- Date published:
7:03 am, April 8th, 2016 - 18 comments
Categories: accountability, capitalism, class war, john key, national - Tags: corruption, dita de boni, panama papers, raybon kan, tax haven
Essential reading on the tax haven scandal, Dita DeBoni:
NZ needs to get out of the cycle of corrupt money
The current Government does not understand, or simply rejects, the idea that housing the wealth of the global elite is an immoral activity. It prefers to bash beneficiaries than trust fund babies – or their enablers.
The charge that the practice of creating offshore trusts isn’t illegal is true, but no one is under any illusion about these trusts, especially someone who had a career in finance like John Key.
They are, at the least, vehicles that allow people to avoid paying tax. At worst, they provide cover for of all sorts of criminal activity – industrial-scale drugs and arms dealing, money laundering, extortion and so forth. That is why other countries have moved to tighten the rules around them.
It’s all part of the same picture, of a corrupt grab for resources that is completely out of control. It’s a picture that begins with obscene wealth and at its end, sees war, hunger, violence and death.
On a mild scale perhaps, but New Zealand is participating in perpetuating this cycle. We need to stop.
More essential reading, Raybon Kan:
Welcome to NZ – 100% Pure tax haven
Our PM and Tax Minister have both said there’s full disclosure in our foreign trust regime. I think full disclosure means zero disclosure. My impression is that the only disclosure required is the name of the NZ puppet (who I’ll call “the stooge”) who agrees to play the role of trustee. The NZ Government doesn’t want to know what assets (I’ll call it “loot”) are vested in the trust; who the beneficiary is of the trust; or the identity of the person (according to me, the “criminal”) who transferred those assets to the trust.
This information exists, written in the trust deed, but this document is secret and untouchable within the the office of the lawyer (my technical description, the “scammer”) who set up the foreign trust (“scam”).
It seems to me it doesn’t matter if the loot is containerloads of cash, dripping in blood from the exit wounds of your competing drug cartel, or an arms deal that would be illegal if anyone found out, or if the money comes from the treasury of that country of which you are president – the New Zealand Government won’t embarrass you with questions. Apparently none of these details are our business. After all, it’s not like anyone’s accusing you of infringing Hollywood copyright.
Instead, I believe our tax regime politely and discreetly offers you a bucket of soapy water, a sponge, and after you’re done, an opaque, temperature-controlled box to keep the money dry. Welcome to New Zealand: 100% pure.
In other news Panama is creating “an international panel to help improve transparency in its offshore financial industry”. John Key’s NZ is determined to close its eyes and let the dirty money flow.
For the geeks among us – an analysis of the multiple security vulnerabilities in the Mossack Fonseca web portal.