Tuesday, April 05, 2016

From Panama, via London, with Love

A system rotten to the core


Panama Papers scandal grows for HSBC over Syria links



With the City of London at its core, Britain's network of havens from tax, regulation and other pesky laws stretches first to the Crown Dependencies – Mann, Guernsey and Jersey – and then into the British Overseas Territories: the Virgin Islands, Bermuda, the Cayman Islands. From there, this web extends to places like Hong Kong: not under British rule since 1997, but, according to Nicholas Shaxton, still feeding “billions in business to the City”.
Looking at the documents leaked from Mossack Fonseca one thing is clear: Britain's network is once again at the core. More than half of the companies listed in the documents are registered in the UK or its Overseas Territories, and Hong Kong plays a huge role.

Panama Papers: 'an old tradition of English piracy

No comments: