It is rare that I have a day as far away from my computer as today, and I readily admit to having enjoyed it.
I’ve been the guest of Copenhagen Business School at a two day seminar to launch a new project to be located there focused on identifying innovations in the offshore world and how they might be tackled. The project is being funded by the Norwegian government, who also ultimately fund part of my work, and the synergies are obvious.
I am not going to recount all that was discussed; that would not interest many readers I suspect, and would also be inappropriate when the seminar was deliberately, and unusually for an academic event, not based upon the presentation of formal papers which too often (in my opinion) focus upon a review of existing literature and too often also within the framework if existing thinking, which discourages innovation. It was instead seeking to be exploratory, innovative and encouraging of the frank exchange of ideas. It succeeded within that framework.
That was not the key point of the event for me though. The first of those was that it was simply taking place. At a time when it would be easy to be despondent this seminar was least in part solution focussed: the aim was to find what could be done to restore equity in finance, regulation and tax so that economies might survive their current stresses.
The second was as personally important, and I am aware that at least some others shared it, which was that it was so encouraging to take part in a research seminar where no one was asking you to justify why you thought offshore was so important. It remains the case that far too few academics, and economists in particular (who were almost inevitably under-represented as a result), understand the enormous impact of offshore on the world economy and the resulting need to regulate them.
The result of seminars like this are rarely apparent when they take place and that was true on this occasion, bar one thing, which is that important new research has begun in Denmark, which is itself looking at becoming a major international participant on this issue alongside Norway, and I think that enormously significant in itself.
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I had to read that twice, to be sure! A business school is looking to understand what offshore centres are up to, with a view to joining up with Norway in effort to restore equity in finance, regulation and tax. It reminds me of what Richard Wilkinson said: If you want to live the American Dream, move to Denmark!
There are as many as 40 “uncooperative” tax havens actively concealing undeclared revenue, assisting in money laundering and hosting non-regulated hedge funds. The extent and volume of crime is often proportional to the protestations of innocence and make-believe “co-operation”.
One thing that can be relied on is that they are habitual liars.
So next time the “governments” of Mauritius, Grenada, Jersey, Liberia, Macao, Guernsey, St Kitts and Nevis (and the like) make disingenuous announcement about “compliancy and cooperation” treat them with complete distrust. The race-to-the-bottom also involves a lying competition.
Also: There has been some recent comment about shortcomings within the FSA.
No matter how incompetent the FSA becomes it will never equal the Isle of Man Financial Supervision Commission (FSC) for sheer woolly, worthlessness – all premeditated and part of a subtle PR campaign attempting to fool the world into believing that the island is “well regulated.”
It isn’t!
The Isle of Man and the Royal Bank of Scotland International have a “history” going back several years involving the “disappearance” of the life savings of elderly people. Usually involving commission hungry salesmen (in the case of the Premier Fund totally unqualified people who Premier introduced to pensioners as “professional” financial advisors) accompanied with the Isle of Man government’s excuse that they have “done nothing wrong”.
For another indicator of Isle of Man government involvement in financial Shenanigans visit:-
http://www.thisismoney.co.uk/money/investing/article-2073736/Salesman-allowed-dying-man-sign-away-500-000-pension-pay-out.html
So next time you read statements made by this worthless government – don’t believe a word.
NEVER INVEST OR DEPOSIT A SINGLE PENNY ON THE ISLE OF MAN
Unless you are a pensioner and want to lose all your savings!
The IOM government also spends a great deal of time and money selling itself to – guess who? – the City of London. Last month Chief Minister Allan Bell went on a spree to London to address a “Funds luncheon” organised by the Isle of Man Fund Management Association and to share his vision for the island. He was clearly proud of the island’s “established links with the City of London”, while insisting on its “long-standing policy of positive engagement with international standards”. He urged more businesses and investment managers to make the Isle of Man their jurisdiction of choice. Now why on earth would they want to do that I wonder?!
http://www.tax-news.com/news/IoM_Touts_Its_Competitive_Advantage_To_London_Funds_Industry____52611.html
STOP TAX HAVENS NOW!
Latest from the IOM, reported faithfully by the DT:
http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8956767/Isle-of-Man-to-be-removed-from-Spains-tax-haven-blacklist.html
“The relationship between Spain and the Isle of Man is expected to thaw with the signing of a tax agreement that will see the Isle of Man no longer classified by the Spanish as a tax haven ”
“What frustrates Manx politicians most about the blacklisting is that the Isle of Man has been recognised by the G20 as a front-runner in the crusade to stamp out tax evasion. ”
What bollocks!
The whole world should be warned that as sure as night follows day any “announcements” by the Isle of Man government should be treated with the utmost suspicion.
The island is a highly secretive tax haven where dozens of banks, hundreds of funds and thousands of other sleazy financial “products” are given “safe moorings”.
To have its nauseating cake and eat it the Isle of Man government plays both sides against the middle. In other words pander to the tax dodgers whilst keeping inquisitive “enquiries” comatose with sweet talk
The continual flow of nonsensical PR that spews from this island serves only to motivate others to publish the truth. So bring it on Isle of Man.