. Using event study techniques, we find that the data leak erases US$135 billion in market capitalization among 397 public firms with direct exposure to the revelations of the Panama Papers, reflecting 0.7 percent of their market value.
    [Show 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
    [Show full text]