Tax Havens under fire in massive new leak of hidden offshore accounts

Caribbean-bank-money_laundering

Washing money, Hiding money

contributed by “M”

Unlike the mainstream media in Barbados which seems disinclined to report on the financial shenanigans of its politicians/public figures (except the $75,000.00 cheque), the media in Canada has no such hesitation, as seen at the attached link to CBC website.  Other major media in Canada are running with the story. While 38 media outlets around the world are probing the data leaks reported in the material reported in Canada by CBC, I do not expect to read about it in the Barbados papers.

Canadian CBC: Senator’s husband put $1.7M in offshore tax havens

Canadian CBC: 450 Canadians in offshore leak

Yahoo! Finance: Report exposes secrets of offshore tax havens

While Barbados does not figure prominently in this and related CBC articles, I think Barbados authorities should be concerned.

Barbados is the third largest recipient of Canadian outward Foreign Direct Investment, after the USA and the UK; with the principal industry being “financial services”, which I expect is mainly in “offshore” accounts. Canadians are believed to to be the largest depositors in Barbados offshore bank accounts.

It may well be the case that all of those a legal.

Notwithstanding, with the spotlight being shone on the issue of  “offshore accounts” and “tax havens”, and Canadian Finance Minister Jim Flaherty’s pledge in last week’s budget the government will bolster its efforts to fight offshore tax evasion, including launching a new whistleblower line that pays rewards for tips, improving compliance programs and demanding more information on certain financial transactions; it seems likely that some Canadians “investors” will choose to repatriate their foreign direct investments to Canada rather than face the scrutiny for Canada Revenue Agency

Not Taken

8 Comments

Filed under Barbados, Business & Banking, Economy, Offshore Investments

8 responses to “Tax Havens under fire in massive new leak of hidden offshore accounts

  1. perplexed

    Check out page A4 today’s ” New York Times International”, 5 Apr 2012

  2. perplexed

    Oooops! I meant 2013

  3. Willie and Rib Bone

    “Willie & Rib Bone Finanshul Servises”
    Has open it doors by da rum shack on da coast road for gentlmens of forun extrax shun from da Grate White North of Canada what want to git there money washed. Any amount of money be welcom and yore estwile bankers who has many years of experence in keepin da cash aways from pryin eyes can garantee dat you gonna get da best servises what dat money can by. We is very experence in disapeering acts and can do all sorts of fancy investin wit whatever you give us. Trust us becuz we beein in bidness for years as our polise records will show you when you inqire bout how honest we is.
    Thank you for yore support,
    Willie and Rib Bone
    BIM Entrepeners Born and Bred

  4. Willie and Rib Bone

    Dis is Rib Bone and Willie forget to tel you dat if you see da polise cars by da rum shack on da coste road maybe you visit a litle later when dey leave so dey dont reqwire dat you plase yo investmunt wit dem sted of us estwile finanshul opertunitists dat we are.
    Rib Bone Washington, eskwire

  5. perplexed

    @W&RB………….priceless!

  6. hmmm, maybe I need to think again

    @W&RB keep posting you de only ones that make sense in dis crazy world

  7. perplexed

    Re: W&RB If they have a stand-up comedy event at CropOver I’m
    coming down.

  8. Pingback: Willie & Rib Bone respond to Offshore Banking customer information leaks | Barbados Free Press