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    Panama Papers

    In fairness, Pol Pot did have the central bank blown up, and abolished money. Which Sir Humphrey couldn't have approved of.

    Comment


      Panama Papers

      Apparently "dodgy" is now unparliamentary.

      Whereas "terrorist sympathiser" continues to be fine.

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        Panama Papers

        1) Cameron sells perfectly justified offshore holding before he becomes PM.
        2) Cameron tries his best not to reveal he'd ever held it.
        3) Cameron very upset lots of people think his Dad might been a wrong un.

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          Panama Papers

          In fairness, Pol Pot did have the central bank blown up, and abolished money. Which Sir Humphrey couldn't have approved of.
          But Pol, think of the markets!

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            Panama Papers

            1) Old Man Miliband does straightforward onshore inheritance tax planning.
            2) George Osborne has a pop in Budget Speech.
            3) Old Man Cameron does straightforward onshore inheritance tax planning.
            4) Cameron very upset at people taking pops.

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              Panama Papers

              Not like Cameron and Osborne to go for a quick win that show up for one 24hr news cycle at the cost of storing up problems in future.

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                Panama Papers

                I noticed brave, upset Cameron didn't mention who was having a pop. We were supposed to conclude it was bitter lefties. Not Tory supporting newspapers who want Brexit.

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                  Panama Papers

                  Geoffrey de Ste. Croix wrote:
                  Originally posted by Tubby Isaacs
                  He had to pay a late filing penalty of £100 and all.

                  In the name of Tony Cliff, go.
                  I bet Pol Pot didn't give the Cambodian tax man half the shit that Corbyn has flung at the HMRC. The Panama Papers has been an absolute disaster for Labour and their leader.If he cannot fill in his tax form on time, how on earth can be be trusted with the economy. He's got to go.
                  Brave Cameron immediately took control, landing a strong headbutt on his opponent's right fist.

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                    Panama Papers

                    Dennis Skinner being his usual self

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                      Panama Papers

                      Fargle missed a trick, I think, by not publishing his tax return. If he and the media could get a sense of "all of them are coining it in/ must have something to hide" that might help the out vote.

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                        Panama Papers

                        Heard Le Farage talking about it on Radio 4. His take was that privacy in one's tax return is one of an Englishman's inalienable rights, like all of those Brussels want to take away from us snorfle blargle gibber etc.

                        So he's got an angle on it.

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                          Panama Papers

                          That angle being that of a flaccid penis.

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                            Panama Papers

                            I fully agree with Nigel Farage not having to publicise his tax return.

                            After all, he's never been elected as an MP.

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                              Panama Papers

                              Indeed. But might be good tactics for the referendum. Lots of ammo v Tory Remainers for the Mail, Sun and Telegraph. When that's out of the way he can go back to his angle. Nobody will care.

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                                Panama Papers

                                Interesting graphic of professions of those revealed in the leak



                                that's a lot of football people

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                                  Panama Papers

                                  What's the methodology for that? If it's just reported names, then clearly it's going to be reflective of the media's interests as much as anything. If it's actually based on the underlying data then a) yes that is a lot of footballers, and b) I'm very curious how the classification was done. There seems to be a lot of overlap between some of the categories. Also some are indecipherable. "Essa" is presumably not "essayist".

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                                    Panama Papers

                                    I had the same questions and don't know the answers.

                                    Given that it is next to "Novelist", "Essa" actually could be "essayist"

                                    Some info on methodology

                                    Nielsen said the flaw with the Wikidata means that only people who are notable enough to get their own Wikipedia page will be included in the data, which might mean many smaller business people featured in the papers don't count towards the bubble chart.

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                                      Panama Papers

                                      Who are 'Drug I,' and is there a 'Drug II'?

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                                        Panama Papers

                                        Exactly. And Gryff, Slyth, Huff and Raven?

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                                          Panama Papers

                                          Nielsen said the flaw with the Wikidata means that only people who are notable enough to get their own Wikipedia page will be included in the data, which might mean many smaller business people featured in the papers don't count towards the bubble chart.
                                          Ah, OK, so it's bollocks basically.

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                                            Panama Papers

                                            I was thinking of starting a new thread:

                                            "Things that suddenly don't seem to matter any more."

                                            But there are just too many. Like Cameron and Panama Papers. "He's gotta go!". Well, yes.

                                            Brexit is the insatiable beast that devours all other news. Except the Euros.

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                                              Maltese journalist who reported on corruption in the Panama Papers blown up. Sensible of the government to wait until after their EU presidency ended. Might have been awkward.

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                                                The Commission punts, unsurprisingly.
                                                Schinas was not willing to engage with reporters who asked whether the Commission would launch an assessment of Malta’s rule of law. The country has faced scrutiny for corruption allegations as well as for revelations in the Panama Papers. Schinas said the Commission will watch the situation in Malta, but declined to comment on the investigation into Caruana Galizia’s death. No phone call between Commission President Jean-Claude Juncker and Maltese Prime Minister Joseph Muscat is expected on the issue.

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                                                  The European Parliament's rapporteur is setting out a fairly tough stall on the money laundering directive

                                                  Amendments from the Commission proposal:
                                                  10a) The monitoring of the transposition of Union requirements in national regimes is not sufficient to ensure that national AML/CFT regimes are effective to tackle AML/CFT activities, since shortcomings often stem from the ineffective enforcement of the rules. In this respect, it is crucial for the internal market that the Commission and the ESAs have additional powers to evaluate the consistency of national AML/CFT regimes with the Union framework monitoring implementation and enforcement of national rules. ESAs shall be assigned additional powers in the field of AML/CFT, including the powers to carry out onsite assessments in Member States competent authorities, compel the production of any information that is relevant to assessing compliance, issue recommendations for remedial action, make those recommendations public and take measures that are necessary to ensure that their recommendations are effectively implemented;
                                                  ...
                                                  Information on holding and control of immovable property such as buildings and land are not available in all Member States nor do consolidated data exist on life insurance beneficiaries. Money laundering activities are carried out also by relying on real estate transactions and through life insurance products. The establishment of central automated mechanisms, such as a register or a data retrieval system, in all Member States is essential to track this information and to support the investigation phase. Member States authorities need to have timely access to this data in order to proceed with cross-border checks and inquiries.
                                                  ...
                                                  The specific factor determining the Member State responsible for the monitoring and registration of beneficial ownership information of trusts and similar legal arrangements should be clarified. In order to avoid that, due to differences in the legal systems of Member States, certain trusts and similar legal arrangements are not monitored or registered anywhere in the Union, and to avoid distorting the internal market all trusts and similar legal arrangements, including inter alia Treuhand, Stiftung, Privatstiftung, Usufruct Fiducia should be registered in the Member State(s) where they are created, administered or operated. They should be obliged to publicly disclose certain beneficial ownership information. In order to ensure the effective monitoring and registration of information on the beneficial ownership of trusts and similar legal arrangements, cooperation and exchange of relevant information among Member States is also necessary.

                                                  ...

                                                  Key transparency standards should be binding and guide the negotiation and renegotiation of Union trade agreements and partnerships. Trade partners should lose the benefits granted by trade agreements with the Union where they fail to respect relevant international standards, such as the Common Reporting Standard of the OECD, the Action Plan on Base Erosion and Profit Shifting of the OECD, the central register of beneficial ownership and FATF recommendations. In the framework of the implementation of the OECD BEPS, it is essential to fully apply the country by country reporting system for multinational enterprises.
                                                  The UK was, of course, bitterly opposed to public disclosure of trust beneficial ownership.

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                                                    In which I am surprised by my own naivete. I have to say it didn't really occur to me that after the Panama Papers leaked, Mossack Fonseca would continue to do offer overt tax evasion/money laundering services, as opposed to the barely legal kind. At least for a couple of years, anyway. If nothing else, what sort of tax evader goes to a firm after they've just leaked all their client info?

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