Category: Corruption
Report: Most exporters do little to prevent foreign bribery
An anti-corruption watchdog on Tuesday ranked the United States and United Kingdom as the largest exporters most active at enforcing rules meant to prohibit companies from paying bribes in foreign markets, but said many others are doing next to nothing. ... - Continue reading
African Countries Making Headway In Tackling Tax Evasion
According to Tax Transparency in Africa 2020 report, Africa needs to better combat illicit financial flows and be more lucid in tax matters. ... - Continue reading
Egypt court sentences fugitive contractor to 3 years over tax evasion
An Egyptian court for tax evasion sentenced on Saturday a fugitive Egyptian contractor to three years in jail over tax evasion charges, Egypt’s state-run MENA news agency reported. Mohamed Ali, a businessman and an actor, said in online videos last year that he fled to Spain after working with the… – Continue reading
Declaration must for Pakistanis having foreign assets, income
KARACHI: The Federal Board of Revenue (FBR) will tighten noose around offshore illicit money and assets as Pakistanis having undeclared assets abroad are required to file statement by September 30, 2019. “The FBR will launch proceedings against persons having offshore assets on the basis of available data,” an official at… – Continue reading
Govt launches crackdown on benami assets
ISLAMABAD: The government has kicked off a far-reaching crackdown against benami assets directing the departments concerned at the federal level and the provincial governments to track benami properties, harvesting the Benami Act, 2019 in the national and global contexts. Prime Minister Imran Khan chaired a meeting on August 20 on… – Continue reading
What happened to the proposed amendments to Bank Secrecy Act?
The news is replete with discussions on the refiling of the proposed bills for the other TRAIN Packages with the 18th Congress. However, there seems to be no discussion yet on any proposed amendment to the Bank Secrecy Act, Republic Act (RA) 1405, as amended, particularly the proposed amendments to… – Continue reading
FIC denies ignoring SME Bank looting
THE director of the Financial Intelligence Centre, Leonie Dunn, says the centre did not turn a blind eye to the disappearance of around N$350 million from the now-defunct SME Bank. ... - Continue reading
Mauritius leaks latest reminder of how much we lose to tax havens
Mauritius leaks latest reminder of how much we lose to tax havensA report by Canadians for Tax Fairness Bay Street and Tax Havens revealed how over 90% of Canada’s largest corporations have subsidiaries in tax havens. Ottawa (06 Aug. 2019) — Last month Canadians for Tax Fairness reported that, while… – Continue reading
Argentina: The OECD Guidelines For Multinational Companies And The Specific Instance
For over 20 years the Argentine Republic has adhered to the "OECD Guidelines for Multinational Companies" ("Guidelines"), through the "Declaration on International Investments and Multinational Companies" of the Organization for Economic Cooperation and Development ("OECD"). ... - Continue reading
Pass tax reform bills — Dominguez
The Department of Finance (DOF) has expressed the hope that President Duterte’s call in his State-of-the-Nation Address (SONA) for Congress to pass reforms in the corporate tax system along with the remaining packages of the administration’s comprehensive tax reform program (CTRP) will provide lawmakers a strong impetus to pass these… – Continue reading
The American Bar Association is fighting Washington’s efforts to tackle money laundering
This legislation will force owners of US companies to reveal their identities. ... - Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
Pakistan: Imran Khan announces tax evasion amnesty scheme
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
Madogo Residents Protest Over Tax
Transport along the Garissa-Nairobi highway was briefly interrupted Saturday, after angry residents barricaded the road to protest what they termed as double taxation by Tana River county government. Waving placards and twigs, the residents said since the beginning of the year, revenue clerks have been frequently visiting their business premises… – Continue reading
48 KRA officers wanted for bribery, tax evasion
48 Kenya Revenue Authority (KRA) officials were Monday morning expected at the Directorate of Criminal Investigations (DCI) headquarters on Kiambu road for questioning. The individuals include 32 officers from KRA’s Domestic Taxes Department, 15 from the Customs and Border Control Department and one from the Investigations and Enforcement Department. They… – Continue reading
Foreign income declaration mandatory
KARACHI: The income tax law has made it mandatory for taxpayers to declare foreign income and assets in order to avoid penalty, Vishno Raja Qavi, former chief tax policy, Federal Board of Revenue (FBR), said on Thursday. He was highlighting the key points of Automatic Exchange of Information (AEOI) at… – Continue reading
Investment banker extradited for helping clients defraud tax authorities
For facilitators in Malta, it’s business as usual. A former employee of Mossack Fonesca has been extradited to Germany on charges relating to revelations from the Panama Papers, an unprecedented leak of over 11 million files from the database of the world’s fourth biggest offshore law firm at the time…. – Continue reading
Argentina, Panama, Paraguay and Uruguay to share tax information with each other
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
Argentina, Panama, Paraguay and Uruguay to share tax information with each other
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
IN UKRAINE A NUMBER OF TAXES IS TOO HIGH – EXPERT
In Ukraine in some areas taxes are too high, and entrepreneurs simply can’t pay, so toughen system of tracking defaulters only after tax cuts. Comments about this correspondent of ГолосUA said political analyst Nikolai Spiridonov. “In Ukraine, a number of taxes too high. Businesses simply can’t pay. And is double… – Continue reading
Advocacy Group Says EU’s Tax Haven Blacklist Is Failing
Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report… – Continue reading
PACAC Explains Why FG Turned Spotlight on Multinationals
The Presidential Advisory Committee against Corruption (PACAC) has explained why it is shifting the war against corruption in the country from politically exposed persons to multinationals. According to the Executive Secretary of PACAC, Prof. Bolaji Owasanoye, Africa and indeed Nigeria losses more from Illicit Financial Flows (IFF) perpetrated by multinational… – Continue reading
Pak authorities trace 2,750 properties worth Rs4.2tr in Dubai
ISLAMABAD: Pakistani investigators with the cooperation of Dubai authorities have traced 2,750 overseas properties in the United Arab Emirates (UAE). These overseas property empires were allegedly acquired by Pakistani nationals with illegal flight of capital and plunder of the hard-earned taxpayers’ money worth around Rs4,240 billion. Based on three intelligence… – Continue reading
UK Adopts EU Anti-Money Laundering Legislation
The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the… – Continue reading
India’s sweeping anti money laundering agenda comes under scrutiny
Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies… – Continue reading
ACC sets June 30 deadline to complete probes into Panama, Paradise Paper leaks
Anti-Corruption Commission chairman Iqbal Mahmood on Wednesday ordered all ACC officials to complete enquiries by June 30 against individuals or entities whose names have been appeared in Panama Paper and Paradise Paper leaks. He made the order in an urgent meeting with the secretary, all director generals, and directors of… – Continue reading
Moldova to Ease Citizenship Requirements for Investors
The Moldovan parliament is divided over proposed amendments that would allow wealthy investors to bypass certain requirements in the citizen application process, Balkan Insight reported Friday. Some members of parliament warn that the changes, which are expected to pass next week, will undermine security and worsen Moldova’s reputation for corruption…. – Continue reading
Moon Orders Joint Probe Team on Offshore Tax Evasion
President Moon Jae-in has criticized tax evasion as an antisocial act that undermines social fairness and justice. He called on related agencies to form a joint investigation team and draft cooperative measures against attempts to evade tax through illegal concealment of assets overseas. Chairing a meeting with his top aides… – Continue reading
Nigeria, UAE agreement on stolen assets takes off
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up… – Continue reading
Experts advise gov’t on widening tax base without taxing social media
Expanding the tax base under the existing conditions is like bleeding an anaemic person. A recent directive by President Yoweri Museveni to the Minister of Finance to tax users of social media platforms such as Facebook and WhatsApp in a bid to widen the country’s tax base has stirred a… – Continue reading
Coinsecure India Down After $3 Million in Bitcoin Missing
In what appears to be an attempt to test their ability to distribute Bitcoin Gold (BTG), a Coinsecure weakness was apparently exposed, and over 3 million dollars worth of bitcoin were stolen as a result. The large crypto exchange based in India filed a First Information Report (FIR) with police,… – Continue reading
BIR ordered to investigate Sereno for alleged tax evasion
Metro Manila (CNN Philippines, February 7) — The Bureau of Internal Revenue (BIR) on Wednesday said it will begin investigating Chief Justice Maria Lourdes Sereno’s alleged failure to pay taxes. BIR Deputy Commissioner for Operations Arnel Guballa made this commitment in response to an order from the House Committee on… – Continue reading
Kazakhstan: President Demands Return of Offshore Funds
Kazakhstan’s President Nursultan Nazarbayev has threatened companies stashing money abroad with ominous consequences unless they repatriate their funds, media reported. The president’s latest sally against the prevalent use of offshore banking accounts is, however, undermined by his own family’s predilection for salting away their riches overseas. Speaking on December 6… – Continue reading
Tracking Noxious Funds: Strategies And Techniques For Whistleblowing By Kayode Oladele
Africa is estimated to have lost over $1 trillion in illicit financial flows (IFFs) within the past 50 years, with drainage of over $50 billion annually. These outflows, according to the African Union and Economic Commission for Africa (AU/ECA) High Level Panel on Illicit Financial Flows (IFFs), refer to “money… – Continue reading
Ghana wins award for Company Ownership Transparency
Ghana has won international recognition for its commitment to expanding the frontiers of transparency, including progress made towards lifting the veil off the actual beneficial owners of companies operating in the country. The recognition came in the form of an award from the Extractive Industries Transparency Initiative (EITI) International Board… – Continue reading
Switzerland needs to do more to keep ‘dirty money’ at bay, urges UN expert
4 October 2017 – Highlighting the problems posed by illicit financial flows globally, including undermining rule of law and human rights, a United Nations human rights expert has called on Switzerland to ensure that so called dirty money – which stems from tax evasion and corruption – does not enter… – Continue reading
Greater Cooperation To Strengthen Taxation
Many tax avoidance schemes are not illegal. But just because it is not illegal does not mean it is not a form of abuse, fraud or corruption. Credit: Servaas van den Bosch/IPS KUALA LUMPUR, Oct 3 2017 (IPS) – Since the 1950s, there has been a popular dance called the… – Continue reading
Neymar offers to pay £1.9 million fine to Brazil tax authorities
Brazilian football star Neymar is willing to pay a fine of £1.9 million to settle tax evasion allegations in his country, his lawyer said Friday. The 25-year-old wants to leave the fight with Brazilian authorities behind him as he prepares for a new professional life with Paris Saint-Germain after his… – Continue reading
The Malta Files: a European version of the Panama Papers, revealing a global web of corruption
On Friday, a variety of news outlets around the world published the Malta Files, a cache of 150,000 documents leaked “from a Malta-based provider of legal, financial and corporate services,” revealing, among other things, that Turkish President Recep Tayyip Erdogan was secretly given a $25M oil tanker (!) by Azeri… – Continue reading
FIRS, EFCC to launch anti-tax-fraud team
The Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC) are putting a new breath to the fight against tax fraud and evasion in Nigeria, as the two agencies will soon launch an anti-tax fraud and evasion team. This collaboration, according to the FIRS Executive Chairman,… – Continue reading
Deloitte Middle East Point of View: Ethical tax, construction market outlook, ISO 37001 on anti-bribery management, and GCC family businesses
Financial institutions are working together to combat tax evasion, bribery and corruption through ISO certifications and the Common Reporting Standard. These are among the topics discussed in the spring 2017 issue of Deloitte’s quarterly publication, the Middle East Point of View (ME PoV). The spring 2017 issue tackles several hot… – Continue reading
OECD recommends introduction of US-style deferred prosecution agreements in Scotland
ANALYSIS: US-style deferred prosecution agreements (DPAs) should be introduced in Scotland to deal with corporate offending, according to a recent report by the global Organisation for Economic Cooperation and Development (OECD). Foreign bribery should attract significant penalties, and Scotland’s civil settlement regime is potentially too lenient, according to the report,… – Continue reading
Singapore is Proven to be Indonesians’ Tax Haven
Singapore is home to the majority of the Rp 1,174-trillion assets overseas owned by Indonesians, which had been declared and repatriated to Indonesia under the Tax Amnesty program. Indonesia, GIVnews.com – Indonesia’s tax amnesty program has proven public claim that Singapore is a favorable place for wealthy Indonesians to store… – Continue reading
Swiss Banks Warn on Data-Sharing
Switzerland introduced the automatic exchange of information of data concerning bank customers at the beginning of this year. Swiss private banks now warn the government that the planned extension of the system to a further set of countries may endanger their wealthy clients in some of the highly corrupt partner… – Continue reading
Offshore share transfer deal an attempt to evade tax: Former PM Bhattarai
Former Prime Minister and Coordinator of Naya Shakti Party Nepal, Baburam Bhattarai, has said that the offshore deal to transfer 80 percent of the shares in Ncell was an attempt to evade taxes. “Attempts have been made to evade tax by not registering share transfer information at the Office of… – Continue reading
