Posted by & filed under Auditing, Corporate Restructuring, Corporate Social Responsibility, Fraud Accounting, International Accounting, Taxation, Taxation & Planning, Uncategorized.

Caribbean agency helped set up offshore companies connected to $230M scam

It’s a tale with the cloak-and-dagger intrigue of a Hollywood thriller: a $230-million heist, corrupt Russian police and government officials, prison beatings, a dead lawyer, Kafkaesque trials and a diplomatic spat between international superpowers.

And now, for the first time, secret files obtained exclusively in Canada by CBC News reveal how a Canadian-run offshore company in the Caribbean enabled the transfer of some of that money into a labyrinth of shell corporations around the world in a scandal known as the Magnitsky affair.

To read the complete article visit: CBC Business

Federal Budget passes a few weeks ago, to curb offshore

The federal government is taking aim at tax loopholes and Canadians who hide money offshore as part of a bid to boost its revenue base.

Follow the interactive Link below:How the rich hide money$

Tax havens explained: How the rich hide money

Super wealthy have vast array of options to take cash offshore

Recent leaks of secret banking information have helped authorities around the world crack down on tax cheats who go offshore, resulting in billions of dollars recovered for the public purse. Now, in one of the biggest ever leaks of financial data, the International Consortium of Investigative Journalists has released data on a whopping 120,000 secret offshore entities in 10 different jurisdictions.

Read more about how unscrupulous investors hire high-priced lawyers and financial advisers to move money offshore in the interactive below. Select the blue button to make choices and move through each step.

Read more of CBC’s coverage of the massive leak of offshore data and how tax havens sell secrecy in our special series.

During this coming week, follow the news on offshore accounts and the people that invest in them.


Discussion Questions:

1. What are some of the controls that government should implement to reduce offshore investments?

2. Why do you supposeĀ  all those Tax Haven Countries exist?

3. Should it be illegal for Lawyers and Accountants to set up offshore accounts, no matter what the reason?



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