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    Common DreamsTo inform. To inspire. To ignite change for the common good.

    panama papers

    European Union headquarters

    'Not a Blacklist' But a 'Whitewash': EU Slammed for Letting Tax Havens Off the Hook

    "How can anyone give this list any credibility?" asked Oxfam's tax expert after the European Union removed infamous safe harbor Bermuda from a roster that also exempts E.U. members.

    Brett Wilkins
    Oct 05, 2022

    The anti-poverty charity Oxfam on Tuesday denounced the European Union's updated list of tax havens, which one expert at the group called a "whitewash" for removing one of the world's most infamous offshore safe harbors while exempting offenders in Europe.

    "The current list makes the E.U. a hypocrite as major tax havens in Europe like Malta and Luxembourg escape."

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    News
    Massive Leak of Data Reveals Money-Hiding Secrets of Superrich--and This Is 'Only the Beginning'

    Massive Leak of Data Reveals Money-Hiding Secrets of Superrich--and This Is 'Only the Beginning'

    "It's hard to overstate how notorious and suspicious the firm is."

    Eoin Higgins
    Dec 03, 2019

    A massive trove of documents, data, and recorded phone calls showing how British company Formations House works to hide money for the superrich is being reported on by journalists all over the world, with the first stories dropping at midnight on Wednesday.

    The reporting is being done under the name "29 Leaks," a reference to Formations House's original address at 29 Harley Street in London. The data was leaked to the group Distributed Denial of Secrets over the summer.

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    News
    Maltese Prime Minister Announces Plans to Resign After Protests Intensified Over Journalist's Murder

    Maltese Prime Minister Announces Plans to Resign After Protests Intensified Over Journalist's Murder

    A probe into the 2017 car bombing that killed investigative reporter Daphne Caruana Galizia ensnared government and business figures on the island and provoked calls for the prime minister to step down.

    Jessica Corbett
    Nov 30, 2019

    Maltese Prime Minister Joseph Muscat announced Sunday that he intends to step down soon amid protests demanding his immediate resignation, which intensified over the weekend after a businessman who allegedly has ties to the government was charged with complicity in the murder of investigative journalist Daphne Caruana Galizia.

    Caruana Galizia, who reported extensively on government corruption and was widely known for her work related to the Panama Papers, was killed by a car bomb explosion near her home in Malta on Oct. 16, 2017. The investigation into her death has drawn global attention to the small Mediterranean island nation. Some of the reporter's surviving relatives are among those who have called for Muscat to leave office.

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    News
    'The One Financial Institution That Stuck with Trump': Deutsche Bank Headquarters Raided in Germany

    'The One Financial Institution That Stuck with Trump': Deutsche Bank Headquarters Raided in Germany

    "Trump's long and winding history with Deutsche Bank could now be at the center of Robert Mueller's investigation."

    Julia Conley
    Nov 28, 2018

    As news broke Thursday morning that Deutsche Bank's German headquarters had been raided in Frankfurt over, numerous observers were quick to note the bank's deep ties to U.S. President Donald Trump.

    The bank's offices were reportedly raided in connection with the Panama Papers money laundering investigation. Two employees and several "unidentified people in positions of authority" are suspected of failing to report the laundering of more than $350 million which were kept by the bank in accounts located in the British Virgin Islands.

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    News
    Global Crises Accelerate as Tax Havens Hide Trillions for World's Greedy Few

    Global Crises Accelerate as Tax Havens Hide Trillions for World's Greedy Few

    While new research suggests 10 percent of world GDP held in offshore shelters, UN human rights expert says poorest paying enormous price

    Jessica Corbett
    Sep 14, 2017

    While the world's richest stash trillions away for themselves, outlandish levels of inequality are increasing the suffering of the poor and hamstringing the global community's ability to address humanity's most pressing concerns.

    "We are witnessing some of the greatest challenges the world has ever seen, without the global commitment to deliver change."
    --Saad Alfarargi, U.N. Human Rights Council
    That is the picture painted when pairing new research that shows an estimated $8 trillion--or more than 10 percent of global gross domestic product (GDP)--was stashed in offshore tax havens as of 2015 with a new report by a UN human rights expert that warns impoverished people are "paying a heavy price" for what he calls "negative global trends," including climate change, financial schemes, and privatization programs that "have their harshest impacts on the poorest sections of society."

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    News

    No Change in Spain: New Vote Reflects a Still Divided Electorate

    Charles Gasparovic
    Jun 26, 2016

    The Spaniards went back to the ballot boxes today, six months after their December 20 general elections concluded without a majority winner.

    In December, the conservative Partido Popular (Popular Party, PP) and the socialist party (Partido Socialista Obrero Espanol, PSOE) were uprooted from their nearly 40-year hegemony by new parties on the left (Podemos, We Can) and right (Ciudadanos, Citizens) (see Common Dreams, December 21, 2015). They came in first, second, third, and forth, respectively, with the sitting PP government left in charge until either a majority parliamentary coalition could be formed or new elections were held.

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    Opinion
    spain

    Standing on Backs of Global Poor, Filthy Rich Getting Even Filthier

    'For every person with more than $30 million, there are over 4800 people living in extreme poverty'

    Nadia Prupis
    Jun 24, 2016

    According to a new study released this week by an alliance of major organizations, the wealth gap keeps growing as the world's richest get richer at the expense of the poor.

    The World Wealth Report from Oxfam, Greenpeace, and other groups found that while the total number of millionaires worldwide jumped to 15.4 million—up by nearly 5 million since 2009—more than 702 million people remain in poverty worldwide.

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    News
    inequality

    How the Panama Papers Firm Helped US Clients Escape Tax Rules

    Mossack Fonseca went beyond simply creating shell companies for some of the 2,400 Americans implicated in the leak

    Nadia Prupis
    Jun 06, 2016

    The law firm at the center of the Panama Papers scandal, Mossack Fonseca, helped many of its American clients evade U.S. tax and transparency laws, according to an investigation by the New York Times published Monday.

    Documents including "confidential emails, copies of passports, ledgers of bank transactions and even the various code names used to refer to clients" show that Mossack Fonseca went beyond simply creating shell companies for some of the 2,400 Americans implicated in the leak, the Times reports--instead, the firm "offered a how-to guide of sorts on skirting or evading United States tax and financial disclosure laws."

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    News

    New Rules On Corporate Secrecy Have Glaring Loopholes

    Dave Johnson
    May 12, 2016

    The Treasury Department released a new rule and several proposals last week that they said are intended to address the problem of corruption and dirty money in secret U.S. shell companies.

    A White House news release announced what it called "several important steps to combat money laundering, corruption, and tax evasion, and called upon Congress to take additional action to address these critical issues." (A White House fact sheet is available here.)

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    Opinion

    London Summit: US Must End Tax 'Hypocrisy' or Corruption Will Prevail

    'So long as countries with real commitments on the world stage continue...ignoring the larger jurisdictions, the results will be continued failure'

    Nadia Prupis
    May 12, 2016

    If the U.S. does not end its "hypocrisy" and hold itself to the same tax transparency standards as other nations, efforts to reform offshore secrecy will fail, leaders of the UK's overseas territories warned at the global anti-corruption summit in London on Thursday.

    The comments--from leaders of the Cayman Islands, Bermuda, and the Isle of Man--came as U.S. Secretary of State John Kerry told those gathered at the summit, "Corruption, writ large, is as much of an enemy [as terrorism], because it destroys nation states, as some of the extremists we are fighting or the other challenges we face."

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    You Could Be Next: Trump’s Gestapo Tactics Are Getting Worse

    Trump-Backed Darline Graham Bashes 'Government-Run Healthcare,' Glorifies Working While Sick

    Destruction of East India Company Gives US Lawmakers a Blueprint for Confronting Big Tech: Historian

    'America Is For Sale': Trump Reportedly Trying to Hand Private Developer Part of Yosemite

    Trump Threatens NBC's Welker With 'Punishment' for Doing Her Job

    The Most Dangerous Person to the Michigan Senate Race Lives in Ohio

    'Yet Another Trump Grift': Congress Called to Stop US Takeover of Venezuelan Oil Fields

    'Embarrassing': Google Maps Renames 'Lake Ontario' as 'Lake America' in US

    Watchdog Finds Trump Crypto Schemes Have Left Investors on the Hook for Over $4 Billion in Losses

    Extremist Billionaire Media Owners Want to Steal Your Social Security So They Don't Have to Pay Slightly Higher Taxes

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