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According to Merrill Lynch and Gemini Consulting's “World Wealth Report” for 2000, one third of the wealth of the world's “high net-worth individuals”—nearly $6 trillion out of $17.5 trillion—may now be held offshore. A large portion, £6.3tn, of offshore assets, is owned by only a tiny sliver, 0.001% (around 92,000 super wealthy individuals) of the world's population. In simple terms, this reflects the inconvenience associated with establishing these accounts, not that these accounts are only for the wealthy. Most all individuals can take advantage of these accounts.


The IMF has said that between $600 billion and $1.5 trillion of illicit money is laundered annually, equal to 2% to 5% of global economic output. Today, offshore is where most of the world's drug money is allegedly laundered, estimated at up to $500 billion a year, more than the total income of the world's poorest 20%. Add the proceeds of tax evasion and the figure skyrockets to $1 trillion. Another few hundred billion come from fraud and corruption. "These offshore centers awash in money are the hub of a colossal, underground network of crime, fraud, and corruption" commented Lucy Komisar quoting these statistics.

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Former Nationalist Party leader Simon Busuttil has requested a ruling from the Deputy Speaker of the House after the Speaker, Anglu Farrugia, stopped two Parliamentary Questions from being made about the Prime Minister's chief of staff on the basis that they are not in the public interest. Busuttil put ...
The Bank of Baroda played a key role in allowing the Gupta family, accused of “state capture” in South Africa, to move hundreds of millions of dollars linked to alleged backroom deals into offshore accounts as far flung as Hong Kong, UK, and the U.S, according to an investigation by the Organized Crime ...

Prosecutors say Manafort earned tens of millions of dollars over a decade in his Ukrainian work, which he moved to the U.S. through offshore accounts so he could buy real estate, home improvements, luxury cars, expensive suits, landscaping services, artwork and rugs. Manafort moved the money into the ...
Prominent world leaders, politicians, business people and the super wealthy were exposed to have been using offshore accounts for tax avoidance and other purposes. So, why should you care? Every year, about 70 billion dollars that the US could be using for infrastructure, law enforcement, healthcare or ...
It details alleged efforts by the two men to dupe banks into lending them money, using money from secret offshore accounts to enjoy a life of luxury and lying on their tax returns. The indictment charges that they were able to secure more than $20 million in loans by falsely inflating the income of Manafort ...
Despite continuing Internal Revenue Service budget cuts over the last several years and significant attrition among its most experienced special agents, the IRS' Criminal Investigation Division is resolving to keep the pressure on in the new year. In addition to maintaining its presence throughout the United ...

The Offshore Voluntary Disclosure Program, which offers US taxpayers the chance to pay substantially less in back taxes, interest, and penalties on unreported offshore accounts and assets, will close come September 28. The Internal Revenue Service aims to stay actively engaged in the international tax ...
Speaker Anglu Farrugia said that he cannot “abdicate his duty” in order to allow former Nationalist Party leader Simon Busuttil to ask parliamentary questions about the prime minister's chief of staff. Last week, Busuttil asked whether the prime minister's chief of staff, Keith Schembri, owned a bank account in ...
In a parliamentary sitting last Wednesday, Farrugia quoted established procedure in the House of Commons in the UK and insisted that allowing Busuttil to continue on these questions would go against his duty to ensure that order is kept in the house, explaining that PQs directed at ministers should ...
They debate best ways to regulate gun purchases, in light of Governor Rauner's veto of the gun bill Tuesday. They decide how truthful J.B. Pritzker is on his offshore accounts. And, they wonder what drove the firing of Secretary of State Rex Tillerson. Finally, the Rascals consider the turnout of voters in ...
J.B. Pritzker declined to answer questions about his financial holdings in the Bahamas on March 7, 2018, at a campaign event at the University of Illinois at Urbana-Champaign. (Chicago Tribune). J.B. Pritzker declined to answer questions about his financial holdings in the Bahamas on March 7, 2018, at a ...
J.B. Pritzker declined to answer questions about his financial holdings in the Bahamas on March 7, 2018, at a campaign event at the University of Illinois at Urbana-Champaign. (Chicago Tribune). Dahleen GlantonContact ReporterChicago Tribune. J.B. Pritzker is not like us. That's not a shocking revelation, though. We've ...
CHICAGO (AP) — The top Democratic candidates for Illinois governor went after each other in a spirited debate Wednesday, with billionaire J.B. Pritzker denying claims he used offshore accounts to avoid taxes and rivals Chris Kennedy and Daniel Biss saying he's unfit to be the party's nominee. “You do ...
The three Democrats at the top of the polls in the race for governor — J.B. Pritzker (left), Daniel Biss (right), and Chris Kennedy — debated one last time on Wednesday at a forum hosted by WTTW's 'Chicago Tonight.' (Photos: WTTW Governor's Race Forum screenshot / Illustration: Paula Friedrich/WBEZ).
The indictment says Manafort and Gates secretly wired the law firm $4 million from an offshore account—money that allegedly wasn't disclosed in the report. Manafort and Gates then hired a ... He allegedly paid these politicians more than 2 million euros via four offshore accounts. Manafort has pleaded not ...
ISLAMABAD: The tax department, while publishing the names of those individuals who made an investment in Panama, Paradise and offshore companies, has called for help from the people to track the 151 individuals. In an attempt to probe and tax the investments of Pakistani citizens who own offshore ...
It is not illegal for Nigerians to have offshore accounts, and many prominent businesses do have them. However, some public officials found to have the accounts did not disclose them as expected by law. The newspaper's investigations revealed the secret offshore asset of Senate President Bukola Saraki ...

Lee Kun Hee, the billionaire founder of South Korea's largest conglomerate Samsung, is expected to be fined for storing many billions of dollars in more than 200 offshore banking accounts with the intent of avoiding taxes. Advantage of Bitcoin. JTBC, a major South Korean mainstream news publication, ...
Notice that Trump and the GOP aren't taxing or attempting to touch all of this money in offshore accounts. Apple, Chevron, General Electric, Goldman Sachs, Pfizer and Walmart are among the worst tax evaders in America. Trump and the Republicans in Congress will help pad their offshore accounts.
At the recent National Institute on Criminal Tax Fraud and Tax Controversy, senior IRS and Department of Justice (Tax) officials sounded the proverbial warning alarm to taxpayers with undisclosed or offshore financial accounts. The message was clear: “We are getting information daily, and we will find you ...
Some have used the offshore haven to avoid taxes by stashing money in offshore accounts. But such a link does not necessarily mean that Marquette is guilty of illegal offshore activity. According to the ICIJ's webpage for their Offshore Leaks Database, there are “legitimate uses for offshore companies and ...
FILE: Lusaka Executive Mayor, Wilson Kalumba and Vodafone Zambia Retail Operations Head, Muleya Choopa interact. Lusaka Mayor Wilson Kalumba has proposed that Zambia be transformed into an offshore financial centre and compete with the likes of Dubai, Cayman Island and Mauritius.
Reed College isn't the only Portland higher education institution investing large sums in the Caribbean, despite being the only one named in the Paradise Papers, a leaked database of offshore holdings by wealthy people, corporations and other entities.
The question of whether or not Princeton can be morally justified in having an offshore account hinges on how willing we are to give primacy to the claims of the “goods” provided by the ... To make this judgement, a basic working knowledge of what is potentially “sketchy” about offshore accounts is needed.
Rome, Italy, Nov 18, 2017 / 06:01 am (CNA/EWTN News).- Reports about the Legion of Christ's offshore accounts date to the time of its disgraced founder and do not apply to the religious institute today, a spokesman has said. “Today the Legion of Christ does not own offshore companies nor does it own resources in ...
Rutgers University and Princeton University are among the top U.S. colleges using offshore secretive investments to make money while avoiding tax scrutiny in the U.S., according to leaked documents. More than 100 universities are included in a trove millions of documents -- dubbed the Paradise Papers ...
Offshore accounts aren't necessarily a problem, as long as they're fully disclosed and transparent, Saint-Amans told Quartz. Offshore entities can aid cross-border transactions and prevent enterprises with ties to different jurisdictions from being taxed twice. Using exotic structures to hide investments from ...
(The Knife Media) Much of the media coverage of the “Paradise Papers” describes offshore service providers as legal institutions that may facilitate tax evasion and money laundering, among other potential crimes. While this may be true, the articles we examined in our analysis, “7 ways to imply guilt in the ...
A series of leaked papers show the two biggest banks in the country helped certain people avoid paying tax by using offshore accounts. Both Bank of Ireland and AIB say they no longer use the tax havens as outlined in the Paradise Papers. The revelations have prompted calls for the Government to outline ...
MUMBAI: Over the weekend, several Indians, including some based abroad, have been alerted that their confidential financial information has been compromised by data theft at a large law firm that held the records in its offices in tax havens such as Isle of Man and Channel Islands. The data hack at ...
In total, more than $75 million flowed through the offshore accounts. Manafort is accused of laundering more than $18 million, according to the ...
In total, more than $75 million flowed through the offshore accounts. Manafort is accused of laundering more than $18 million, according to the ...
But Manafort, who the indictment says transferred funds from offshore accounts to pay for over $12 million in "personal items" ranging from home renovations to ...
Investigators allege that Manafort used the un-taxed, offshore accounts to spend nearly $1.3 million during luxury shopping trips, including ...
WASHINGTON (AP) — Special Counsel Robert Mueller's investigation into Russian election meddling ramped up Monday, with charges ...
Former Quintis chief executive Frank Wilson tried to set up a secret offshore account worth tens of millions of dollars to trade in the embattled ...
... around its anti-money laundering controls that allowed it to transfer about $10 billion from unknown clients out of Russia to offshore accounts.
The Muscats denied they held an offshore account. Caruana Galizia had alleged it was opened so top figures from Azerbaijan could move ...
Workers are more productive than ever, but all the profits are going to CEO bonuses and offshore accounts instead of actual paychecks.
... writing, among other articles, that Muscat's wife had an offshore account that was used to move money from high-level Azerbaijan figures.
Additional Solicitor General P S Narasimha, appearing for the Centre, said the issue of a probe into the offshore accounts of Indians was "not ...
Pakistan Tehreek-e-Insaf's general secretary Jahangir Khan Tareen (R) stands as party chief Imran Khan addresses media outside Supreme ...
MANILA, Philippines — A country against money laundering allegedly gave the information to President Rodrigo Duterte regarding the offshore ...
Manila, Philippines – President Rodrigo Duterte disclosed this weekend that Senator Antonio Trillanes IV had closed his alleged bank account ...
President Rodrigo Duterte is claiming that Senator Antonio Trillanes IV's alleged offshore accounts may be being used to destabilize the ...
ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has still not been able to produce the complete bank account details for his ...
Funds held by Zimbabweans in offshore banks rose to US$1 billion last year, having declined to US$300 million four years ago, following escalating political risk and uncertainty at home, Reserve Bank of Zimbabwe (RBZ) deputy governor, Kupukile Mlambo, has disclosed. This amount was exclusive of ...
Interviewed recently by PCIJ, former Internal Revenue Commissioner Kim Jacinto-Henares said that in her view, when someone or some entity opens an offshore account, that should raise concern at once among government officials. In contrast, Finance Secretary Carlos G. Dominguez — who admits his ...
MANILA – “Categorically” declaring he does not own “even a single offshore account,” Sen.Antonio Trillanes IV said Sunday he will issue a ...
Some of their donation may even end up in an offshore account in ... 2015 wasn't the first year the nonprofit wired funds to offshore accounts.


 

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