Austerity for the peasants allows tax dodging for the rich

33 degree freemasons hand picked as couriers of money out of Britain for the ruling parasites

  • Royal parasites massive conflict of interest as emails reveal that while on official trade missions meant to promote UK business, Randy Andy was quietly plugging a private Luxembourg-based bank for the super-rich and co-owned a business with the Rowlands in a secretive Caribbean tax haven used to lure wealthy Royal contacts to invest in a tax-free offshore fund
  • Bill to block royal parasites syphoning off billions from the peasants
  • Chelsea star N’Golo Kante to pay more in tax than Amazon and Starbucks combined

  • They still wont touch the big boys hand picked to courier money to crown controlled offshore tax havens

  • Taxman will now have 'shocking' new powers to raid bank accounts with NO warning (Britain's legal mafia already use legal aid powers to destroy men using this tactic and is kept secret from the public)
  • Massive Document Dump NAMES Politicians and Elites Hiding Billions From Public VIDEO
    Paradise Papers expose world elite's secret tax havens VIDEO
    'Web of financial secrecy': UK wins title of biggest tax haven for rich VIDEO

    Queen behind tax havens and where wealth flows when the rich die off
    The freemasons aided by the Royal parasite and her loyal lord lieutenant the Duke of Kunt hide their money in Crown run territories like the Channel Islands, Cayman Islands, the Virgin Islands and Gibraltar

    British offshore banking under fire in EU tax haven battle

    Austria has accused Britain of being a haven for money laundering and tax evasion as the Alpine nation comes under European Union and German pressure to axe its banking secrecy laws. Europe's finance ministers meeting in Dublin today are pushing Austria hard to follow Luxembourg's example in agreeing to reveal information on European banking depositors to EU tax authorities.

    Maria Fekter, the Austrian finance minister, has vowed to "fight like a lion" against the demands and has refused to change her country's laws until Britain ends tax haven and banking secrecy laws in offshore financial centres, such as the Channel Islands. "Austria is sticking to bank secrecy. We fight tax evasion and money laundering," she said.

    "Great Britain has many money laundering centres and tax havens in its immediate legal remit - the Channel Islands Gibraltar, the Cayman Islands, Virgin Islands. These are all hot spots for tax evasion and money laundering." Austria is opposed to German-led demands for the automatic exchange of information on banking depositors with other EU countries, proposals that will be discussed by Europe's finance ministers. Earlier this week, Luxembourg caved into German pressure and announced it would to share foreign bank account details with the depositor's home governments, if EU countries, from 2015.

    "Automatic exchange of information involves a massive interference in people's privacy rights. Here the state sniffs around deep into the private affairs of account holders," said Mrs Fekter. The Austrian finance minister has described Britain as "the island of the blessed for tax evasion and money laundering", comparing British offshore banking to the Cypriot financial sector that is to be forcibly restructured as part of a eurozone bailout. "Just as we urged the abolition of sealed foundations in the Cyprus rescue to drain the money laundering swamp, we must demand the same of the UK," she wrote in an article for Kurier, an Austrian newspaper.

    "We want a trust registry for the Channel Islands, but also for countries where British law applies, such as the Cayman Islands, the Virgin Islands or Gibraltar. These are all areas that are havens for tax evaders." Eurozone finance ministers will also discuss Cyprus as the EU-IMF has frozen its contribution at €10 billion as the costs of its bail-out surged from €17.5bn to €23bn, larger than the size of the country's economy, further bankrupting the island. In a bid to stop Cyprus leaving the euro, the EU-IMF has demanded that it hand three quarters of the country?s gold reserves to pay back loans making it much harder for the island to ditch the single currency to go it alone.

  • Royal parasites massive conflict of interest as emails reveal that while on official trade missions meant to promote UK business, Randy Andy was quietly plugging a private Luxembourg-based bank for the super-rich and co-owned a business with the Rowlands in a secretive Caribbean tax haven used to lure wealthy Royal contacts to invest in a tax-free offshore fund
  • Paradise Papers expose world elite's secret tax havens(VIDEO)
  • 'Web of financial secrecy': UK wins title of biggest tax haven for rich (Queen behind tax havens and where wealth flows when the rich die off) (VIDEO)
  • Law society lawyer lackeys behind the devious tax haven scams (How a global law society know where all the money is stashed and a powerful tool to bring ANYONE down)
  • Offshore Queen: So where's the rest hidden?
  • The royal parasite, tax dodging offshore accounts and a company that exploits poor families
  • Royal parasites dosh found in tax dodging freemason run Cayman islands then Brighthouse who preyed on the vulnerable
  • A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens
  • How Queen's millions are 'invested offshore' as tax havens , Trump's cabinet and Tory donor Lord Ashcroft' are exposed in new Paradise Papers leak
  • Tory donor Lord Ashcroft avoid questions about offshore tax havens revealed in Paradise Papers leak
  • Britain’s Tax Office, HMRC sold 600 state owned buildings to offshore property company
    There are a number of interesting facts and figures emanating from the various offshore leaks of recent times. One of them involves Britain’s tax office HMRC, where there is a history of double dealing when it comes to tax haven transparency.

    Last February HSBC’s Swiss banking arm got caught ‘red-handed’ assisting wealthy customers concealing millions of dollars of assets and then literally and quite unbelievably found to be handing out bricks of untraceable currency to them. HSBC was, at the same time, providing these clients the facilities and information needed to circumvent domestic tax authorities, according to a huge cache of leaked secret bank account files.

    The leak clearly demonstrated that HSBC was providing account facilities to international criminals, corrupt businessmen and other high-risk individuals from all over the world, Britain included. The leaked HSBC files, which covered the period 2005-2007, amounted, at the time, to the biggest banking leak in history, shining a very bright light on about 30,000 accounts holding almost $120bn (£78bn) of assets, an average of £2.6 million per account. After the files had been thoroughly checked out, the number of accounts held escalated to 130,000 individuals and organisations.

    The revelations amplified calls for government’s the world over to take action and crackdown on offshore illegal tax havens. Politicians got on the bandwagon in an attempt to demonstrate they were on the side of law abiding citizens. HMRC recently issued a statement straight after the Panama papers scandal:

    HMRC is committed to exposing and acting on financial wrongdoing and we relentlessly pursue tax evaders to ensure that they pay every penny of taxes and fines they owe”

    The hypocrisy of politicians across Europe and America and HMRC in Britain demonstrates the level of lawlessness both are prepared to accept in every day life. This is demonstrated best by the reactions of authorities when it came to the leak itself. The Swiss leak happened when Hervé Falciani, an IT expert at HSBC’s Swiss bank, hacked into its customer files in late 2007. He fled to France, with the Swiss police in hot pursuit, for breaching Switzerland’s rigid bank secrecy laws. The French authorities apprehended him once over the border and it appeared Falciani was done for. However, when the French authorities realised how many thousands of French citizens, especially wealthy and powerful ones, were named in the leak, they decided not to extradite him back to Switzerland. The French then defied the European Convention on Extradition much to the anger of the Swiss.

    Falciani now lives comfortably under the full protection of the French authorities even though last November a Swiss court convicted him for aggravated industrial espionage, data theft and violation of commercial and banking secrecy. The Swiss were clearly aggrieved as they handed out the longest sentence ever demanded by the confederation’s public ministry in a case of banking data theft. As Falciani was not present, the trial was also the first ever conducted by the country’s federal criminal court in which the accused had not been present. HMRC, Britain’s tax authority, also received a list from the same Swiss leaks in 2010. From which, it was able to identify the details of more than 1,000 British tax evaders. Given the serious nature of tax evasion and mounting public pressure you would have thought that HMRC could have prosecuted more than the one person it did. HMRC never revealed any of the 1,000 names other than that one scape-goat, no-one else was prosecuted and no legal action taken against HSBC.

    Indeed, Downing Street was forced to defend David Cameron’s appointment of HSBC chairman, Stephen Green as trade minister in 2011 after the Swiss leaks revelations. Especially as HMRC had a cache of evidence of the scandal the year before his appointment. During Green’s 5-year tenure over HSBC, during which he was purportedly paid £25million, Bloomberg Markets accused the bank of laundering cash for state sponsored terrorists and being involved in handing cash to the Afghan Taliban amongst many other financial crimes. Lord Green of Hurstpierpoint is now a tory peer in the House of Lords.

    Back in 2001, Britain’s chancellor of the exchequer of the time, Alistair Darling, authorised a privatisation deal by selling around 600 of HMRC’s buildings. One could argue that selling off state owned assets only to be charged with exponentially rising rent is a bad deal for the taxpayer and makes no common sense whatsoever. In the meantime this story goes from farce to tradegy. At the time HMRC said it had signed a private finance initiative (PFI) deal with the UK-registered Mapeley Limited, transferring “ownership and management” of the entire estate. The truth was that HMRC had sold the properties to a Bermuda-based sister company called Mapeley Steps Limited for £220m, while paying rent to a UK company called Mapeley Steps Contractors Limited. The former off-shored huge profits, the latter posted losses to HMRC and therefore paid no taxes to the treasury. This in itself should be a scandal.

    Inland Revenue said that the precise details of contract structure that bought the estate was not revealed until late into the process. HMRC also stated that their, at best misleading press release, was simply a mistake – “There was no intention to mislead.” I am at a loss to understand how a property portfolio of 600 buildings was worth only £220 million, an average price of just £365,000 even then. Since then of course, property values have at least doubled in the UK but trebled in London and rental prices have rocketed.

    As mentioned, the sale of HMRC’s property estate went to Bermuda-based Mapeley Holdings Limited, a company ultimately owned by George Soros and US group Fortress Investment, which describes itself as an “alternative investment” company. This was the same man who broke the Bank of England by shorting Britain’s currency in 1993 on what is now famously known as ‘Black Wednesday‘ which personally made him $1.5billion in less than a month, whilst at the same time costing the treasury and therefore the taxpayer another £3.4 billion. In an irony totally lost on our politicians, Britain sold an entire state owned property portfolio to become a tenant of the man who pillaged the country years earlier, who has located that portfolio off-shore to ensure no tax is paid to the treasury. In the last nine months of 2001, HMRC paid £165 million in rent to Maperley. Today, that annual rent bill likely to exceed £400 million.

    And when you wonder why such unbelievable acts of stupidity, incompetence or criminality occurs, you then find out one last fact that will make your eyes roll as the penny drops, and this is no better explained than from zerohedge:

    With all the anti-one-percenter rhetoric and tax-evading-evil-doer narratives spewing forth from the mainstream media mouthpieces of the establishment since The Panama Papers were exposed for all to see, it may come as a surprise to some to find out which cohort of the elites are the most populous among the tax-haven-creating documents…

    …The Politicians themselves!

  • Panama Papers: Tax Haven or Hell? VIDEO
    American corporations have $1.4tn hidden in tax havens
    Charity analysis of the 50 biggest US businesses claims Apple have $181bn held offshore, while General Electric has $119bn and Microsoft $108bn

    US corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam. The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam. The charity’s analysis of the financial affairs of the 50 biggest US corporations comes amid intense scrutiny of tax havens following the leak of the Panama Papers.

    And the charity said its report, entitled Broken at the Top was a further illustration of “massive systematic abuse” of the global tax system. Technology giant Apple, the world’s second biggest company, topped Oxfam’s league table, with some $181bn held offshore in three subsidiaries. Boston-based conglomerate General Electric, which Oxfam said has received $28bn in taxpayer backing, was second with $119bn stored in 118 tax haven subsidiaries.

    Computing firm Microsoft was third with $108bn, in a top 10 that also included pharmaceuticals giant Pfizer, Google’s parent company Alphabet and Exxon Mobil, the largest oil company not owned by an oil-producing state. Oxfam contrasted the $1.4tn held offshore with the $1tn paid in tax by the top 50 US firms between 2008 and 2014. It pointed out that the companies had also enjoyed a combined $11.2tn in federal loans, bailouts and loan guarantees during the same period.

    Overall, the use of tax havens allowed the US firms to reduce their effective tax rate on $4tn of profits from the US headline rate of 35% to an average of 26.5% between 2008 and 2014. The charity said this had helped firms spend billions on an “army” of lobbyists calling for greater state support in the form of loans, bailouts and guarantees, funded by taxpayers. The top 50 US firms spent $2.6bn between 2008 and 2014 on lobbying the US government, Oxfam said.

    “For every $1 spent on lobbying, these 50 companies collectively received $130 in tax breaks and more than $4,000 in federal loans, loan guarantees and bailouts,” said Oxfam. Robbie Silverman, senior tax adviser at Oxfam said: “Yet again we have evidence of a massive systematic abuse of the global tax system. “We can’t go on with a situation where the rich and powerful are not paying their fair share of tax, leaving the rest of us to foot the bill. “Governments across the globe must come together now to end the era of tax havens.”

    Oxfam estimates that tax avoidance by US corporations costs the world’s largest economy some $111bn a year, but said it was also fuelling the global wealth divide by draining $100bn from the poorest countries. “Tax dodging practised by corporations and enabled by federal policymakers contributes to dangerous inequality that is undermining our social fabric and hindering economic growth,” the report said. Oxfam also singled out British overseas territories such as Bermuda for their popularity with US firms seeking to slash their tax bill by “profit-shifting”.

    In 2012, said Oxfam, US firms reported $80bn of profit in Bermuda, more than their combined reported profits in Japan, China, Germany and France, four of the world’s five largest economies. The charity called on the US government to pass the Stop Tax Haven Abuse Act, including a requirement for firms to report their tax contribution on a country-by-country basis. Country-by-country reporting has been recommended by a host of non-governmental organisations and charities to prevent companies from artificially shifting their income out of the poorest countries.

  • Cameron's outrageous show of arrogance about his dodgy tax affairs VIDEO

    The twisted psychopath still thinks he has done nothing wrong
    Lawyers behind global tax dodging now work for HMRC
    Law society terrorism and their lackeys behind the vast criminality of the super rich

    The boss of Revenue & Customs (HMRC), the government department overseeing a £10m inquiry into the Panama Papers, was a partner at a top City law firm that acted for Blairmore Holdings and other offshore companies named in the leak.

    Edward Troup, executive chair of HMRC since April, is a former partner at Simmons & Simmons, whose clients have included the Panama-registered fund created by David Cameron’s father, Ian.

    The law firm’s name appears on dozens of emails and documents in the Panama Papers in connection with a number of companies registered with Mossack Fonseca, the offshore agent at the centre of the scandal, although HMRC said Troup had not personally dealt with the firm. Some correspondence dates back to 2003, when Troup was still a partner. The first emails to Mossack Fonseca regarding Blairmore date from 2005. It is understood that Simmons & Simmons was advising Blairmore from 2001. There is no suggestion of wrongdoing by Troup, Simmons & Simmons or any of its clients, and nothing in the files that indicates Troup personally advised any offshore company registered with Mossack Fonseca.

    Cameron announced on Saturday that HMRC would be working with the National Crime Agency to lead a “world-class” taskforce to investigate allegations of tax dodging and money laundering brought to light by the leak of 11.5 million files from the Panama law firm. A unit with initial funding of £10m is being set up, which will also bring together specialists from the Serious Fraud Office and the Financial Conduct Authority. Officials have already started investigating some 700 current leads with a link to Panama.

    The revelation comes as:

    • Cameron prepares to make a statement to parliament in which he will reject any suggestion of wrongdoing by himself or his father and insist that his government “has done more than any other to take action against corruption in all its forms”.

    • He will announce plans for companies to be held criminally liable if they fail to stop their employees from facilitating tax evasion, in the run-up to an anti-corruption summit that he will host in London next month.

    • Labour called for a public inquiry into the Panama revelations and a change to parliamentary rules to make it mandatory for MPs to publish details of any offshore holdings.

    • There were suggestions that all MPs should publish their tax details after the unprecedented decision by Cameron to do so over the weekend.

    • A Treasury source insisted that the chancellor, George Osborne, had “never had any offshore shareholdings” and said his income and interests were straightforward but that he had no plans to publish his financial records.

    Troup, who described taxation as “legalised extortion” in a 1999 newspaper article, built a career advising corporations on how to reduce their tax bills before leaving Simmons & Simmons to join the civil service in 2004. Simmons & Simmons is reported to be among a number of legal practices that received letters last week from the legal watchdog asking them to inspect their files for connections to Mossack Fonseca. The Solicitors Regulation Authority is understood to have written to Simmons & Simmons asking it to carry out a review. Troup worked at the firm from 1997 until 2004, when he left to join the Treasury as head of corporate tax policy. He joined HMRC in 2012 to oversee large corporate tax settlements.

    While working in the City, Troup led the opposition to reforms put forward by Gordon Brown to curb corporate tax avoidance in 1999, putting out a press release headed: “City lawyers call on government to withdraw proposals to tackle tax avoidance.” He criticised the proposed laws for giving “wide-reaching” powers to the Inland Revenue. The leaked Panama Papers appear to show Simmons & Simmons offices in London and Hong Kong were registered as clients or intermediaries with Mossack Fonseca. This means they were able to request certificates or new incorporations on behalf of the ultimate owners of companies. Usually, Mossack Fonseca did not deal with company owners directly, but preferred to handle business through intermediaries such as lawyers and accountants.

    For Blairmore, the Panama-registered fund run by Ian Cameron, there is a long string of emails regarding the fund’s decision to stop using bearer shares – anonymous financial instruments that belong to the person holding them in their hand, much like banknotes. Though they are legal, bearer shares have been abolished in many countries because they have been used by mobsters and tax evaders for money laundering. There is no suggestion that Blairmore was using them for any illegal purpose, and they were common among offshore funds at the time.

    In 2008, when Blairmore was considering a change of jurisdiction, Simmons & Simmons asked Mossack Fonseca for advice on the benefits of other tax havens. An email dated 2 April 2008 stated: “Blairmore Holdings Inc are considering moving their Panama fund out of Panama into either the Cayman Islands or Bermuda. We have been instructed to prepare a memo on the fund industry in Bermuda and the Cayman Islands.”

    The fund was founded in the early 1980s and still exists today. The Guardian has confirmed that in 30 years, Blairmore has never paid a penny of tax in the UK on its profits. There is no suggestion that Blairmore operated illegally.

    An HMRC spokesperson said: “Before joining the civil service in 2004, Edward Troup had a successful career in the private sector, during the course of which he dealt with many companies. He can confirm that he never had any dealings with Mossack Fonseca, was unaware of the company until recently, and that none of the individuals or organisations named so far were clients that he advised. Edward Troup’s role in HMRC has never involved responsibility for operational activities or direct dealings with companies on their tax affairs. In any event, the governance in place at HMRC means that any commissioners who have a potential conflict of interest would exclude themselves from any investigation or settlement involving a taxpayer with which they had had dealings in their previous careers.”

    Simmons & Simmons did not respond to a request for comment.

  • The 1% hide their money offshore – then use it to corrupt our democracy

    Over the past 72 hours, you have seen our political establishment operating at a level of panic rarely equalled in postwar history. Britain’s prime minister has had yanked out of him some of his most intimate financial details.

    Complete strangers now know how much he’s inherited so far from his mum and dad, and the offshore investments from which he’s profited. Yesterday he even took the unprecedented step of revealing the taxes he’d paid over the past six years. Leaders of other parties have responded by summarily publishing their own HMRC returns. In contemporary Britain, where one’s extramarital affairs are more readily discussed in public than one’s tax affairs, this is jaw-dropping stuff.

    And it will not stop here. Whatever the lazy shorthand being used by some commentators, David Cameron has not released his tax returns, but merely a summary certified by an accountants’ firm. That halfway house will hardly be enough. If Jeremy Corbyn, other senior politicians and the press keep up this level of attack, then within days more details of the prime minister’s finances will emerge. Nor will the flacks of Downing Street be able to maintain their lockdown on disclosing how many cabinet members have offshore interests: the ministers themselves will break ranks. Indeed, a few are already beginning to do so. But the risk is that all this will descend into a morass of semi-titillating detail: a string of revelations about who gave what to whom, and whether he or she then declared it to the Revenue. The story will become about “handling” and “narrative” and individual culpability. That will be entertaining for those who like to point fingers, perplexing for those too busy to engage in the detail – and miss the wider truth revealed by the leak which forced all this into public discussion.

    Because at root, the Panama Papers are not about tax. They’re not even about money. What the Panama Papers really depict is the corruption of our democracy. Following on from LuxLeaks, the Panama Papers confirm that the super-rich have effectively exited the economic system the rest of us have to live in. Thirty years of runaway incomes for those at the top, and the full armoury of expensive financial sophistication, mean they no longer play by the same rules the rest of us have to follow. Tax havens are simply one reflection of that reality. Discussion of offshore centres can get bogged down in technicalities, but the best definition I’ve found comes from expert Nicholas Shaxson who sums them up as: “You take your money elsewhere, to another country, in order to escape the rules and laws of the society in which you operate.” In so doing, you rob your own society of cash for hospitals, schools, roads…

    But those who exited our societies are now also exercising their voice to set the rules by which the rest of us live. The 1% are buying political influence as never before. Think of the billionaire Koch brothers, whose fortunes will shape this year’s US presidential elections. In Britain, remember the hedge fund and private equity barons, who in 2010 contributed half of all the Conservative party’s election funds – and so effectively bought the Tories their first taste of government in 18 years. To flesh out the corrosion of democracy that is happening, you need to go to a Berlin-born economist called Albert Hirschman, a giant in modern economic thinking. Hirschman died in 2012 at the age of 97, but it’s his concepts that really set in context what’s so disturbing about the Panama Papers.

    Hirschman argued that citizens could protest against a system in one of two ways: voice or exit. Fed up with your local school? Then you can exercise your voice and take it up with the headteacher. Alternatively, you can exit and take your child to a private school. In Britain and in America, the super-rich have broken Hirschman’s law – they are at one and the same time exercising economic exit and political voice. They can have their tax-free cake and eat it.

    What the past few days have confirmed is that David Cameron is effectively in the Downing Street branch of the super-rich. That he himself is part of the 1% is beyond dispute. His father was a senior stockbroker who was worth an estimated £10m. Newspapers so often bandy about the million unit that readers can get inured to its true significance. But if at the stroke of midnight on New Year’s Day you were lucky enough to get one pound coin every single second, it would still take 114 days to amass £10m. You would even now be waiting till Sunday week to collect the whole amount. What have the super-rich got for their investment in British politics since 2010? Cuts in personal taxes, invitations from George Osborne to advise on overhauling corporation taxes, the security of knowing that their tax havens will be treated with due leniency.

    In my politics lessons, we were taught that Britain was a representative democracy. But what 30 years of plutocracy have brought is an era of un-representative democracy. With a few exceptions, our politicians no longer resemble, nor do they work for us. Amid a crisis in the rental market, you have a housing minister, Brandon Lewis, who runs a private rental portfolio. You have a former investment banker, Sajid Javid, now claiming to do his best by the steel industry. And you have a super-rich prime minister who vows he’ll take on tax havens, all the while blocking any serious attempt to do so.

  • Panama Papers: Inside the shady world of tax havens VIDEO
    Tax Haven Maps

  • Larger map here

  • Panama Papers: US may use leaks to widen sanctions list against Russia VIDEO
    Panama Papers: Cameron CLAIMS he will not benefit from offshore trusts VIDEO
    Wikileaks: ‘Panama Papers’ funded by America against Russian President VIDEO
    Inside Panama Papers: How the rich hide their money VIDEO
    Top Israeli lawyers and business people named in 'Panama' tax-haven leak
    Some of the most powerful businesspeople and lawyers in Israel are among the 600 Israeli companies and 850 shareholders listed in a huge leak from a Panamanian law firm, details of which were published around the world on Sunday.

    The vast trove of documents obtained from law company Mossack Fonseca contain the names of world leaders and celebrities, including associates of Russian President Vladimir Putin and Barcelona football star Lionel Messi. While no serving Israeli politicians were mentioned in the list of shareholders, two of the lawyers have worked closely with prime ministers Benjamin Netanyahu and Ariel Sharon. Mossack Fonseca created offshore shell companies which could have been used for money laundering and tax evasion.

    The Israelis mentioned in the list who were contacted by Haaretz — one of the 107 media organisations that took part in investigating the 11.5 million leaked documents — claimed that all their funds had been reported to the tax authorities. One of the most prominent names connected to Mossack Fonseca (which has a branch in Israel) is Jacob Weinroth, one of the most well-connected lawyers in Israel who has acted on behalf of Mr Netanyahu and his family. Mr Weinroth has been indicted in the past for money-laundering and acquitted. Another prominent Israeli lawyer to have worked through Mossack Fonseca is Dov Weisglass, who was Ariel Sharon’s lawyer and chief of staff for many years. Mr Weisglass represents many international companies working in Israel and the Palestinian Authority.

    Two London-based Israeli businessmen on the list are Idan Ofer, who heads the Ofer Group, which controls Israel’s largest shipping company, the oil refinery in Haifa and Israel Chemicals; and Teddy Sagi, the online gambling tycoon who has a significant real estate portfolio in Britain including large parts of London’s Camden Market. Moshe Asher, the head of the Israeli tax commission, said in an interview with IDF Radio that he would investigate the details in the leak relating to Israelis. He said: “Some of the names on the list are known to us and have declared their assets accordingly. Others we will check to see if the funds have been declared.”

  • Panama Papers: What the compliant media isn't telling us
    British Royals and their dodgy lord lieutenant the Dukey Kent behind freemason courier service out of Britain.

    The only mention in the lying press is that the Queen's bankers Coutt's are part of the massive multi trillion pound exit of money into the freemasons offshore accounts that make all other crime pale apart from the mass seizure of mens estates by their equally dodgy courts run by freemason judges and lawyers.

    The main culprits in all the tax dodging are lawyers and bankers who just happen to be hand picked freemasons of the royals via the world's top freemason the Dukey Kent . We have already done extensive exposures of how the Cayman Islands offices in London are only a stones throw away from the top masonic haunt and a short walk away for the royals couriers to remove enormous sums into the coffers of the crown dependencies of the Cayman and Virgin Islands, to mention only two, for them to collect either on death or when requested by their controllers at Buckingham Palace.

    This is a centuries old finely tuned corrupt machine that ensures old Lizzie remains the richest despot on the planet who wont be seen running from the nearest bank with the loot she steals instead a long line of loyal satanic swearing dimwits weedle their way out of the country with various amounts of dosh to be buried in the vaults overseas controlled by her Crown lackeys.

    They don't call it HMRC for nothing, Her Majesties Revenue and Customs ensures the peasants are bled dry while those deemed suitable for courier service get free rein to make massive amounts through dodgy government contracts i.e the same mob who fund the twisted tories into power come election time while they get all the multi billion pound contracts paid with public funds that find their way into the bolt holes organised by the royals forefathers that ensures that money ultimately ends up in their pockets through a secretive stealth network organised by her freemason lackey the Dukey Kent.

    It is no surprise that despite decades of political blustering that the political establishment claim they take tax dodging very seriously all past governments have done little to stamp out a global crime ring that feeds the royals need for ever more power and wealth and why NOTHING will be done until a decent government is formed that will take the steps required to deal with this evil system that only perpetuates the murderous regime that seems, even with the Panama exposures, to still remain off the radar despite all the complicit media's apparent exposures.

    They still ignore the royals and their freemason henchmen who pull the shots behind the scenes.

    See our past exposures on their vile trade long before the Panama files were released.

  • Royal parasites behind tax dodging in their crown colonies
  • Cayman Islands where the freemasons stash their stolen loot
  • Panama Papers: Cameron under pressure over tax havens
  • Prime Minister David Cameron keeping tight-lipped about "Panama Papers" tax scandal
  • David Cameron is dragged into tax havens storm: Huge data leak reveals 'conjuring trick' used by his father's firm - as PM refuses to say if his family still makes money from offshore investments
  • HMRC caught off guard again over new tax scandal: Investigators branded 'helpless and pathetic' after being forced to ask the media for access to the Panama Papers
  • The Panama Papers: Victims of Offshore VIDEO


    Global law society terrorism behind vast international network of corrupt scum and filth

    Files show client roster that includes drug dealers, Mafia members, corrupt politicians and tax evaders — and wrongdoing galore Mossack Fonseca & Co. had a problem in Vegas.

    Legal papers filed in U.S. District Court in Las Vegas claimed that the Panama-based law firm had created 123 companies in Nevada that had been used by a crony of Argentina’s former president to steal millions of dollars from government contracts. A subpoena demanded that Mossack Fonseca turn over details about any money that had flowed through the Nevada companies. Mossack Fonesca didn’t want to provide this information. For a firm that specializes in setting up hard-to-trace offshore companies for clients around the world, confidentiality is a must. The law firm tried to block the subpoena by denying that its Las Vegas operations, run by a company called M.F. Corporate Services (Nevada) Limited, were part of the Mossack Fonseca group.

    The firm’s Panama-based co-founder, Jürgen Mossack, testified under oath that “MF Nevada and Mossack Fonseca do not have a parent-subsidiary relationship nor does Mossack Fonseca control the internal affairs or daily operations of MF Nevada’s business.” But secret records obtained by the International Consortium of Investigative Journalists (ICIJ), the German newspaper Süddeutsche Zeitung and more than 100 other media partners raise new doubts over that sworn testimony. Not only do they show that the Nevada subsidiary was wholly owned by Mossack Fonseca but that, behind the scenes, the firm took steps to wipe potentially damaging records from phones and computers to keep details of their clients from the United States justice system.

    One email from 2014, for instance, instructs that any link between Mossack Fonseca’s central computing system in Panama and the Nevada office “has to be obscure to the investigators.” Other emails report that IT operatives working via remote control from Panama “tried to clean the logs of the PC’s in the Nevada office” and planned to run a “remote session to eliminate the traces of direct access to our CIS” — the firm’s computer information system. The documents even show that a firm employee traveled from Panama to Vegas to whisk paper documents out of the country. “When Andrés came to Nevada he cleaned up everything and brought all documents to Panama,” a Sept. 24, 2014 email said. In comments to ICIJ, Mossack Fonseca “categorically” denied hiding or destroying documents that might be used in an ongoing investigation or litigation.

    The more than 11 million documents obtained by ICIJ — emails, bank accounts and client records — represent the inner workings of Mossack Fonseca for nearly forty years, from 1977 to December 2015. They reveal the offshore holdings of individuals and companies from more than 200 countries and territories. They recount example after example of ethical and legal wrongdoing by clients and provide evidence of a firm happy to act as a gatekeeper to the secrets of its clients, even those who turn out to be crooks, members of the Mafia, drug dealers, corrupt politicians and tax evaders. The files show that business has been good.

    Today, Mossack Fonseca is considered one of the world’s five biggest wholesalers of offshore secrecy. It has more than more than 500 employees and collaborators in more than 40 offices around the world, including three in Switzerland and eight in China, and in 2013 had billings of more than $42 million. Mossack Fonseca responded to questions raised by ICIJ’s findings saying that “for 40 years Mossack Fonseca has operated beyond reproach … Our firm has never been accused or charged in connection with criminal wrongdoing.”

    Spokesman Carlos Sousa said that the firm “merely helps clients incorporate companies.” That doesn’t amount to “establishing a business link with or directing in any way the companies so formed,” Sousa said.

    Firm’s roots

    Mossack Fonseca traces its beginnings to 1986, when Ramón Fonseca merged his small, one-secretary law firm in Panama with another local firm headed by Jürgen Mossack, a Panamanian of German origin. “Together,” Fonseca later mused to a journalist, “we have created a monster.” Both men had international pedigrees and backgrounds in the worlds of money, power and secrets.

    Fonseca was born in Panama in 1952 and studied law and political science at the University of Panama and the London School of Economics. As a young man, he once recalled, he hoped to save the world, first yearning to be a priest and later working for six years for the United Nations in Geneva. “I didn’t save anything, I didn’t make any change,” he recalled in a television interview in 2008. “I decided then, as I was a little more mature, to dedicate myself to my profession, to have a family, to get married and have a regular life … As one gets older, you turn more materialistic.” Mossack was born in Germany in 1948. He moved to Panama with his family in the early 1960s, according to his law partner.

    Mossack’s father had been a member of the Waffen-SS, the notorious armed wing of the Nazi Party during World War II, according to U.S. Army intelligence files obtained by ICIJ. After the war the father offered his services to the U.S. government as an informant, the files show, claiming “he was about to join a clandestine organization, either of former Nazis now turned Communist . . . or of unconverted Nazis cloaking themselves as Communists.” An Army intelligence officer wrote that the offer to spy for the U.S. might simply be “a shrewd attempt to get out of an awkward situation.” Nevertheless, the old intelligence files indicate that Mossack’s father later ended up in Panama, where he offered to spy, this time for the CIA, on Communist activity in nearby Cuba.

    After earning a law degree in Panama in 1973, the son worked for a time as a lawyer in London before returning to Panama to start the firm that he would later merge to form Mossack Fonseca & Co. Today, both partners move in the highest circles of Panamanian society.

    As well as being a lawyer, Fonseca leads an equally high profile second life as an award-winning novelist. Among his books is “Mister Politicus,” a political thriller that, his literary website says, “articulates the tangled processes that unscrupulous officials use to gain power and achieve their detestable ambitions.” Fonseca knows the world of politics through his work until recently as a top adviser to the Panamanian President, Juan Carlos Varela. Fonseca announced in early March that he was taking a leave of absence from that position after allegations that the Mossack Fonseca’s Brazilian office was involved in a still-growing bribery and money-laundering scandal centered on Brazil’s state-controlled oil company. He took the action, he said, “to defend my honor and my firm.”

    Denying any involvement in wrong-doing during a television interview, he used an analogy the company has employed before, saying that if an offshore firm is put to bad use, the company is no more culpable than an automobile factory that built a car later used in a robbery. Mossack is a member of the prestigious Club Union, where his daughter Nicole made her debut in 2008. He also served on the Conarex, Panama’s council on foreign relations, from 2009 to 2014. Mossack’s holdings, according to the files obtained by ICIJ, include a teak plantation and other real estate, an executive helicopter, a yacht named Rex Maris and a collection of gold coins.

  • Panama lawyers behind the super rich hiding their money VIDEO
    UK appears more than any other nation in 11 million leaked files from Panama lawyers Mossack Fonseca
    Panama Papers reveal British firms are at the heart of vast tax haven leak

    The 'Panama Papers' appear to have revealed Britain's key role as a link to thousands of firms based in tax havens. UK firms feature as 'intermediaries' more often than almost any other nation in 11million secret files obtained from Panama law firm Mossack Fonseca. HM Revenue and Customs is set to probe the documents handed to a global group of journalists, who said they name dozens of world leaders and celebrities using tax havens to hide their wealth. Much tax avoidance is legal, most of those named have spoken out to deny wrongdoing and Mossack Fonseca says it operates "beyond reproach".

    Read more: 12 world leaders named in Panama Papers tax haven leak alongside inner circles in Russia, Syria and Egypt But Britain's huge role in financial secrecy is piling pressure on David Cameron - who has attacked offshore firms and is hosting an anti-corruption summit in London this May. Last summer he said prime London property worth billions of pounds was being bought "through anonymous shell companies, some of them with plundered or laundered cash."

    He added: "I’m determined that the UK must not become a safe haven for corrupt money from around the world. "We need to stop corrupt officials or organised criminals using anonymous shell companies to invest their ill-gotten gains in London property, without being tracked down."

    Yet despite his pledges the International Consortium of Investigative Journalists (ICIJ), a network of more than 100 news outlets, claims Britain is one of the main go-between nations named in the Mossack Fonseca files. Vast amounts of data analysed by the ICIJ shows Britain is the second most prominent country where the law firm's middle men operate, with 1,924 identified firms. It was second only to Hong Kong, which had 2,212.

    When it came to the number of "active intermediaries" Britain came third with 32,682, second only to Switzerland with 34,301 and Hong Kong with 37,675. And a British overseas territory, the British Virgin Islands, was by far the most popular tax haven state used by firms in the documents. According to the ICIJ, more than half of all the firms listed - 113,648 - were incorporated in the British Virgin Islands.

    That was far more than the 48,360 listed in Panama despite the South American country hosting Mossack Fonseca's headquarters. The files also name Mr Cameron's late father Ian as allegedly using the law firm to shield his investment fund, ­Blairmore Holdings Inc, from UK taxes. Papers say his fund was “managed and conducted so it does not become resident in the United Kingdom for UK taxation purposes”.

    Opposition politicians have blasted the Tory Prime Minister for failing to act. Shadow Chancellor John McDonnell said: “The Panama papers revelations are extremely serious. David Cameron's late father Ian was named in the massive data leak

    "Cameron promised and has failed to end tax secrecy and crack down on ‘morally unacceptable’ offshore schemes, real action is now needed.” Lib Dem leader Tim Farron said: "Despite calling last year for tax havens to open their books David Cameron has since done nothing to ensure that UK Overseas dependencies such as the Cayman Islands, Bahamas and the British Virgin Islands give the transparency that taxpayers deserve.

    "Once again the Conservative Government has failed to act until forced to by a scandal. “Rather than waiting until more headlines force action, the Government should now commission a full independent investigation into the way the Virgin Islands and others have acted, what the UK Government knew and why they have not used their legislative powers to impose the transparency rules they previously claimed to support.

    "For Britain to be associated with this kind of tax avoidance utterly against our values. They are sunny places where shady deals happen." Robert Barrington, Executive Director of campaign group Transparency International UK, added: "The Panama Papers seem to confirm the evidence from elsewhere that the world's corrupt elite are gaming the international financial system to launder and protect their stolen wealth. "The only way to stop this grand corruption is through governments, businesses and others coming together and rejecting dirty cash as illegitimate.

    "The time has come to stop turning a blind eye to anonymous purchases of luxury property and goods, refuse to issue un-vetted investment visas and create a legal framework that is fit for purpose in detecting flows of dirty cash. “The Prime Minister's Anti-Corruption Summit in May is the perfect opportunity to address these issues.

    "But it will only do so if the agenda is ambitious and those who are complicit in grand corruption are not allowed into the room to torpedo effective action." Mossack Fonseca rejected any accusations of wrongdoing and said it had operated “beyond reproach” for 40 years.

  • Cameron's father and top Tories named in leaked 'Panama Papers' about global tax haven firm
  • Huge leak revealed how the rich and powerful use tax havens to hide their wealth
  • 12 world leaders named in Panama Papers tax haven leak alongside inner circles in Russia, Syria and Egypt
  • Keiser Report: Puny Tax Evasion VIDEO

    In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss how when the going gets tough, the bureaucrats start lying. They also discuss HSBC’s full page apology for the very least of their crimes - which is their role in the puny tax evasion, a crime much smaller than Libor rigging, forex market manipulation and money laundering for the Mexican and Colombian drug cartels. In the second half, Max interviews Mitch Feierstein of about the Carney effect on the Canadian dollar and the property bubbles in Canada and the UK.
    Freemason's tax dodging Cayman Islands in bungled masonic met probe
    The Cayman Islands we have been exposing as a top freemason tax dodging haunt where billions are being removed from Britain and across the globe to stash in offshore banks to prop up the biggest satanic cult on the planet and its patron the royal parasite herself

    The great Sunshine Squad fiasco: Taxpayers face £500k legal bill for Met's bungled probe in the Cayman Islands

    British taxpayers face a legal bill of up to half a million pounds over a disastrous undercover Metropolitan Police investigation into corruption in the Caribbean. Senior Scotland Yard officers were sent to the Cayman Islands and their inquiry eventually resulted in the arrest of a judge and suspension of two local police chiefs. But there were no convictions, the judge and police chiefs sued successfully for damages and the Met team were nicknamed the ‘Sunshine Squad’ when pictures emerged of them relaxing on the beach during the failed two-year operation.

    Seven years on, the now-retired policeman who led the probe, Martin Bridger, is still being sued in England and the Caymans – and The Mail on Sunday can reveal that his legal costs of up to £448,000 will be picked up by the public after the Met agreed to keep paying them. Last night one insider said: ‘I’m astonished that the taxpayer is still paying for something like this after all these years.’ The debacle began back in September 2007 when the Foreign Office asked the Met to help investigate alleged corruption in the Cayman Islands, which is a British Overseas Territory.

    A team from the elite Directorate of Professional Standards, posing as estate agents, was sent on the 4,800-mile trip to look into claims that a deputy police commissioner was leaking sensitive information to a local newspaper editor. Detective Chief Inspector Bridger, who had been commander of Lambeth borough in South London, was Senior Investigating Officer. In March 2008, a Briton serving in the Cayman police, Stuart Kernohan, was suspended and later sacked. Six months later Judge Alexander Henderson was arrested by the Yard team and his office and computer were searched.

    Neither was ever charged with any offence, and British judge Sir Peter Cresswell ruled Judge Henderson’s arrest had been illegal. He was awarded $1 million damages. In May 2009, Mr Bridger and his 12-strong team returned home. In October that year an auditor found ‘significant deficiencies’ in the management and accounting of the police investigation, with the cost to the Caymans put at £8 million. Since then the case has descended into a blizzard of lawsuits involving Mr Bridger, Mr Kernohan and the Cayman authorities, with criminal complaints, misconduct claims and employment cases lodged.

    A spokesman for the Mayor’s Office for Policing and Crime said: ‘Payments have been made amounting to £180,000 and authorisation has been given in respect of further costs up to £268,000. This financial assistance reflects the Metropolitan Police’s support to an officer in respect of legal proceedings arising out of an overseas posting. ‘This latest sum is conditional upon Mr Bridger taking steps to bring these matters to a swift conclusion.’ Speaking about the saga earlier this year, Mr Bridger said: ‘I have done nothing wrong other than trying to expose the truth and to defend myself as best as I can.’

  • Cayman Islands where the freemasons stash their stolen loot
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  • How the ultra rich freemasons plank their stolen stash in offshore islands like the Cayman Islands
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  • Leaks reveal secrets of the rich who hide cash offshore
    pffshore tax dodgers
    How many offshore tax avoiders are vile tory government ministers reeking havoc on the peasants while providing incentives for crooked bankers with endless tax reduction to the very scum that already massively avoid tax.

    Exclusive: Offshore financial industry leak exposes identities of 1,000s of holders of anonymous wealth from around the world

    Millions of internal records have leaked from Britain's offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife. The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands (BVI), has the potential to cause a seismic shock worldwide to the booming offshore trade, with a former chief economist at McKinsey estimating that wealthy individuals may have as much as $32tn (£21tn) stashed in overseas havens. In France, Jean-Jacques Augier, President François Hollande's campaign co-treasurer and close friend, has been forced to publicly identify his Chinese business partner. It emerges as Hollande is mired in financial scandal because his former budget minister concealed a Swiss bank account for 20 years and repeatedly lied about it.

    money island In Mongolia, the country's former finance minister and deputy speaker of its parliament says he may have to resign from politics as a result of this investigation. But the two can now be named for the first time because of their use of companies in offshore havens, particularly in the British Virgin Islands, where owners' identities normally remain secret. The names have been unearthed in a novel project by the Washington-based International Consortium of Investigative Journalists [ICIJ], in collaboration with the Guardian and other international media, who are jointly publishing their research results this week.

    The naming project may be extremely damaging for confidence among the world's wealthiest people, no longer certain that the size of their fortunes remains hidden from governments and from their neighbours. BVI's clients include Scot Young, a millionaire associate of deceased oligarch Boris Berezovsky. Dundee-born Young is in jail for contempt of court for concealing assets from his ex-wife. Young's lawyer, to whom he signed over power of attorney, appears to control interests in a BVI company that owns a potentially lucrative Moscow development with a value estimated at $100m.

    Another is jailed fraudster Achilleas Kallakis. He used fake BVI companies to obtain a record-breaking £750m in property loans from reckless British and Irish banks. As well as Britons hiding wealth offshore, an extraordinary array of government officials and rich families across the world are identified, from Canada, the US, India, Pakistan, Indonesia, Iran, China, Thailand and former communist states. The data seen by the Guardian shows that their secret companies are based mainly in the British Virgin Islands.

    Sample offshore owners named in the leaked files include:

    • Jean-Jacques Augier, François Hollande's 2012 election campaign co-treasurer, launched a Caymans-based distributor in China with a 25% partner in a BVI company. Augier says his partner was Xi Shu, a Chinese businessman.

    • Mongolia's former finance minister. Bayartsogt Sangajav set up "Legend Plus Capital Ltd" with a Swiss bank account, while he served as finance minister of the impoverished state from 2008 to 2012. He says it was "a mistake" not to declare it, and says "I probably should consider resigning from my position".

    • The president of Azerbaijan and his family. A local construction magnate, Hassan Gozal, controls entities set up in the names of President Ilham Aliyev's two daughters.

    • The wife of Russia's deputy prime minister. Olga Shuvalova's husband, businessman and politician Igor Shuvalov, has denied allegations of wrongdoing about her offshore interests.

    •A senator's husband in Canada. Lawyer Tony Merchant deposited more than US$800,000 into an offshore trust.

    He paid fees in cash and ordered written communication to be "kept to a minimum".

    • A dictator's child in the Philippines: Maria Imelda Marcos Manotoc, a provincial governor, is the eldest daughter of former President Ferdinand Marcos, notorious for corruption.

    • Spain's wealthiest art collector, Baroness Carmen Thyssen-Bornemisza, a former beauty queen and widow of a Thyssen steel billionaire, who uses offshore entities to buy pictures.

    • US: Offshore clients include Denise Rich, ex-wife of notorious oil trader Marc Rich, who was controversially pardoned by President Clinton on tax evasion charges. She put $144m into the Dry Trust, set up in the Cook Islands.

    It is estimated that more than $20tn acquired by wealthy individuals could lie in offshore accounts. The UK-controlled BVI has been the most successful among the mushrooming secrecy havens that cater for them. The Caribbean micro-state has incorporated more than a million such offshore entities since it began marketing itself worldwide in the 1980s. Owners' true identities are never revealed. Even the island's official financial regulators normally have no idea who is behind them.

    cameron offshore tax dodging The British Foreign Office depends on the BVI's company licensing revenue to subsidise this residual outpost of empire, while lawyers and accountants in the City of London benefit from a lucrative trade as intermediaries. They claim the tax-free offshore companies provide legitimate privacy. Neil Smith, the financial secretary of the autonomous local administration in the BVI's capital Tortola, told the Guardian it was very inaccurate to claim the island "harbours the ethically challenged".

    He said: "Our legislation provides a more hostile environment for illegality than most jurisdictions". Smith added that in "rare instances …where the BVI was implicated in illegal activity by association or otherwise, we responded swiftly and decisively". The Guardian and ICIJ's Offshore Secrets series last year exposed how UK property empires have been built up by, among others, Russian oligarchs, fraudsters and tax avoiders, using BVI companies behind a screen of sham directors.

    Such so-called "nominees", Britons giving far-flung addresses on Nevis in the Caribbean, Dubai or the Seychelles, are simply renting out their names for the real owners to hide behind. The whistleblowing group WikiLeaks caused a storm of controversy in 2010 when it was able to download almost two gigabytes of leaked US military and diplomatic files. The new BVI data, by contrast, contains more than 200 gigabytes, covering more than a decade of financial information about the global transactions of BVI private incorporation agencies. It also includes data on their offshoots in Singapore, Hong Kong and the Cook Islands in the Pacific.

  • Offshore banking secrets VIDEO

    The next round of anti-austerity campaigns will take on big corporations that many Brits believe are not paying their fair share of UK taxes. Some estimates place multnational tax evasion at up to $40b annually. US-based firms Starbucks, McDonald's and Kentucky Fried Chicken are among the latest corporations to be cited as paying only a fraction of taxes on billions in annual profits. The facts come a week after the nation's Conservative party announced another $15b dollars worth of cuts to public services.

    The French government plans to increase income tax to 75 percent for those who earn more than a million Euros a year. The idea met a warm public response. But many wealthy tycoons, including the country's richest man, reject the idea and are now moving abroad when the slowing economy needs them most.
    £13tn: hoard hidden from taxman by global elite

    • Study estimates staggering size of offshore economy
    • Private banks help wealthiest to move cash into havens

    A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

    James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.

    He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier. The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world.

    Oil-rich states with an internationally mobile elite have been especially prone to watching their wealth disappear into offshore bank accounts instead of being invested at home, the research suggests. Once the returns on investing the hidden assets is included, almost £500bn has left Russia since the early 1990s when its economy was opened up. Saudi Arabia has seen £197bn flood out since the mid-1970s, and Nigeria £196bn. "The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments," the report says. The sheer size of the cash pile sitting out of reach of tax authorities is so great that it suggests standard measures of inequality radically underestimate the true gap between rich and poor. According to Henry's calculations, £6.3tn of assets is owned by only 92,000 people, or 0.001% of the world's population – a tiny class of the mega-rich who have more in common with each other than those at the bottom of the income scale in their own societies.

    "These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become." TUC general secretary Brendan Barber said: "Countries around the world are under intense pressure to reduce their deficits and governments cannot afford to let so much wealth slip past into tax havens. "Closing down the tax loopholes exploited by multinationals and the super-rich to avoid paying their fair share will reduce the deficit. This way the government can focus on stimulating the economy, rather than squeezing the life out of it with cuts and tax rises for the 99% of people who aren't rich enough to avoid paying their taxes."

    Assuming the £13tn mountain of assets earned an average 3% a year for its owners, and governments were able to tax that income at 30%, it would generate a bumper £121bn in revenues – more than rich countries spend on aid to the developing world each year. Groups such as UK Uncut have focused attention on the paltry tax bills of some highly wealthy individuals, such as Topshop owner Sir Philip Green, with campaigners at one recent protest shouting: "Where did all the money go? He took it off to Monaco!" Much of Green's retail empire is owned by his wife, Tina, who lives in the low-tax principality. A spokeswoman for UK Uncut said: "People like Philip Green use public services – they need the streets to be cleaned, people need public transport to get to their shops – but they don't want to pay for it."

    Leaders of G20 countries have repeatedly pledged to close down tax havens since the financial crisis of 2008, when the secrecy shrouding parts of the banking system was widely seen as exacerbating instability. But many countries still refuse to make details of individuals' financial worth available to the tax authorities in their home countries as a matter of course. Tax Justice Network would like to see this kind of exchange of information become standard practice, to prevent rich individuals playing off one jurisdiction against another. "The very existence of the global offshore industry, and the tax-free status of the enormous sums invested by their wealthy clients, is predicated on secrecy," said Henry.

    A few weeks ago Westminster MP Mark Field, one of Britain’s most prominent cheerleaders for tax havens and the City of London, cited a couple of interesting statistics, to bolster his argument that people should go easy on tax havens. “The UK has a constitutional relationship with half of the top 30 offshore finance centres,” he said – implying that this is a good thing. He added, for good measure, that just the three island tax havens closest to the UK – the Crown Dependencies of Jersey, Guernsey and the Isle of Man – provided net financing to UK banks of a staggering $332.5bn in the second quarter of 2009.

    Jersey Finance, the promoters of the profoundly corrupt tax haven of Jersey, puts it in plain English: “For many corporate treasurers, institutional bankers and treasury specialists, fund promoters, brokers and other corporate financiers, Jersey represents an extension of the City of London.” These statements are all quite correct. In my book Treasure Islands, I describe the City of London as the spider at the centre of a web of tax havens scattered around the world, feeding vast tides of money, and the business of handling money, to the City.

    If you are worried about the political and economic might of the City of London and want to know how to confront it, you cannot make serious progress without tackling tax havens. And tax havens make an excellent target, especially for the Occupy movement. In November I said in a speech on the steps of St. Paul’s that I believe Occupy’s greatest strength – the key to its ability to resonate with ordinary people around the world – is in its focus on two things: extremely high and rising inequality, and the corruption of capitalism. In both respects, tax havens are right at the very heart of concerns about both. And Britain is right at the heart of global concerns about tax havens. First, take a look in a little more detail at this British web of tax havens.

    In the inner ring of the British web lie these three Crown Dependencies: Jersey and Guernsey in the English Channel, and the Isle of Man between the UK mainland and Ireland. The next set of links in the web are the Overseas Territories: the remnants of the British Empire which resolved to remain constitutionally attached to Britain after most of the rest of Britain’s empire achieved independence. The Overseas Territories include some of the world’s biggest tax havens: the Cayman Islands, British Virgin Islands and Bermuda – along with Gibraltar, Turks and Caicos, Anguilla and Montserrat.

    The spider analogy may seem unnecessarily sinister, but it is quite apt. The tax havens will generally focus on hoovering up money flows from nearby jurisdictions: so the tax havens in the Caribbean will focus heavily on attracting money flows from North and South America, for instance, while the Crown Dependencies will focus heavily on Europe, and so on. These places are often merely serving as booking centres, entries in an accountant’s computer that allow a company to pretend that it is really located in the especially mucky Overseas Territory of the British Virgin Islands while the real business – the hammering together of that banking syndicate, the legal work for that giant property deal, and so on – gets sent up to London. “If I have money to spare, I pass it to the father,” said Martyn Scriven, secretary of the Jersey Bankers’ Association in 2009. “Great dollops of money go into London from here.” Vast, secretive and often dirty financial flows wash into the stock markets and football clubs and financial institutions in the City every day from tax havens. Whatever this offshore money touches, it causes harm: blowing up unproductive property bubbles, corrupting football clubs, hiding ownership patterns in the stock markets, and on and on.

    The whole relationship between the UK and its tax havens plays out as an elaborate charade. These territories are partly inside, and partly outside, the UK. They have their own local politics, with all the fun of the fair, and they love to say they have full independence when it comes to setting their own laws. But probe into the constitutional relationship, and it becomes clear that responsibility falls to the UK. Smokescreens come wafting out of London and the tax haven capitals whenever the relationship is probed – ‘there is nothing we can do’ is the typical response to those who say that the UK cracks down on the criminality, abuse and corruption run out of these places. And behind it all lies the City of London, anxious to preserve its access to the world’s dirty money.

    In both the Crown Dependencies and the Overseas Territories, the Queen appoints the governor, domestic legislation is given royal assent and the United Kingdom is responsible for their good governance, defence and international relations. It is also the guarantor of these territories’ debts. Given that many of the tax and secrecy facilities provided by these places constitute acts of economic warfare against the revenue authorities and taxpayers of other countries, and is an aspect of the governance of these islands, this puts the responsibility for their tax haven activity firmly in the UK government’s hands. As I say in Treasure Islands, the British spider’s web “is a money-laundering filter that lets the City get involved in dirty business while providing it with enough distance to maintain plausible deniability.”

    The City of London Corporation loves its tax havens. Although it did not appear on his official itinerary (why not?) the Lord Mayor of the City of London visited the Isle of Man last month, where he praised its “longstanding and much-valued partnership” with the City. The City of London Corporation has called the Isle of Man a “core asset” for the City. The Lord Mayor roams the world with an official mandate to expound the “values of financial liberalisation” around the globe (what a strange role for the head of a municipal authority). The more that other countries liberalise their economies, the more financial activity there is buzzing around, ready to be caught by the nearby tax havens and funneled up to the City.

    These tax havens love to declare how clean they are – but they can be shockingly, even terrifyingly corrupt. Anyone visiting Jersey on a summer holiday might be forgiven for thinking that this is simply another part of Britain: apart from the different-looking ten pound notes, the high street in St. Helier looks and feels just like any other in Britain. But look into the politics in enough depth, and the difference is staggering. People won’t believe you when you explain how corrupt Jersey is.

    In an affidavit signed in May 2011 Lenny Harper, Jersey’s former Deputy Police Chief, said: “I went to Jersey in 2002 full of expectation of the challenge that lay ahead. I soon learnt that it was like nowhere else in the British Isles. . . . There are no checks and balances on power and the abuse of it. This is obvious each time one tries to make a complaint against any member of the government. With such an absence of controls, such an absence of accountability, the ordinary decent people of Jersey are helpless.” Stuart Syvret, a former health minister, is less diplomatic, and he is worth quoting at some length.

    “Jersey is governed by a crypto-feudal oligarchy which, of itself, is captured by the international offshore banking industry. It is a gangster regime, cloaked with the “respectability” of the trappings of the British establishment. . . . As the local elites of these tiny islands continue to provide a loyal service to the rich British elites – for example, enabling them to dodge taxation – then the miniature oligarchs of places like Jersey are guaranteed protection. No matter just how nakedly lawless their own conduct.”

    The media – both the Jersey Evening Post, as well as the Jersey arm of BBC – are captured by the finance industry. They parrot the pro-tax haven line daily – sometimes almost to a comical degree – and dissidents are only quoted rarely, and usually highly disparagingly. Syvret has been thrown in prison more than once. The dominance of the finance industry in Jersey is nearly absolute. And few people in Britain care.

    We should all care. As the British web of tax havens around the world feeds the City, pumping up its already mighty powers, Britain is turning into more and more of an offshore island in the world – and the City of London is turning into more and more of an offshore island within Britain. If we don’t stand up to the City and its tax havens, we face a future that looks increasingly like Jersey’s. But without such nice beaches.

    Nicholas Shaxson is the author of Treasure Islands: Tax Havens and the Men Who Stole the World