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