NEWS FROM THE CELTIC LEAGUE
Here are a few quotes from a report by Transparency International – UK on how legitimate activity such as property purchasing can conceal more nefarious activities when it’s conducted via offshore TAX HAVENS.
Eddie Power has already given the link an outing on his CROWN DEPENDENCY NEWS site but then I read some indignant lady was ‘fuming’ about people calling the Isle of Man a tax haven in no time at all I was ‘fuming’ myself about people who don’t recognise ‘a duck when it quacks’!
“UK property has long been a safe haven for overseas investors seeking a stable political and business climate, financial security or an attractive place to live.
However, there is growing evidence that it has also become a safe haven for corrupt capital stolen from around the world, facilitated by the laws which allow UK property to be owned by secret offshore companies.”……
“Over £180m worth of property in the UK has been brought under criminal investigation as the suspected proceeds of corruption since 2004. Importantly, this is thought to represent only a small proportion of the total proceeds of corruption invested in UK property. UN estimates indicate that typical detection rates by law enforcement are only 1 per cent of total money laundering flows.
“Over 75% of these properties make use of offshore corporate secrecy to hide their owner’s identities, and this acts as a significant barrier to money laundering investigations. All foreign companies and trusts that hold titles for UK property under criminal investigation for grand corruption are registered in offshore secrecy jurisdictions rather than major economies. British Crown Dependencies and Overseas Territories3 are the preferred option for concealment for those under UK criminal investigation for grand corruption.
“40,725 London property titles are held by foreign companies.4 89 per cent of these titles are held by companies incorporated in secrecy jurisdictions, covering approximately 2.25 square miles of London property.5 More than one third of all foreign companies holding London property are incorporated in the British Virgin Islands (13,831 properties), this is followed by Jersey with 14 per cent (5,960 properties), the Isle of Man with 8.5 per cent (3,472 properties) and Guernsey with 8 per cent (3,280 properties)”……
I’m sure you get the gist of where Transparency International -UK are going with this article but there’s plenty more in the 35 page article at this link:
Issued by: The Celtic News
THE CELTIC LEAGUE INFORMATION SERVICE.
The Celtic League established in 1961 has branches in the six Celtic Countries. It promotes cooperation between the countries and campaigns on a range of political, cultural and environmental matters. It highlights human rights abuse, military activity and socio-economic issues