From this morning's New York Times (edited):
They are a large and diverse group that includes a Spanish heiress; the daughter of the former Philippine dictator Ferdinand Marcos; and Denise Rich, the former wife of the disgraced trader Marc Rich, who was pardoned by President Bill Clinton. But, according to a trove of secret financial information released Thursday, all have money and share a desire to hide it.
And, it seems safe to say, they – and thousands of others in Europe and far beyond, in places like Mongolia – are suddenly very anxious after the leak of 2.5 million files detailing the offshore bank accounts and shell companies of wealthy individuals and tax-averse companies.
“There will be people all over the world today who are now scared witless,” said Richard Murphy, research director forTax Justice Network, a British-based organization that has long campaigned to end the secrecy that surrounds assets held in offshore havens. The leaked files include the names of 4,000 Americans, celebrities as well as more mundane doctors and dentists.
“This could be a game-changer,” said Mr. Murphy, the author of a book about offshore tax shelters. “Secrecy is the key product these places sell. Whether you are a criminal laundering money or just someone trying to evade or avoid taxes, secrecy is the one thing you want.” Once this is gone, he added, “it creates an enormous fear factor” and has a “massive deterrent effect.”
They asked me to find another word to replace that in my blog, yesterday. But I think the message is pretty similar.
And I do think the fear that secrecy has gone will create the biggest impact.
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And the news is spreading like a wildfire across Africa as the ‘flames of change’ expose local PEP’s (Politically Exposed Persons) caught in the glare of public disclousure.
http://mg.co.za/article/2013-04-05-00-offshore-records-solve-mystery-of-civil-war-chopper-deal
I’m not clear why there wasn’t more revelations, celebrities, Mitt Romney, etc, given how much was released. Is there more coming as they go through documents?
I am told the answer to that is yes
And in Europe the news is spreading like wildfire,I’d say the biggest blow to Tax Havens is on the way!
Nothing to do with the above story or is it ? I see 1 of the channel islands has warned 120 staff dealing with off-shore gambling that there jobs are at risk as the jobs may be moving on-shore !can you explain what it’s all about ?
Not sure – haven’t seen that one yet
in the Guernsey press so I’m told
Will look – looks like this is an Alderney issue
It’s been in the pipes for a while. PE restructuring. Need somewhere cheaper and more opaque, I guess. Malta, it said in the printed paper. What was the other one? Manila?
What will happen will be asset residence transparency `avoidance`, `trustees` purporting to keep assets in some toilet like Manila while actually keeping those assets somewhere safer.
I am not sure who is really scared of Offshoreleaks.
So far, the so-called scandal had been mostly about the self-promotion of journalists and their news organizations. All we have learnt is that a third-tier French politician, a Spanish art collector, a bunch of Latin and Asian Very Important Unknowns, and a dead German-Swiss industry heir have entered offshore arrangements, although in many cases there are perfectly reasonable, and legally justifiable explanations for these actions.
In the United States, we have read that a few dentists may have set up offshore structures, which is all very terrifying indeed. Then there is Denise Rich, a good buddy of Bill and Hillary Clinton, who has now renounced her US citizenship.
The only people terrified here are the news organizations themselves, who know perfectly well that they are handling stolen goods (the data they received), breaching individuals’ right to privacy, breaking confidentiality and privacy laws in several jurisdictions, and exposing themselves to label, defamation and slander litigation.
Having read this I’d say they’ll be too busy `shitting themselves` to sue anyone.
Is this Mario Rubio we’re talking to?
I’m glad they have the courage to risk potential lawsuits. I do hope there’s lots more, I do agree the names they’ve come up with so far are somewhat disappointing. I hope they haven’t been influenced by fear of retribution from some of the names they’ve found.
All I have to say is, keep going guys. Shine the light and make the roaches scuttle for the shadows.
I’d love to know where Tony Bliar put all the gelt he was given for supporting an illegal war, but it maybe as Dr watson says of the Giant Rat of Sumatra “the world is not yet ready to know these facts”.
I’ll be candid: I doubt he has hidden it
I don’t like Tony Blair
But I doubt he has tax evaded
He has no reason to do so
The way this information has been ‘leaked’ is pretty weak and frankly fishy.
You got info?
You want to leak it?
GREAT. just leak the info and let us reach our own conclusions.
That’s what wikileaks would do.
But in this situation, we’re being spoonfed some cherry picked parts of the alleged treasure trove.
Makes me suspect that we’re not being told the whole story.
Ownership of an offshore account is neither illegal nor unethical.
Of course we’re not being told the whole story
So?