Latest News for: Offshore financial wealth


The Use of Offshore Tax Havens for Investments and Tax Avoidance

Finance Magnates 04 May 2023
... difficult for individuals and corporations to hide their wealth in offshore tax havens ... By providing greater transparency and control over financial transactions, they could help reduce the incentive for individuals and corporations to hide their wealth in offshore tax havens.

Coinbase Announces Crypto Derivatives Exchange for Offshore Markets

OBN 03 May 2023
What is an offshore derivatives exchange?. Offshore exchanges are exchanges that handle derivatives (financial derivative products) that exist in overseas jurisdictions ... The platform is intended to serve as an offshore marketplace for trading and wealth management, primarily for those living outside the United States.

Pressing need to check tax evasion, illicit fund flows by developing nations: OECD report

Business Line 27 Apr 2023
Quoting a study, the OECD report said 4 per cent of Asia’s financial wealth amounting to €1.2 trillion was held offshore, leading to a potential annual revenue loss of €25 ...

India wants non-financial assets included in OECD info exchange framework

Indian Express 27 Apr 2023
\u201cWe would also like expansion of the CRS from financial to new ... Quoting a study, the OECD report said 4 per cent of Asia's financial wealth amounting to Euro 1.2 trillion was held offshore, leading to a potential annual revenue loss of Euro 25 billion for the region in 2016.

1.2 trillion euros worth Asian wealth kept offshore: OECD reportThe report released during the fourth ...

Deccan Herald 27 Apr 2023
Around 4 per cent of Asia's financial wealth amounting to 1.2 trillion euros was held offshore in 2016, leading to a potential annual revenue loss of 25 billion euros for the region, as per Tax Transparency in Asia Report 2023 released by the OECD on Thursday.

Russian oligarch ‘financial fixer’ faces sanctions in US and UK

Blitz 15 Apr 2023
Ioannides, the Foreign Office said, engineered “the murky offshore structures” which allowed Abramovich to hide over £760 million ($950 million) in assets following Russia’s invasion ... It is because of this that oligarchs have sought out financial fixers who can shield their wealth behind offshore trusts, shell companies, and foreign bank accounts.

Why Africa is one of the most unequal continents in the world

Economist 13 Apr 2023
They argue there have been three waves of rising and falling inequality in Africa, each characterised by different ways of accumulating wealth ... By one estimate, as much as 30% of Africa’s financial wealth is held offshore ... Programme.\nInformal money flows can redistribute wealth.

UK sanctions target ‘professional enablers' accused of assisting Russian oligarchs hide assets

Anadolu Agency 12 Apr 2023
... assets frozen in the UK alone – oligarchs have scrambled to shield their wealth with the help of financial fixers, offshore trusts, shell companies, and even using their family members,” said a statement by the Foreign, Commonwealth and Development Office (FCDO).

Swiss Court Finds Gazprom Bankers Guilty in Putin Money Laundering Case

Moscow Times 30 Mar 2023
Documents leaked in the 2016 Panama Papers investigation revealed that the musician had moved some $2 billion through a web of offshore companies under his control. He later became known as the "secret caretaker" of Putin's wealth ... Treasury sanctioned Roldugin in June, arguing that he was a key figure in managing Putin's personal wealth offshore.

Swiss court convicts four bankers over Putin cellist funds

Yahoo Daily News 30 Mar 2023
The four men were found guilty of "lack of due diligence in financial ... And in June, the US Treasury issued sanctions, saying he was a key figure in managing Putin's personal wealth offshore.Story continues. Gazprombank is the financial arm of Russian natural gas giant Gazprom.

Singapore and Hong Kong vie to be the Caymans of Asia

Financial Times 20 Mar 2023
The two cities have set up new fund structures to lure wealth away from traditional offshore financial centres ....

Credit Suisse puts new dent in Swiss bank armour

Reuters 17 Mar 2023
Fifteen years after the bailout of rival UBS (UBSG.S), fresh turmoil has put another dent in the Swiss armour of financial stability ... To avert financial disaster, the SNB had to again step in, this time with a 50 billion Swiss franc credit line ... In 2021 bank customers had stashed of offshore wealth with Swiss banks.

Western Oligarchy

Off Guardian 02 Mar 2023
A decade ago, the gap between rich and poor in Russia was the largest of any country in the world, with 35 per cent of the wealth of a country of 144 million people owned by just 110 billionaires, with much of that wealth stored in offshore financial jurisdictions.

Targeting wealth managers would cripple Russia's oligarchs, claims new study

Phys Dot Org 28 Feb 2023
Combined with the concentration of those wealth managers in the United Kingdom and European Union, this makes Russian oligarchs' offshore wealth particularly vulnerable to sanctions that target financial experts ... "Our work follows that theme but extends it to the secret wealth networks of offshore asset management.

Barclays and UBS face questions over Roman Abramovich’s billion-dollar trusts

The Observer 30 Jan 2023
Located in Limassol, MeritServus helps its clients set up and manage offshore companies and trusts to shelter their wealth. . Cyprus, an EU member state, has long served as a major offshore financial centre for wealthy Russians who have favoured the Mediterranean island as a destination to harbour their fortunes.

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