Categories: black money

Aussies caught up in tax probes

Hundreds of Australians have been caught up in an international tax evasion and money laundering investigation that has already triggered raids, arrests and the seizure of expensive property in Europe. The 346 Australians involved hold unnamed, numbered accounts with a Swiss bank. Minister for Revenue and Financial Services Kelly O’Dwyer said the Australians had links to […]

Listing the oil oligarchs

A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country’s natural resources, Zainab Calcuttawala writes. As such, you won’t be surprised to learn that the largest energy companies in the world are owned and operated by governments, and they include: Saudi Aramco, Russian Gazprom, China National Petroleum Corp. […]

China’s politicians amass huge wealth

The fortunes of the richest 100 members of China’s parliament and its advisory body – all dollar billionaires – grew about 64 percent in the four years since Xi Jinping rose to power, according to data from an organisation tracking wealth in China. Xi has overseen a crackdown on corruption and decadence, and made the […]

Super-rich will flock to London – report

The super-rich will continue to flock to London, despite the political and economic concerns around the UK’s intention to leave the European Union, according to a report published on Wednesday by property broker Knight Frank. The number of ultra-wealthy people — those with $30 million or more who private banks such as UBS and Citigroup […]

Hidden accounts found by IRS

Two Orange County men pleaded guilty Wednesday to failing to disclose to the IRS foreign bank accounts that contained millions of dollars, federal prosecutors said. David Ramin Kalili, 52, and his brother-in-law David Shahrokh Azarian, 67, admitted that they didn’t file Reports of Foreign Bank and Financial Accounts with the Internal Revenue Service regarding secret […]

Goldman Sachs under pressure

Even as Goldman Sachs is gaining a more prominent profile in the administration of Donald J. Trump, the Wall Street investment firm is undergoing scrutiny in an investigation in a sprawling international money laundering and embezzlement scheme. Prosecutors have said that billions of dollars that Goldman raised for a Malaysian government investment fund — known […]

India’s PM attacked on demonetisation

In a direct attack on the Prime Minister, Congress vice president Rahul Gandhi has alleged that Narendra Modi visits the US and China “using” the aircraft of his wealthy “friends” and has “made fun” of 99 percent honest people through demonetisation. “Maximum wealth lies with 50 families… Modi goes to America and China with their […]

Diamond sales hit by India’s banknote move

Anglo American has said demand at its latest De Beers diamond sale showed a slowdown in response to India’s withdrawal of high-value banknotes, but was still higher than a year ago when commodity trade was slumping. The decision by the prime minister, Narendra Modi, to scrap 500-rupee and 1,000-rupee banknotes as part of a crackdown […]

India encourages digital payments

India’s government will waive service tax on debit and credit card transactions of up to Rs 2,000 (28 euros) in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and 1,000 banknotes. The government has decided to “exempt services by an acquiring bank to any person in relation to […]

‘Let’s go halves’ says India

India’s tax evaders can keep half their hidden wealth… if they declare it. A change to the country’s income tax laws pushed through parliament on Tuesday requires hoarders of untaxed income to hand over 50% when they disclose it to the government. They have to deposit another 25% into a government fund – aimed at […]