Panama papers reveal world leaders finances

[Lxxx]

yes, and it wasn't Harry Redknapps fault that his dog decided to put its money in switzerland either

Hey that was for Rosie's retirement.

[Flubbergump]

Err, no, in fact, he was doing nothing wrong.

 

This is the problem, everybody 'outed' by this is going to be castigated as vile criminals and tax dodgers, when actually some were perfectly legit. I have no sympathy for M F though; any provider who is willing, alleged by ICIJ, to back date documents and levy a fee has to know something is seriously wrong, yet they turned it into a revenue stream.

 

Call me Dave's problem here is not that what his dad did was perfectly legal, its the fact that his family, and he personally, benefitted from it, whilst he was publicly stating such a thing was Morally Wrong in relation to Jimmy Carr / Gary Barlow , etc etc.

 

That kind of thing makes you look either entirely dishonest or completely incompetent. And now that he's providing the full details of his involvement, its becoming increasingly clear it was the former. If this was Osborne,I suspect he really would say "I dont care" and move on, because he rarely worries about how he is perceived by the public, although when he goes for the leadership in a few years time, he is going to need a massive makeover to not look hugely out of touch with the rest of the planet, not just the nation.

 

But going back to the wider issue RE Trusts and tax efficiency, I suspect a few companies over here are nervously watching to see where this leads, as nobody wants further crackdowns by UK Gov on an already very heavily regulated industry. I think I have said before that its not likely to happen as turkey's dont vote for christmas, and there are a lot of family trusts out there which current and former MP's benefit from , however there comes a threshold where the public anger boils over and action needs to be taken to restore trust. Its getting close to that now.

[Flubbergump]

 

So we have George Soros company behind the leaks..I was right earlier the evil is indeed at the leaks source.

 

The only targets being the thorns in the side of the western banking elite. they have already said they will not release all names, so its selective. This leak has two goals, political propaganda against the western banking elites enemies, and an excuse to crackdown on offshore banking, its a move closer to a world central bank and this is the first nail in the coffin for the likes of "Isle of man corporation".

 

Lets enrage elements of the heard that have the least, against our enemies is clearly one of the goals, the second target is financial outfits like here, its all about tightening the grip and gaining more control over the worlds money supply.

 

I predict house prices on the IOM to half within 12 months as the finance industry is decimated and flees the island.

If anything the current furore strengthens the Isle of Man's hand.

There is barely a whisper about the IOM in all of this and i'd expect plenty of business to come our way

 

Mossack Fonseca have been here for years. Go say hello sometime in their shiny new offices on Hill Street.

[Flubbergump]

http://atrueindependentscotland.com/bbc-handed-explosive-evidence-of-massive-corruption-that-is-set-topple-the-British-establishment/

 

• That was last year
• The ones in London pale into insignificance compared to the ones in Cardiff (Private Eye : Eyes Passim since 2011)

[woolley]

 

With hindsight it seems obvious that information so sensitive and political would inevitably be either hacked or leaked. It's a good example of why it is a bad idea to store any private data digitally. Digital data is much easier to leak - and anything connected to the internet can ultimately be hacked.

 

A gold star service would have been completely analog.

The problem is that people these days associate e-mails and mobile phone calls as being covert or secret ways to communicate with other people when they are some of the most traceable forms of communication going. It doesn't matter how encrypted your email is if the server it's received on is completely hackable. Years ago your accountant or CSP director would go to a dusty cupboard and pull out your paper file and keep it like that. The only way they could get the info was to pitch in false employees to copy it which Scotland Yard has done in places like BVI and the Turks and Caicos previously. Now it's all electronic and potentially wide open to anyone clever enough. The one that got me in all of this was scanned copies of passports etc that have been leaked. All the data has been just loaded up onto MFs servers for anyone to get hold of. To offer proper confidentiality you'd be better running it analog like a 1950s bank or accountancy practice.

 

 

And the cloud? Good Jesus why do intelligent people trust putting ultra-sensitive data on the cloud? I've been told all of the reasons why it is safe and secure by all the consultants who urge us to go with it, but I won't have it. We keep our stuff encrypted on in-house servers that are physically cut off from the internet. OK we could have a break in and stuff could go missing in that way. My judgement is we are far safer doing our own thing than trusting the good offices of the www. I know a household name local company that lost 18 months accounting records on the cloud by trusting it to a third party.

[Flubbergump]

 

 

With hindsight it seems obvious that information so sensitive and political would inevitably be either hacked or leaked. It's a good example of why it is a bad idea to store any private data digitally. Digital data is much easier to leak - and anything connected to the internet can ultimately be hacked.

 

A gold star service would have been completely analog.

The problem is that people these days associate e-mails and mobile phone calls as being covert or secret ways to communicate with other people when they are some of the most traceable forms of communication going. It doesn't matter how encrypted your email is if the server it's received on is completely hackable. Years ago your accountant or CSP director would go to a dusty cupboard and pull out your paper file and keep it like that. The only way they could get the info was to pitch in false employees to copy it which Scotland Yard has done in places like BVI and the Turks and Caicos previously. Now it's all electronic and potentially wide open to anyone clever enough. The one that got me in all of this was scanned copies of passports etc that have been leaked. All the data has been just loaded up onto MFs servers for anyone to get hold of. To offer proper confidentiality you'd be better running it analog like a 1950s bank or accountancy practice.

 

 

And the cloud? Good Jesus why do intelligent people trust putting ultra-sensitive data on the cloud? I've been told all of the reasons why it is safe and secure by all the consultants who urge us to go with it, but I won't have it. We keep our stuff encrypted on in-house servers that are physically cut off from the internet. OK we could have a break in and stuff could go missing in that way. My judgement is we are far safer doing our own thing than trusting the good offices of the www. I know a household name local company that lost 18 months accounting records on the cloud by trusting it to a third party.

 

 

You're not alone in taking such an approach. A lot of CSP's on island follow a similar method, because the whole point of funds and data being offshore is that its not accessible from elsewhere. Otherwise its no more secure than a Hotmail account, and whilst at least with one of those, all thats going to happen is someone signs you up to a few adult entertainment sites and fills yours twitter with pictures of willies, you're not going to lose hundreds of thousands of records and potentially destroy your business.

[woolley]

It's just common sense. But common sense that hasn't penetrated many major organisations with billions of dollars of financial data and intellectual property at stake. And who wants their twitter full of willies anyway?

[the stinking enigma]

https://mobile.twitter.com/williethorne147

[gerrydandridge]

A synonym of Evade is Avoid, whats the difference really, however one is illegal and one is not...Do you really trust this lot?

 

 

I note that there is a call to blockade downing street today, until Dave resigns. No one in and no one out apparently, I think for this to happen they will need greater numbers as Dave's boys have guns...

 

Remember Gideon osborne's tweet.

 

[mojomonkey]

Avoidance and evasion have subtly different meanings. Think of different situations and apply the terms. For example you hear that there is a traffic jam ahead of you on your current route, do you avoid that traffic jam or evade that traffic jam?

[gerrydandridge]

Avoidance and evasion have subtly different meanings. Think of different situations and apply the terms. For example you hear that there is a traffic jam ahead of you on your current route, do you avoid that traffic jam or evade that traffic jam?

Perhaps in this situation it would be prudent for Evasive maneuvers...

[Gladys]

There are legal definitions which are more specific than the everyday meaning.

[gerrydandridge]

Yes good old legalese, sounds like English, and the poor fool in the dock thinks it is English, but it means a completely different thing, always wondered why they devised it this way, I am sure they didn't mean to cause confusion,

[Chinahand]

Avoiding Evading tax in this context basically means lying on your tax return/hiding things.

 

Evasion Avoidance means making perfectly legal decisions about what to do with your property and investments - deciding to invest in an ISA verses an other investment decision involves considering the Tax treatment of these assets and effects your tax bill - choosing a lower tax option is perfectly sensible and legal - but it is tax avoidance evasion.

[mojomonkey]

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