City of London

The Capo di Tutti Capi returns!

2013-12-16 (All day)

Bob Diamond, one of the most controversial bankers to emerge from the financial crisis, but the man ousted as boss of Barclays after a direct intervention by the Bank of England, is making a dramatic return to the City with the launch of a new Africa banking business. ...

With comment by Tony Shearer, ex CEO of Singer & Friedlander

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City of London Corporation: tax havens a ‘core asset’ for the City

2012-01-22 (All day)

A communiqué from the government of the Isle of Man on Friday:
"THE Lord Mayor of the City of London, Alderman David Wootton, is visiting the Isle of Man next week to learn more about the Island’s role as an international business and finance centre."

Tax havens always deny being tax havens, and much prefer these rather grand titles such as ‘international finance centre,’ but anyway. ...

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Tax haven network makes UK the top ‘secrecy jurisdiction’, says TJN

2011-10-16 23

Extracts:
"The United Kingdom would ‘easily’ take Switzerland’s place at number one in the Financial Secrecy Index if the ‘British network of secrecy jurisdictions’ were considered, according to an influential campaign group. ...
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The TJN report noted that Britain’s network of ‘satellite secrecy jurisdictions’ accounted for about a third of the global market in offshore financial services. ...
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In Treasure Islands: Tax havens and the men who stole the world, published earlier this year, Nicholas Shaxson described a ‘hub-and spoke array of tax havens centred on the City of London’, a grouping that had been estimated to account for ‘well over a third of all international bank assets’.

This network gave the City a global reach, he argued. Much of the money attracted to ‘British havens’, and the business of handling that money, ‘is funnelled through to London’.

The Crown Dependencies ‘are substantially controlled and supported by Britain but have enough independence to allow Britain to say “there is nothing we can do” when other countries complain of abuses run out of these tax havens’, Shaxson wrote.

‘This British spider’s web lets the City get involved in business that might be forbidden in Britain, providing sufficient distance to allow financiers in London plausible deniability of wrongdoing.’

The web was in part, he said, a ‘laundering network’, and ‘by the time the money gets to London ... it has been washed clean’. ..."

This article makes interesting reading. Seems Jersey is the worst offender among the Crown Dependencies, but Guernsey and IOM are not far behind:
"The Isle of Man has become the first of Britain’s offshore dependencies to exchange tax information automatically, as opposed to merely on request. Guernsey may follow, though Jersey remains implacably opposed, fearing a loss of “competitive advantage” "

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IOM channels £50 billion of funds into the City of London each year

2008-11-15 (All day)

REFERENCE PIECE FROM JULY 14th 2008

The submission stresses that low tax centres, such as the Isle of Man, are a key part of the global financing system and the Island serves a highly important function as a gateway for channelling capital to the UK.

Mr Brown said: 'We've got a lot of recognition as a being a very good financial centre but we are still being lumped in with areas that maybe are not so good. Expressions like "offshore" and "tax haven" have no agreed standard definition. We tend to use the term "international finance centre".'

He said the Treasury committee, which is looking at financial stability, transparency and aspects of regulation and taxation, had been 'very receptive' to the message that the Island should be treated as a responsible jurisdiction that made a valuable contribution to the British economy, channelling in £50 billion of funds into the City of London each year.

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