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Rank: 21 History of a Caribbean Tax Haven
NARRATIVE REPORT ON BRITISH VIRGIN ISLANDS PART 1: NARRATIVE REPORT British Virgin Islands: Rank: 21 history of a Caribbean tax haven Chart 1 - How Secretive? 60Secrecy Overview and background Score The British Virgin Islands (BVI) is ranked at 24th position in the Moderately 2015 Financial Index. It has a relatively high secrecy score of 60, secretive 3-40 though it accounts for only a small share of the global market for offshore financial services. Yet its relatively low ranking in our 4-50 index seriously understates its true importance in the world of 1 offshore secrecy, as this report explains . 5-60 The BVI is an archipelago of about 60 Caribbean islands with 6-70 fewer than 23,000 inhabitants. It is a British Overseas Territory, substantially controlled and supported by Britain, but with a fair degree of political autonomy. The UK ultimately has the power 7-80 to strike down BVI secrecy legislation, though it chooses not to. The BVI has long been linked to wave after wave of scandals; 8-90 Lord Oakeshott, a former top UK politician, said in 2013 that the BVI “stains the face of Britain.” Nevertheless, it has made Exceptionally secretive 9-00 some significant improvements in transparency in recent years, improving its secrecy score, though secrecy remains a key hallmark of its offshore sector. Chart 2 - How Big? The secrecy here comes most importantly from the BVI’s lax, flexible, ask-no-questions, see-no-evil company incorporation regime, which allows owners of companies to hide behind ‘nominees’ to achieve strong secrecy2, and to set up companies quickly and at low cost. -
The Jersey Way”- Moving on Iselin Jones, BA(Hons), MA, LLB
“The Jersey Way”- moving on Iselin Jones, BA(Hons), MA, LLB. Paralegal, Corbett Le Quesne. Phil Palmer LLB, MA. Associate Professor, Institute of Law Jersey Abstract The 2017 Jersey Independent Care Inquiry report identified decades of significant child protection failures within the care system in Jersey. It also highlighted the ‘Jersey Way’ which it described as ‘a failure to establish a culture of openness and transparency, leading to a perception at least, of collusion and cover up’. The report made numerous recommendations designed to improve child protection arrangements on the Island. This article discusses the extent to which the outcome of the public inquiry will deliver justice for the victims of abuse. We argue that Inquiries are influenced by political bias, often failing to deliver what Burton and Carlen term discourse closure. We suggest adopting McAlinden and Naylor’s hybrid approach to justice, involving a combination of procedural and restorative justice, to bring the victims a true sense of closure. Key Words: Public Inquiries. Child Abuse. Procedural and Restorative Justice. The ‘Jersey Way’. Introduction The Jersey Independent Care Inquiry Report (JICIR) was hoped to draw a line once and for all over one of Jersey’s darkest periods. The report was initiated by the launch of Operation Rectangle in September 2007, originally an investigation into allegations of historical sexual abuse within the Jersey Sea Cadets before it expanded to include the former children’s home Haut de la Garenne (HDLG). It was only a few weeks later that revelations began pouring out from the HDLG investigation site. The island was in the throes of a moral panic- to the point where a coconut shell was mistaken for a child’s skull. -
Nigeria's Extractive Industries Transparency Initiative
Nigeria’s Extractive Industries Transparency Initiative Just a Glorious Audit? Nicholas Shaxson November 2009 Nigeria’s Extractive Industries Transparency Initiative Just a Glorious Audit? Nicholas Shaxson November 2009 © Royal Institute of International Affairs, 2009 Chatham House (the Royal Institute of International Affairs) is an independent body which promotes the rigorous study of international questions and does not express opinion of its own. The opinions expressed in this publication are the responsibility of the authors. 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 any information storage or retrieval system, without the prior written permission of the copyright holder. Please direct all enquiries to the publishers. Chatham House 10 St James’s Square London, SW1Y 4LE T: +44 (0) 20 7957 5700 F: +44 (0) 20 7957 5710 www.chathamhouse.org.uk Charity Registration No. 208223 ISBN 978 1 86203 219 4 A catalogue record for this title is available from the British Library. Designed and typeset by Soapbox Communications Limited www.soapboxcommunications.co.uk Contents Preface v About the Author vii Executive Summary viii List of Abbreviations x 1. Introduction 1 1.1 Global EITI 1 1.2 Nigeria’s oil industry 3 1.3 NEITI: brief history and context 4 1.3.1 Technical and procedural context 4 1.3.2 Political history and context 6 1.4 EITI’s and NEITI’s goals 7 1.5 Rulers, oil companies, citizens – and NEITI 8 2. Reforms, -
Whose 'Treasure Islands'? the Role of Tax Havens in the Global Economy
(C) Tax Analysts 2012. All rights reserved. does not claim copyright in any public domain or third party content. Whose ‘Treasure Islands’? The Role of Tax Havens in The Global Economy by Robert T. Kudrle Robert T. Kudrle is the Orville and Jane Freeman Professor of International Trade and Investment Policy with the Hubert Humphrey Institute of Public Affairs and the Law School at the University of Minnesota in Minneapolis. A version of this article was presented at the 53rd Annual Convention of the International Studies Asso- ciation in San Diego on April 1-4, 2012. wo recent works with the same title suggest radi- In movies and novels, tax havens are often set- Tcally different views of the role of tax havens in tings for shady international deals; in practice the global economy. In late 2010, James R. Hines Jr. they are rather less flashy. Tax havens are coun- (2010) made the case for a largely beneficial role. Ac- tries or territories that offer low tax rates and fa- cording to Hines, the tax havens improve markets: they vorable regulatory environment to foreign inves- facilitate direct investment by improving the attraction tors....Taxhavensarealso known as ‘‘offshore of high-corporate-tax states for real investment, and centers’’ or ‘‘international financial centers,’’ they may shore up rather than degrade corporate tax phrases that may carry slightly differing connota- collections by high-corporate-income states such as the tions but nonetheless are used almost inter- U.S. They also seem to improve the competitiveness of changeably with ‘‘tax havens.’’ [P. 104.] national financial institutions and hence facilitate port- folio capital provision in both rich and poor countries. -
Exploring the Possible Impacts of Hosting an Oversized Financial Centre
The Finance Curse: exploring the possible impacts of hosting an oversized financial centre John Christensen,1 Tax Justice Network, Chesham, U.K. Nicholas Shaxson,2 Tax Justice Network, Berlin, Germany Contact author: John Christensen – [email protected] Draft: Not for quoting Abstract. The paradoxical situation whereby resource rich countries depending on earnings from natural resources like oil and gas can frequently suffer lower economic growth, higher inequality and poverty, elevated corruption, and stronger political repression than their resource-poor peers is recognised and widely known. It is sometimes known as the Paradox of Poverty from Plenty, or the Resource Curse. This paper explores a similar, related phenomenon that seems to afflict some countries with whose financial centres have grown very large in relation to the domestic economy. Emerging evidence suggests that Beyond a certain point, growth of the financial services sector harms the host country in various ways, including lower long-term growth, greater inequality, a propensity towards rent-seeking and accompanying loss of genuine productivity and entrepreneurial and other skills, corruption and state capture. Citing case study material from several jurisdictions hosting oversized financial centres – notaBly Cyprus, Jersey and the United Kingdom – the paper explores how economic 1 John Christensen directs the global activities of the Tax Justice Network. He is a former economic adviser to the States of Jersey. 2 Nicholas Shaxson is author of Poisoned Wells: The Dirty Politics of African Oil and Treasure Islands: Tax Havens and the Men Who Stole the World. - 1 - crowding-out, brain drain and financialisation create path dependencies that reinforce a tendency for financial services interests to dominate the domestic political, economic and cultural landscape, to the detriment of other sectors. -
The UK Based Ngos WWF, Greenpeace
0\WKEXVWHUV from nef and the Tax Justice Network ³$FRPSHWLWLYHWD[ V\VWHPLVDEHWWHUWD[ V\VWHP´ 1LFKRODV6KD[VRQDQG(OOLH0DH2¶+DJDQ Governments often make out that raising taxes on big business would be a terrible mistake. International corporations would take their investments elsewhere ± to countries with a so-called µcompetitive¶ tax systems ± and our position in the global market would crumble. This Mythbuster reveals just how unhealthy this emphasis on tax competition between countries is. It shows individual countries need not participate in what is essentially a global race to the bottom, and that tax µcompetition¶ harms everyone but for a wealthy few. The myth and services, at better prices. If they cannot compete they go bust and disappears. It sounds Few slogans are as easy for a politician to VDGEXWWKLVµFUHDWLYHGHVWUXFWLRQ¶LVDVRXUFHRI SURQRXQFHDVWKHFU\³We must have a the healthy dynamism of markets. Employees, FRPSHWLWLYHWD[V\VWHP´ customers and suppliers may well find equivalent opportunities elsewhere. It sounds so reasonable. Competition and competitiveness are good things, right? But the tax-cutters have hijacked this idea of healthy market competition to justify something Not in the context of tax. Such calls almost always completely and utterly different: the idea of 1 rest on a giant economic fallacy. Here is the µcompetition¶ between countries on tax. This is a problem, at its simplest. totally different economic beast. Competition between companies in a market is The theory broadly a good thing. The competitive race, for all Theoretical arguments used to support tax its warts and imperfections, makes the business µFRPSHWLWLRQ¶EHWZHHQFRXQWULHVDUHIRXQGHGRQD world go round. It means that companies must 1956 paper2 by the economist Charles Tiebout. -
Cypriots Make a Walk on the Banks, but Still Worry Government Awaits Troika Loan, Hopes Greek Ind
S O C V ΓΡΑΦΕΙ ΤΗΝ ΙΣΤΟΡΙΑ Bringing the news W ΤΟΥ ΕΛΛΗΝΙΣΜΟΥ to generations of E ΑΠΟ ΤΟ 1915 The National Herald Greek- Americans N c v A wEEkly GrEEk-AmEriCAN PuBliCATiON www.thenationalherald.com VOL. 16, ISSUE 807 March 30-April 5, 2013 $1.50 Cypriots Make a Walk on The Banks, But Still Worry Government Awaits Troika Loan, Hopes Greek Ind. Calmness Emerges Day Talks By Andy Dabilis Aplenty in TNH Staff Writer ATHENS - After lining up calmly in queues instead of making a New York frantic dash for their cash when banks reopened after being closed for two weeks as the gov - By Constantine S. Sirigos ernment worked out a bailout TNH Staff Writer deal with international lenders, Cypriots nonetheless walked NEW YORK – The Archdiocesan away wondering what will come Cathedral of the Holy Trinity next for them. celebrated Greek Independence With tight restrictions on Day with three entertaining and withdrawals to prevent a run on informative lectures at the the banks, the government Cathedral Ballroom on March hoped that order would con - 25. The event, which was held tinue to prevail while it waits under the auspices of the Greek for a 10 billion euros ($13 bil - Consulate, followed a reception lion) rescue loan package from hosted at the Consulate by the the Troika of the European Consul General George Iliopou - Union-International Monetary los. Fund-European Central Bank The plight of Greece and (EU-IMF-ECB). Cyprus weighed heavily on the While uninsured depositors participants. Iliopoulos told with more than 100,000 euros guests at the -
Chief Minister: Election by Island-Wide Vote of Registered Electors
STATES OF JERSEY CHIEF MINISTER: ELECTION BY ISLAND-WIDE VOTE OF REGISTERED ELECTORS Lodged au Greffe on 24th August 2017 by Deputy R. Labey of St. Helier STATES GREFFE 2017 P.78 PROPOSITION THE STATES are asked to decide whether they are of opinion (a) to agree, in principle, that the Chief Minister should no longer be elected solely by members of the States but by an Island-wide vote of registered electors; (b) that where candidates for Chief Minister secure 18 or more votes from States Members at the States Sitting held within 7 days of the election, those candidates should be put forward for a public vote held no later than 21 days after the general election; (c) to charge the Privileges and Procedures Committee to bring forward for approval the necessary legislative amendments to give effect to the above proposals for implementation before the elections in May 2018. DEPUTY R. LABEY OF ST. HELIER Page - 2 P.78/2017 REPORT The Pain The situation as it currently stands is as follows – Wednesday 16th May 2018: General Election Monday 4th June 2018: The States meet to elect a Chief Minister (19 days after the General Election), Thursday 7th June 2018: Election of Ministers and Scrutiny Chairs (22 days after the General Election) If successful this proposition would require the following – Wednesday 16th May 2018: General Election Wednesday 23rd May 2018: The date on or before which the States must meet to elect a Chief Minister (7 days maximum after the General Election) at a Sitting which will have one of two possible outcomes – 1. -
STATES MINUTES 24Th September 1991
STATES MINUTES 24th September 1991 THE STATES assembled on Tuesday, 24th September 1991 at 9.30 a.m. under the Presidency of the Deputy Bailiff, Vernon Amy Tomes, Esquire. ____________ All Members were present with the exception of - Senator Terence John Le Main - out of the Island. Senator Dereck André Carter - out of the Island. Enid Clare Quenault, Connétable of St. Brelade - out of the Island. Stanley John de la Haye, Connétable of St. Martin - ill. John Le Gallais, Deputy of St. Saviour - out of the Island. Robin Ernest Richard Rumboll, Deputy of St. Helier - out of the Island. Harry Hallewell Baudains, Deputy of St. Clement - out of the Island. ____________ Prayers read by the Greffier ____________ Distinguished visitors - welcome The Deputy Bailiff welcomed to the States Professor R. Lepelley, Director of the Department of Norman Studies at the University of Caen, and Monsieur Jean- Pierre Gohel, Secretary-General of the University. Supply of judicial and legal services in the Island The Deputy Bailiff made a statement in the following terms - ``Following the presentation of reports from the Judicial Services Review Committee into the supply of judicial and legal services in the Island the Bailiff has appointed a Committee to conduct a review into legal practice in Jersey. The terms of reference which have been agreed by the Bailiff, the Chairman of the Committee and the Legislation Committee are as follows - 1. The availability and cost of legal services. 2. The fixing of fees in non- contentious civil matters by the Royal Court. 3. The level of taxed costs allowed in civil and criminal cases. -
Crown Dependencies
House of Commons Justice Committee Crown Dependencies Eighth Report of Session 2009–10 Volume II Oral and written evidence Ordered by The House of Commons to be printed 23 March 2010 HC 56–II Published on 30 March 2010 by authority of the House of Commons London: The Stationery Office Limited £0.00 The Justice Committee The Justice Committee is appointed by the House of Commons to examine the expenditure, administration and policy of the Ministry of Justice and its associated public bodies (including the work of staff provided for the administrative work of courts and tribunals, but excluding consideration of individual cases and appointments, and excluding the work of the Scotland and Wales Offices and of the Advocate General for Scotland); and administration and expenditure of the Attorney General's Office, the Treasury Solicitor's Department, the Crown Prosecution Service and the Serious Fraud Office (but excluding individual cases and appointments and advice given within government by Law Officers). Current membership Rt Hon Sir Alan Beith MP (Liberal Democrat, Berwick-upon-Tweed) (Chair) Rosie Cooper (West Lancashire Labour) David Heath MP (Liberal Democrat, Somerton and Frome) Rt Hon Douglas Hogg MP (Conservative, Sleaford and North Hykeham) Siân James MP (Labour, Swansea East) Jessica Morden MP (Labour, Newport East) Julie Morgan MP (Labour, Cardiff North) Rt Hon Alun Michael MP (Labour and Co-operative, Cardiff South and Penarth) Robert Neill MP (Conservative, Bromley and Chislehurst) Dr Nick Palmer MP (Labour, Broxtowe) Linda Riordan MP (Labour and Co-operative, Halifax) Andrew Turner MP (Conservative, Isle of Wight) Andrew Tyrie MP (Conservative, Chichester) Dr Alan Whitehead MP (Labour, Southampton Test) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. -
Arrest and Detention of Senator Stuart Syvret and Associated Matters
STATES OF JERSEY ARREST AND DETENTION OF SENATOR STUART SYVRET AND ASSOCIATED MATTERS Lodged au Greffe on 16th April 2009 by Deputy G.P. Southern of St. Helier STATES GREFFE 2009 Price code: B P.60 PROPOSITION THE STATES are asked to decide whether they are of opinion − (a) to express their concern in respect of the apparent interference in the communications between elected representatives and their constituents which arises from the arrest and detention of Senator Stuart Syvret on 6th April 2009; (b) to further express their concern in respect of the suppressing effect of such actions upon other elected representatives, and members of the public; (c) to further express their concern in respect of the searching of premises, without a search warrant, and the consequent taking of communications between members of the public and their elected representatives; (d) to request the Minister for Home Affairs to make an urgent statement concerning the decisions, whether operational or political, taken by the States of Jersey Police and the Minister in relation to the arrest and detention of Senator Stuart Syvret; (e) to request the Privileges and Procedures Committee to make an urgent statement explaining the extent of the protection offered to States members, and their constituents, by parliamentary privilege. DEPUTY G.P. SOUTHERN OF ST. HELIER Page - 2 P.60/2009 REPORT Emergency States Sitting This is an urgent proposition, dealing as it does with matters of immense gravity that go to the very heart of free, functioning democracy in Jersey. This proposition most certainly amounts to, as standing order 26 (7) says, “a matter of such urgency and importance that it would be prejudicial to Jersey to delay its debate.” The States Assembly will, therefore, be asked at the beginning of the requisitioned meeting, to agree – as described in standing order 26(7) – to set aside the minimum lodging period in respect of this proposition. -
Tax Justice Network Australia
20 December 2012 Manager International Tax Integrity Unit Corporate and International Tax Division The Treasury Langton Crescent PARKES ACT 2600 Email: [email protected] Submission on Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013 Modernisation of transfer pricing rules The Tax Justice Network Australia (TJN-Aus) welcomes this opportunity to make a submission on the Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013 Exposure Draft. TJN-Aus supports the passage of the legislation as a further step towards combating tax avoidance and tax evasion by multinational companies. Further, TJN-Aus support the introduction of this legislation to ensure that a single set of rules applies to both tax treaty and non-tax treaty cases. The TJN-Aus accepts the OECD Guidelines constitute the transfer pricing standards of many of Australia’s major investment partners and therefore applying them to revised laws makes sense at this time. Thus, the TJN-Aus supports the intention of the Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013 to ensure the domestic law that references the tax treaty transfer pricing rules are applied in a manner consistent with relevant OECD guidance. While supporting the efforts to combat tax avoidance through the measures introduced in the Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013, the TJN-Aus remains concerned about the limitations of the ‘arm’s length’ principle (ALP), especially transactional methods, and urges supporting other methods at a multilateral level to combat tax evasion through transfer mispricing. The OECD arm’s length principle particularly has disadvantaged developing countries in combating tax evasion by multinational companies, as such countries often lack the resources to be able to investigate and prosecute multinational companies engaged in tax evasion through transfer mispricing based on the arm’s length principle.