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Britain to crack down on its tax havens

Britain to crack down on its tax havens

Old May 1st 2018, 6:51 pm
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Default Britain to crack down on its tax havens

Thought this might interest you, what do you think the caymens govt will do?

‘Britain has prompted a furious backlash from its overseas territories after announcing they will be forced to mount a transparency crackdown in a bid to stem the flow of "dirty money".

The Government said it will not oppose a cross-party amendment that will require tax havens such as the British Virgin Islands and the Cayman Islands to introduce public ownership registers.’



https://www.telegraph.co.uk/politics...rnment-forced/
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Old May 1st 2018, 10:57 pm
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Default Re: Britain to crack down on its tax havens

Originally Posted by uk_grenada View Post
‘Britain has prompted a furious backlash from its overseas territories after announcing they will be forced to mount a transparency crackdown in a bid to stem the flow of "dirty money".

The Government said it will not oppose a cross-party amendment that will require tax havens such as the British Virgin Islands and the Cayman Islands to introduce public ownership registers.’
Well, first, define "dirty money". As I've reported elsewhere, an acquaintance was once greeted at a business meeting in Brazil: "Ah, Cayman: our biggest supplier of oil!" What is likely to be gained by identifying the owners of the companies supplying that oil? And, are the proceeds "dirty money"?

I have also suggested publicly that it might have been a Cayman company through which the CIA processed the sale of all those Toyotas to their friends in ISIS, in the Middle East. Dirty money was certainly involved, but will the US or Britain want to see the link made clear? Doubtful. And would the CIA and MI6 acknowledge it as "dirty money"?

The British MPs who are supporting the cross-party amendment might want to have a chat with the bosses of the UK's military-industrial complex before getting too excited...
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Old May 2nd 2018, 9:06 am
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Default Re: Britain to crack down on its tax havens

Sure you arent adding a little obfuscation of your own there

I have heard several times recently that Chinas bankers [in hong kong] inscrutability and independance from US and EU influence means they are the main managers of dodgy finances today?

NB governments collectively are clearly allowed to launder print and otherwise manipulate currencies, its other peoples commerce they get hot under the collar about, especially where it involves a loss of tax income.

Last edited by uk_grenada; May 2nd 2018 at 9:10 am.
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Old May 3rd 2018, 2:57 am
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Default Re: Britain to crack down on its tax havens

Originally Posted by uk_grenada View Post
governments collectively are clearly allowed to launder print and otherwise manipulate currencies, its other peoples commerce they get hot under the collar about, especially where it involves a loss of tax income.
Income Tax is theft.
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Old May 6th 2018, 7:25 pm
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Default Re: Britain to crack down on its tax havens

Originally Posted by uk_grenada View Post
I have heard several times recently that Chinas bankers [in hong kong] inscrutability and independence from US and EU influence means they are the main managers of dodgy finances today?
I've been out of things for too long, and I don't really know where the out-and-out tax-dodgers use these days. I've heard BVI and Antigua mentioned, and of course Britain's "home" dependencies (IoM and the Channel Islands); maybe Bahamas again. It's many years since gangsters could come down to Cayman with suitcases full of US currency-notes!
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Old May 6th 2018, 7:58 pm
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Default Re: Britain to crack down on its tax havens

Ive had money offshore in the IoM, and i know HMRC knew all about it before i did almost, i got a number wrong by 100 pounds on interest and the tax man told me - it was in my favour too :-0

I can just see the chinese telling the americans about details of their investments :-)

Theres a recent story about Gda and the EU, Gda was put on a laundering blacklist because it wouldnt divulge eu citizen investment info to the eu as an annual complete list. The gda govt complained, said it didnt have the info but they would happily allow the eu to get info from the banks, so they got upgraded from black to grey.

Subsequently the banks have agreed to hand over the details for any identified eu citizen that can be identified, [betting that not many can] but individually as requested, and with a big fat fee for doing it :-)
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Old May 17th 2018, 4:59 pm
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Default Re: Britain to crack down on its tax havens

Now the bloody Pope is putting the boot in! Sheesh!
Vatican denounces offshore tax havens as harming the poor | Daily Mail Online
Let's face it: any money that high-tax countries' politicians manage to claw back from the offshore havens will pay for more military adventures. The domestic poor won't benefit any!
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Old May 17th 2018, 9:16 pm
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Default Re: Britain to crack down on its tax havens

Originally Posted by Gordon Barlow View Post
Now the bloody Pope is putting the boot in! Sheesh!
Vatican denounces offshore tax havens as harming the poor Daily Mail Online
Let's face it: any money that high-tax countries' politicians manage to claw back from the offshore havens will pay for more military adventures. The domestic poor won't benefit any!
Hmm, isnt the vatican itself a tax haven? I thought the papal finances were vast and obfuscated, prettŷ much tax free once managed within the vatican. There is rumour that the recent Leonardo auctioned might have gone to the church but they were concerned about the public reaction to several hundred million in cash appearing from nowhere and being spent on a bauble. Mind you there are some serious issues with the house of Saud owning it too, images of their icons being taboo, and the concept that it was given to the new ruler as a gift, almost bankrupting the buyer though buying huge kudos.
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Old May 26th 2018, 12:07 am
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Default Re: Britain to crack down on its tax havens

The latest stupidity is that Britain is demanding that all local companies in Cayman publicly disclose their beneficial owners. And it's safe to say that all Britain's other colonies will receive the same demand. That's Montserrat, BVI, Turks & Caicos and Anguilla in the West Indies. (Did I miss any?) Also Gibraltar in Europe, and Bermuda in the North Atlantic. It's all pretty silly.
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Old May 26th 2018, 6:55 am
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Default Re: Britain to crack down on its tax havens

Will it all end in another tea party? It is after all about britain wanting to tax said beneficial owners. Smart money seems to be going to hong kong where the muricans and eurocrats are ignored.

I have a relative in banking IT who tells me the writings on the wall now for large swaths of the offshore [and onshore] financial world, and governments will largely lose control and the ability to tax the agile, its the unstoppable rise of the smart young IT entrepreneur. There are huge disruptive technologies in play.

Bitcoin is the baby of the future of crypto currencies, its the wild west now but give it 10 years. The banks might embrace some of it but imho will be bypassed by it completely in time. The big tech sellers like amazon and facebook are starting to facilitate peer to peer payments [often using packaged crypto behind the curtains] which will also bypass the banks.

When the ‘amazon pound’ is more stable than most currencies, backed as it is by a company itself bigger than national economies, when the new country ‘amazon’ is purchased [they could in theory win an election - guarantee to pay off a countries debts, cut taxes, and enter a new world of business - eg ‘buy’ a caribbean country, agree duty reducing deals as a country and buy seats at the global table] and its investors then use their finance to invest in companies directly, where does that leave the banks? At some point, share trading will also begin to bypass official markets. Is this the ultimate offshoring?

Does this excite or frighten? Are you buying krugerrands and putting them under the bed or investing in crypto startups [please dont, the winning solution is in the head of a 16 year old in california.]

By the bye - a young uk guy was sent to prison for 10 years yesterday. He was arrested by a team if 20! Officers on a train into london. They got his laptop before he locked it, and found 20 million id/password pairs, banking details for a million people and similar stuff on it, he was running a number of global scams and had 10 million in bank accounts. Its thought he has close to a thousand people working indirectly for him in the ivory coast and nigeria. I’d employ him in IT.
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Old May 26th 2018, 8:24 pm
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Default Re: Britain to crack down on its tax havens

Originally Posted by uk_grenada View Post
Will it all end in another tea party? It is after all about britain wanting to tax said beneficial owners. Smart money seems to be going to hong kong where the muricans and eurocrats are ignored.

Does this excite or frighten? Are you buying krugerrands and putting them under the bed or investing in crypto startups


As I've written elsewhere, Cayman will never seek independence from Britain. For one thing, it would be the immediate end of its offshore-finance status. For another, the CIA would have its feet on the Governor's desk two minutes after the Union Jack came down!

As for buying Bitcoin... Warren Buffet says his golden rule is never to buy something he doesn't understand. I believe he's right about that; and I don't understand crypto-currencies. I know what they are, but I don't understand how they can possibly be safe from counterfeiters. So I wouldn't buy any as a store of value. As a currency, to buy and sell things, well... it'll be a while before that happens in small islands! And I will say the same about gold. The day may come when I can give a Krugerrand to my supermarket and say "tell me when my credit runs out", but I doubt it, in my lifetime. First, of course my supermarket would need to employ a professional assayer and his kit, to make sure customers' coins were really 100% gold!
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Old May 26th 2018, 8:35 pm
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Default Re: Britain to crack down on its tax havens

Always glad to know another fan of the sage of Omaha :-). I do agree.

We do however continue to live in interesting times. We wont know till after the event, but i confidently predict we will reach the technological singularity last week to the next 5 years. This means true AI will take off exponentially, and depending on how/who we either all die, or inherit any one of a number of huge advances. Id very happily settle for fusion power, the end of workd hunger or teleportation.

If you want to know how it might go wrong, theres an episode of the black mirror tv series on netflix called bad dog [scary thing is, they are almost ready now - boston dynamics makes them]... Or read blood music by greg bear.

Black Mirror launches with robo-dogs that hunt people | Daily Mail Online
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Old May 26th 2018, 9:41 pm
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Default Re: Britain to crack down on its tax havens

So. More power to the world's hackers, eh? Only they will be in a position to save us from the robo-dogs!
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Old May 27th 2018, 6:37 am
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Default Re: Britain to crack down on its tax havens

Sadly we all die in the story... If you make a nasty military tool, make it inaccessible and if tampered with it explodes, this is the result. Not new, some of the british bombs in WW2 were so equipped. The germans were far more gentlemanly, they registered all the patents on their dodgy fuses with the british patents office :-)

Have you seen a boston dynamics dog robot? Scary or what?


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Old May 28th 2018, 3:28 am
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Default Re: Britain to crack down on its tax havens

Sadly, there's no sign of Azimov's Three Laws of Robotics! In case you or some other BE member is not familiar with that author's work, they were "A robot may not injure a human being or, through inaction, allow a human being to come to harm. A robot must obey orders given it by human beings except where such orders would conflict with the First Law." All robots built, in his stories, had the laws embedded in their minds. Ahh, the dreams of idealists!
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