Bipartisan amendment forces UK government to impose transparency on its offshore tax havens

One cute side-effect of Brexit is that it got the UK out of pending EU rules limiting financial secrecy as part of a crackdown on money laundering by looting dictators, one percenters, and criminals; the Tories had put a process in train to come up with a made-in-Britain version, which was always going to be weaksauce thanks to the outsize influence of the City of London and its finance bosses on UK politics, but even that was killed by Theresa May's disastrous snap elections last year. Read the rest

UK tax authority, gutted by austerity and buried by Brexit, can't deal with the crime revealed by the Paradise Papers

HMRC, the British tax authority, is 'struggling to deal with fallout of Paradise Papers leak,' according to Parliament's public accounts committee, whose new report describes an already understaffed agency whose workload has been increased by the preparations for Brexit. Read the rest

Anatomy of how crooks use financial secrecy in the UK and New Zealand to rip off international investors with impunity

The financial secrecy regimes in New Zealand and the UK create many opportunities for "jurisdictional regulatory arbitrage," playing each system's weaknesses off against the other to operate in near-perfect secrecy, creating companies whose owners are anonymized but still able to cash out the firms' profits -- an enormous boon to fraudsters who run Ponzi schemes and other dodgy enterprises that rely on the UK and New Zealands' reputation as places of good governance and financial uprightness. Read the rest

Simklept: Kleptocrat is a mobile game that uses real-world financial crimes to simulate being a tax-dodging one percenter

Kleptocrat is an Ios-only mobile game that challenges players to play as billionaire tax-dodgers, who construct ruses to hide their money from the tax authorities in the countries where the state guards their wealth, educates the workforce, and keeps everyone from dropping dead of infectious diseases. Read the rest

Treasure Islands: EU publishes a blacklist of 17 tax-havens and a long-list of runner-up tax avoidance jurisdictions

The EU's new blacklist of 17 money-laundering financial secrecy states includes South Korea, Mongolia, Namibia, Panama, Trinidad & Tobago, Bahrain and the United Arab Emirates, and also includes a long-list of places like Guam, Jersey, Guernsey and the Isle of Man. Read the rest

Candid Wall Street barons worry that GOP tax plan will lead to literal euthanasia of the rentier

In 1936, John Maynard Keynes suggested that a fair economic system would lead to "the euthanasia of the rentier, and, consequently, the euthanasia of the cumulative oppressive power of the capitalist to exploit the scarcity-value of capital" -- implying that we have a choice between fairness and extreme wealth, and that the two couldn't peacefully co-exist. Read the rest

Paradise Papers reveal cozy relationship between Stubhub and Canadian botmaster/scalper kingpin

The Paradise Papers continue to expose the economically useless activity that late-stage capitalism rewards with titanic sums of money: today, it's the story of Julien Lavallée, a botmaster ticket-scalper who has harvested the lion's share of concert tickets from all over the world, laundering them for millions through a secret "top seller" program that Stubhub offers to anyone who can move more than $50,000 worth of tickets per year. Read the rest

Excellent, plain-language explainer on corporate and 1 percenter tax evasion, with a simple solution

The New York Times has collaborated with Berkeley economics prof Gabriel Zucman to produce an interactive explainer that walks through the baroque tax-evasion strategies deployed by multinationals like Google and Apple, as well as the super-rich, using plain language and explanatory graphics to get past the deliberately eye-glazing tedium of these arrangements, a shield of boringness that has allowed the super-rich to hide $8.7 trillion from tax authorities while taking advantage of national courts, education, roads, police, and health care. Read the rest

The Paradise Papers: another tax-shelter leak implicates Apple, Trump, Putin, Hollywood, Twitter, Facebook, the Queen and more

1.4TB/13.4 million documents have leaked from Appleby, the offshore law-firm that is part of the "magic circle" of firms employed by the super-rich to manipulate their finances; the documents are supplemented with another "offshore provider"'s files, and the company registries of 19 tax havens. Read the rest