Category: Vladimir Putin

UK court refuses to extradite former Trust Bank owner to Russia

Magistrates’ Court ruled that Ilya Yurov persecution was politically motivated because of his connections with Khodorkovsky. Westminster Magistrates’ Court refused to extradite Ilya Yurov, the former part owner of Trust Bank, who is on the international wanted list, RBC reported. The court believes that the extradition would violate human rights…. – Continue reading

Putin Signs ‘Tax Havens Bill’ to Shield Russian Companies From Foreign Sanctions

Russian President Vladimir Putin signed a package of laws allowing Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the procedure… – Continue reading

Kazakhstan May Ban Cryptocurrencies Citing Money-Laundering Concerns

Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion. “In Kazakhstan, the National Bank is taking a very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions,” Daniyar Akishev, the chairman… – Continue reading

Vladimir Putin Acknowledges Need for Blockchain Tech Adoption

Russian president stresses the need for Russia to increase its involvement in blockchain tech, in order to avoid being “late in the race”. Russian president Vladimir Putin has fully endorsed blockchain technology, acknowledging its significance and emphasizing the importance of early adoption in order to avoid being left behind. As… – Continue reading

Putin Endorses Agreement on Double Taxation Avoidance With Singapore

Russian President Vladimir Putin has signed a law on ratifying Russia-Singapore agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to the income taxes, according to the official internet portal of legal information. The accord reached on November 17, 2015 in Moscow is aimed at… – Continue reading

Panama to now comply with OECD standards for exchanging tax information

Panama has officially signed on to comply with OECD standards on exchanging tax information, a move that comes more than a month after the Panama Papers data leak. The Organisation for Economic Cooperation and Development (OECD) officials say they have long tried to get Panama to agree to their common… – Continue reading

Japanese money in offshore tax havens could solve a lot of problems at home

TOKYO — Do the rich and powerful really dodge taxes? They do. The “Panama Papers” – 11.5 million or so documents leaked from a Panama law firm specializing in tax shelters of various kinds and degrees of ingenuity – are shocking, however, not only to the naively innocent but to seasoned… – Continue reading

Why We Should Be Really Worried About the Panama Papers

History shows us that tax evasion can have terrible effects, from economic inequality to societal collapse. In a world seemingly inured to financial scandals, the Panama Papers leak has reminded us of their capacity to shock. This huge document dump, which has revealed thousands of offshore accounts held in the… – Continue reading

EU threatens sanctions on money laundering, tax evasion havens

BERLIN – A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people wanting to hide money. The 11.5 million documents from… – Continue reading

Panama Papers Raise Privacy Issues, Whether This Is A ‘New Normal’

The release of the so-called “Panama Papers” – more than 11 million documents and personal files detailing financial information and offshore accounts of prominent individuals – dominated the international news cycle this week. It’s raised questions about the role of technology and the expectation of privacy. “We saw this in… – Continue reading

Adventures in tax avoidance: Canada’s deep offshore tax haven connections

Much of the activity is legal, but it siphons away billions in tax revenue from government coffers The massive Panama Papers data leak shines a light not only on the dirty money being shuffled through tax havens, but also on the legal and common use of offshore accounts to significantly… – Continue reading

Panama Papers Expose Celebs, Politicians, Billionaires With Offshore Tax Havens Despite FATCA

The Panama Papers–the biggest leak of financial data in history–has blown the lid off offshore tax havens, again. This time, those in the limelight include twelve current or former world leaders, many celebrities, and wealthy persons who are using offshore tax havens to hide their wealth. In scope, this is… – Continue reading

Putin says no more handouts for Russian offshore companies

Russian firms that have a controlling stake outside the country can no longer apply for state support, according to a new law signed by President Putin on Monday. This includes Russian legal entities with more than 50 percent in authorized capital abroad. The law applies not only to the principals,… – Continue reading

The ‘extraordinary’ loophole that saw Russia threaten to brand UK as tax haven

Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland’s booming offshore business. The Kremlin’s Finance Ministry had announced that it would officially equate Britain with traditional “fiscal paradises” like Panama, the British Virgin Islands and the Caymans. Such a humiliating move would… – Continue reading

Call to tighten UK’s new property law to crack down on ‘dirty money’

Rules should require foreign owners of prime London homes to come clean about beneficiary owners, say anti-corruption groups Large parts of London’s Baker Street, including the Beatles store, are owned by offshore trusts. New laws that aim to stop the UK being a magnet for money launderers – by forcing… – Continue reading

Ethiopia: Unmet Demands of the G20

The creation of the Group of Twenty (G20) was believed to serve as a remedy to the harsh realities of the world today. The initial formation of the Group of Seven G7 could do little to avert pertinent challenges both the developing and the developed nations face frequently. So a… – Continue reading

Putin Allies Said to Be Behind Scrutinized Deutsche Bank Trades

Several close associates of Russian President Vladimir Putin may have benefited from Deutsche Bank AG trades that are now coming under the glare of U.S. prosecutors, according to people familiar with the matter. The U.S. Department of Justice is investigating whether Germany’s biggest bank properly vetted as much as $6… – Continue reading