Tag: panama papers

Tax avoidance: the damage done

https://commons.wikimedia.org/w/index.php?curid=38390766

A worker from Peru’s state-run oil company tries to hammer a piece of wood into a gaping hole in the country’s northern pipeline. He fails. Repeatedly. The oil continues to gush with alarming speed and force. Dead fish float belly-up in the black slime.

By the time the spills were stopped this August, over 4,000 barrels of oil had poured into a tributary of the Peruvian Amazon – source of a fifth of our planet’s fresh water. Dozens of indigenous villages were left without drinking water and children were covered in angry rashes.

Leonardo Tello, director of a local radio station, produced a report illustrating these horrific images. He is angry, frustrated and heart-broken. Over the past 19 years the government has registered 190 spills, most affecting the Amazon rainforest.

Panama Papers: Billionaire Soros Linked to Secretive Offshore Arms Trade

Billionaire George Soros, who has spent millions of dollars financing Democrats and left-wing causes, used a controversial Panamanian law firm to establish a web of offshore investment partnerships that operate around the world and out of the scrutiny of US regulators.

The so-called Panama Papers, a trove of 11.5 million financial documents tracing the Mossack Fonseca law firm’s efforts to help politicians, celebrities and criminals shield their money from taxes, contain links to Soros, who funds the journalism group that is disseminating the information. So far, the International Consortium of Investigative Journalists (ICIJ) has been silent on its benefactor’s ties to the law firm.

Three offshore investment vehicles controlled by Soros are catalogued in the Panama Papers. Soros Finance, Inc. was incorporated in Panama; Soros Holdings Limited was set up in the British Virgin Islands and a limited partnership called Soros Capital was created in Bermuda.

What Can we Expect from the London Anti-Corruption Summit?

On 12 May, 2016, many world leaders will meet at a summit in London to discuss corruption. The objective of this summit is to foster international cooperation for combatting corruption. Since this is occurring in the aftermath of the Panama Papers, the summit is coming at a very opportune time when this topic is still salient amongst the public. However, while this summit has noble objectives, many have expressed skepticism towards it.

On 8 May 2016 Downing Street published a statement from David Cameron about the summit. This statement, which recognizes the myriad of poverty and security-related problems that corruption causes, stated Cameron’s desire to formulate and implement the first global declaration against corruption and mechanisms for combatting it. In the process, David Cameron set lofty goals for international cooperation to engage in anti-corruption efforts. To this end, David Cameron invited many prominent heads of state to his summit, the agenda of which includes exposing corruption, punishing those responsible, and eliminating cultures of corruption. The British government has expressed optimism that this will lead to meaningful anti-corruption reform.