I admit this is probably not news to those who read this blog, but the Observer reports today:
Barclays bank is playing a lead role in the establishment of a tax haven in Ghana, in a move that could see huge mineral wealth in west Africa vanish into it from poverty-stricken countries' coffers, the Observer can reveal.
The controversial British lender has for the last four years worked closely with the Ghanian government to start an International Financial Services Centre offering low taxes and minimal financial disclosure.
Development charities fear that the establishment of a fully operating tax haven so close to oil- and mineral-rich countries such as Nigeria, Sierra Leone and Equatorial Guinea will encourage a rapid increase in tax and capital flight.
We have proven time and again that tax havens cost lives. It is beyond doubt that they facilitate corruption, crime and tax evasion thought the secrecy they supply.
And yet here is Barclays trying to develop another one.
Goes Barclays have any moral compass of any sort at all?
And if not, shouldn’t one be imposed upon it?
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Ethical banking is not attractive unless every bank plays by the same rules. I have worked for businesses where if one challenged something ‘not right’ one got hauled in front of the boss & were told ‘look, we are all on the fiddle here, & if we weren’t you wouldn’t have a job… and you had better start fiddling too or there’s no place for you here!”
…sorry… I hit the submit button before completing! 🙁
Dishonesty & corruption of one sort or another is at the heart of financial services and businesses, and they justify it on the basis that they would not survive unless they all behaved in the same way. Alas! we see this attitude alive & well amongst many MP’s! There has to be a huge change in the culture of banks, businesses & public life. Unfortunately moral & ethical crusades are seen as initiated by cranks & religious nutters.