Former Goldman Sachs partner and hedge fund manager Steven Mnuchin is President Trump’s controversial pick for Treasury Secretary. It is alleged that Mnuchin failed to disclose an estimated $100 million in real estate assets on his financial disclosure forms, which he was required to fill out and submit before his Senate confirmation hearing.
More than 400 journalists from more than 80 of the world’s countries have been involved in the release of the Panama Papers and the subsequent reporting of the trove of information they contain. Thanks in part to the extensive coverage the papers have received in the press, the impact of the Panama Papers has been far reaching.
The Canadian Revenue Agency (CRA) confirmed its investigations into dozens of Canadians for possible tax evasion linked to the now infamous Panama Papers leak. The investigations, confirmed in November of last year, reportedly involve 85 Canadian citizens.
The Caribbean island nation of Bermuda tops major international NGO Oxfam’s list of the world’s worst corporate tax havens. In developing the list, Oxfam took a number of factors into consideration, including the practices of offering tax incentives deemed to be unproductive or unfair, a corporate tax rate set at zero or an extremely low rate, and failure to collaborate with international tax authorities to combat international tax avoidance.
Jerome Cahuzac, the former budget minister of France, was sentenced to three years in prison in December for tax fraud. Cahuzac, who previously headed a French government clampdown on tax evasion, evidently hid millions of euros in an offshore account in order to evade his tax liabilities.
After years of speculation and allegations of tax evasion, several media European outlets have reported that there is now concrete evidence that Real Madrid’s Cristiano Ronaldo participated in a tax evasion scheme to hide roughly €150 million from the government and thereby fraudulently reduce his tax obligations.
A number of tax havens under British control are demanding a say in Brexit negotiations. Several British overseas territories, including Anguilla, Bermuda, the British Virgin Islands, Cayman Islands, and Turks…
A United Nations expert has urged António Guterres, the newly selected UN secretary-general, to take immediate action to address tax havens. Alfred de Zayas, the UN’s independent expert on the promotion of a democratic and equitable international order, has said that the appointment of Guterres offers a new opportunity for the world to tackle illicit financial flows, urging the UN to draft a convention that would ban tax havens worldwide.
Ecuador will hold a referendum to prevent all politicians and public servants in the country from keeping money in offshore accounts. The referendum is intended to help mitigate problems of tax avoidance, which the Ecuadorian government says cuts significantly into its revenue and hinders its ability to provide public goods for the benefit of the people.
The Israeli Tax Authority is pursuing the arrests of Israeli citizens who have registered companies in tax shelter jurisdictions and overseas bank accounts on suspicion of tax evasion. Information on these Israeli citizens and their holdings has been obtained from a variety of sources, namely the Panama Papers and a leaked list of customers at UBS Switzerland