The great British money launderette

Momentum57

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Its kinda getting better... HSBC is ditching its Jersey accounts because... ya know... they're not criminals...

UK tax authority HMRC began an investigation into a data leak at HSBC in Jersey which led to allegations that British residents may have used accounts to launder money or evade taxes
 

topgearwascool

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I don't think it should be illegal to have a Swiss bank account or any other offshore.
I mean...
Have a UK company, pay your dues, all taxes, whatever, and then feed money into an offshore holding company, and appoint someone from your parent company to your holding company's board of directors to make sure your money is put into a bank account with a high interest rate for the sole purpose to save and collect interest to be cashed out when you retire.
It'll be company policy 'make founder happy', I don't care, it should all be legal and it sort of is, but now NO accountant will entertain the idea because PM David Cameron is stamping them out.
...
I don't even know how leader of the opposition Jeremy Corbyn feels on this issue, but he doesn't exactly strike me as having the best interest for corporate Britain, he more or less is a socialist, or, was once but now isn't, honestly, before my time but, still; doesn't feel like he'd like them either.
 
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calvinhobbes

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Have a UK company, pay your dues, all taxes, whatever, and then feed money into an offshore holding company
You really haven't got a clue what offshore companies, accounts and the like are for. Hint: the term "double Irish" does (or rather: did) not refer to a pint of stout drunk with a little bit of whiskey mixed in.
 

topgearwascool

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You really haven't got a clue what offshore companies, accounts and the like are for. Hint: the term "double Irish" does (or rather: did) not refer to a pint of stout drunk with a little bit of whiskey mixed in.
I DON'T WANT to do tax evasion... I just want to place my money into a really high interest bank account in said offshore.
 

SirEdward

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Topgearwascool, you only listen to the echo of your own words, don't you?

You may not want to do tax evasion, but other will, and you are defending them without even knowing. You will probably never put any money into an offshore bank, maybe not even into a foreign one. But other people will, and to evade tax. Go on like this, you'll go far.
 

calvinhobbes

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You may not want to do tax evasion, but other will, and you are defending them without even knowing.
Precisely. The idea that offshore banking might, when all is added up, in some way benefit the little guy, would be funny if it wasn't so sad. For every penny Johnny Commoner might save, Bufton Tufton will make real money.
 

topgearwascool

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Topgearwascool, you only listen to the echo of your own words, don't you?

You may not want to do tax evasion, but other will, and you are defending them without even knowing. You will probably never put any money into an offshore bank, maybe not even into a foreign one. But other people will, and to evade tax. Go on like this, you'll go far.
I'm not concerned with 'what other people do'... But they do seem to be ruining offshore savings with offshore holding companies for those of us who don't want tax evasion, so I guess on that level; I'm concerned.

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If I was to have blood money; like selling drugs, pimping people and human trafficking and selling illegal firearms, for cash money, and sending that money offshore...
Then yes, I could see that as laundering blood money.

But... That would be immoral.
 
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SirEdward

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I'm not concerned with 'what other people do'...
And that's a problem, when those "other people" are basically stealing from you by getting public services without paying taxes.

Or when they

[...]seem to be ruining offshore savings with offshore holding companies for those of us who don't want tax evasion, so I guess on that level; I'm concerned.
That's good. But those laundering money will still use the cheat, even if that's ruining your ability to invest there.

If I was to have blood money; like selling drugs, pimping people and human trafficking and selling illegal firearms, for cash money, and sending that money offshore...
Then yes, I could see that as laundering blood money.
Selling i-phones or adwords by paying minimal taxes and going heavy on unfair business pracits is ok, instead? However, don't worry: even if it was, offshore banks and heavens are wildly used by criminal organizations all over the world, so they're still "laundering money".

But... That would be immoral.
There you have a reason to worry about "what others do", because there is plenty of people doing exactly that.
 
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topgearwascool

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And that's a problem, when those "other people" are basically stealing from you by getting public services without paying taxes.
MNC (Multinational corporation) like Star Bucks... are liable for consequences if they fail to meet their responsibilities...
They are required in the UK, to pay corporation tax only if they report a profit...
They have not.

Could they afford to pay it? Probably can, but if the law says if you're not making a profit, then there's nothing to tax, you can not get blood from a stone.
Does that make business here more lucrative than; if you're worth a certain amount outside the UK and operate in the UK you must pay a % of that totalled to the UK?
It does not.
But do Star Bucks have retail outlets in the UK? Yes.
Is that beneficial to the UK people? I'd say so...
It creates jobs, people pay tax on their earnings and also; we get to drink at Star Bucks for it; Star Bucks, my example of a company not paying tax in the UK.

That's good. But those laundering money will still use the cheat, even if that's ruining your ability to invest there.
Then dammit, what can I do?
I guess that's a rhetorical question because I guess that idea is screwed then.

Selling i-phones or adwords by paying minimal taxes and going heavy on unfair business pracits is ok, instead? However, don't worry: even if it was, offshore banks and heavens are wildly used by criminal organizations all over the world, so they're still "laundering money".
I like my Apple iPhone, but I don't like the Apple supply chain (or their fondness to bill me).
 
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SirEdward

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MNC (Multinational corporation) like Star Bucks... are liable for consequences if they fail to meet their responsibilities...
They are liable in the UK, to pay corporation tax only if they report a profit...
They have not.
Calvinhobbes told you to look at the Double Irish system. I tell you mostly the same: look at how tax elusion trhough intellectual property works. Offshore tax havens only exist because they allow people with much money to elude taxation.

Then dammit, what can I do?
Ask for regulations that might stop these unfair practices as well as criminal money laundering. Maybe a strictr blacklist of countries with obscure bank information disclosure policies.
 

LeVeL

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If people are looking for ways around unbearably high taxes, perhaps it would be wise to not only try to keep them from doing so but also to reconsider the country's taxation scheme. Just a thought...
 

topgearwascool

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https://en.wikipedia.org/wiki/Double_Irish_arrangement
Thank you Google & Wiki(pedia)... Mankind's true Library of Alexandria :D

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So imagine if I had a company in London with a holding company in Delaware (to just be close to my family in PA and NJ) - so if I ever was to start up in America, and given my own experience with Delaware (tax haven or not, just the place)... Then what I know about that state and it's proximity there to my family... It's like a no brainer...
BUT... if that company in Delaware were to have it's own holding company in Ireland?

Then boom Baby boom?

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****, Buying/ founding and funding offshore is worth your UK profit, I think.

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(Also, let's ignore Ireland unless I was a billionaire in Delaware or whatever, IDK, I hear Delaware in it's self is pretty darn good).
 
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MWF

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You really are more Percy than Baldrick, aren't you?
 

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Considering repping is disabled in the political forum, that's quite a feat...
 

jack_christie

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UK 'most corrupt place on Earth'

In an attack on how London helps criminals launder their money, Roberto Saviano, who has been under police protection since exposing the activities of Naples crime syndicate the Camorra, told an audience at the Hay Festival: ?If I asked you what is the most corrupt place on Earth you might tell me it?s Afghanistan, maybe Greece, Nigeria, the South of Italy, and I will tell you it?s the UK.

?It?s not the bureaucracy, it?s not the police, it?s not the politics but what is corrupt is the financial capital.?
http://www.independent.co.uk/news/u...uption-centre-campaigners-claim-a7058126.html

Gomorrah is based on Roberto Saviano's book
http://www.imdb.com/title/tt0929425/?ref_=fn_al_nm_1a
 
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