not just Allen Stanford and Bernard Madoff!
We already have examples of the pathetic Small Fry who have tried to profit financially from the Terrorist Attacks including 9/11. Now We want Answers about the Big Fish and details of the transactions made by the Real Organizers of Mass Casualty Incidents including 9/11 and 7/7. We Know where Funds have flown and we know how they would be Disguised....
A tax haven is a place where certain taxes are levied at a low rate or not at all. Individuals and/or firms can find it attractive to move themselves to areas with lower tax rates. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies.
- Jurisdictions that have relatively large numbers of financial institutions engaged primarily in business with non-residents;
- Financial systems with external assets and liabilities out of proportion to domestic financial intermediation designed to finance domestic economies; and
- Centres which provide some or all of the following services: low or zero taxation; moderate or light financial regulation; banking secrecy and anonymity.
Millions of Euros belonging to hundreds of citizens living in Germany were channeled into the LGT Bank and other banks in Liechtenstein. According to the prosecutor's office these trusts “have been created apparently only to evade paying taxes.”
According to the lead prosecuting office responsible for economic crime in Bochum, Germany, which is supported by prosecuting offices in other towns as well as the criminal police, currently about 600 to 700 individuals are suspected in the investigations.
The affair became known on February 14, 2008, when a raid was conducted against Klaus Zumwinkel, the former chief executive of Deutsche Post AG, under the suspicion that he evaded about 1 million € ($1.46 million) in taxes.
The informant also had sold data to the government of the United States. In July 2008 the U.S. Subcommittee determined that offshore tax haven supported tax cheats to the cost of about $100 billion per year for the U.S. taxpayer. Specifically mentioned were Switzerland's UBS AG and Lichtenstein's LGT Group.
The principality of Liechtenstein is directly affected by the affair as the LGT Bank is owned by the ruling royal family.
Revenue in £1bn tax haven probe - 22 July 2008 - Financial Times
The distinction between “offshore” and “onshore” financial centres has been dropped by the International Monetary Fund, in a victory for more than 40 small countries that complained they had been unfairly stigmatised in the fight against financial crime.
Tax Havens of the World - 4 March 2008 - Global Policy Forum (Monitoring Policy Making at the United Nations)
OECD reports progress in fighting offshore tax evasion, but says more efforts are needed
12 October 2007 - Organisation for Economic Co-operation and Development
Significant restrictions on access to bank information for tax purposes remain in three OECD countries (Austria, Luxembourg and Switzerland) and in a number of offshore financial centres (e.g Cyprus, Liechtenstein, Panama and Singapore). Moreover, a number of offshore financial centres that committed to implement standards on transparency and the effective exchange of information standards developed by the OECD’s Global Forum on Taxation have failed to do so.
Two newly published OECD reports highlight both what has been achieved so far and what still remains to be done. Improving Access to Bank Information for Tax Purposes – the 2007 Progress Report describes developments in OECD countries and six others (Argentina, Chile, China, India, the Russian Federation and South Africa) with respect to access for tax authorities to bank information. Tax Co-operation: Towards a Level Playing Field – 2007 Assessment by the Global Forum on Taxation compares the legal frameworks for international tax co-operation of 82 OECD and non-OECD economies. It is the second in a series of factual reports by the OECD’s Global Forum on Taxation, which was formed as part of the OECD’s efforts to curb harmful tax practices.
“No one country or even a small group of countries can address the issue of harmful tax practices on their own,” commented Paolo Ciocca, chair of the OECD’s Committee on Fiscal Affairs and co-chair of the Global Forum. “This is a global challenge which requires a global response. In co-operation with partner financial centres, that is what OECD is seeking to achieve.”
Tax Justice Network
The TJN - Tax Justice Network promotes transparency in international finance and opposes secrecy. We support a level playing field on tax and we oppose loopholes and distortions in tax and regulation, and the abuses that flow from them. We promote tax compliance and we oppose tax evasion, tax avoidance, and all the mechanisms that enable owners and controllers of wealth to escape their responsibilities to the societies on which they and their wealth depend. Tax havens lie at the centre of our concerns, and we oppose them. Tax havens and offshore financial centres have created an interface between the illicit and licit economies, corrupting national tax regimes and onshore regulation.
ATTAC - The World is Not For Sale
What is Attac? - As financial markets and the profit motive increasingly take over society, Attac seeks to be a source of alternatives. Attac was founded in 1998 and its first concrete proposal was the taxation of financial transactions in order to create a development fund and to help curb stock market speculation. This is what gave A T T A C its name: the Association for the Taxation of Financial Transactions to Aid Citizens. Today, the Attac network is present in many countries and is active on a wide range of issues: the WTO and international financial institutions, debt, taxation of financial transactions, tax havens, public services, water, free-trade zones (Mediterranean, American, European etc.). In each country, the association has groups working on various themes. All of these groups are involved in national and international campaigns whose aim is to propose concrete alternatives to neoliberal orthodoxy, based on solidarity.
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