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The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven - Politics - Nairaland

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The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 10:22am On May 06, 2009
The UK Barclays Bank plans to turn Ghana into Africa's money laundering haven. The establishment of a fully operating tax haven so close to Nigeria, Sierra Leone and Equatorial Guinea could see huge mineral wealth in West Africa vanish into it from poverty-stricken countries' coffers.

http://www.elombah.com/index.php?option=com_content&view=article&id=726:turning-ghana-into-africas-money-laundering-haven&catid=25:politics&Itemid=37
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by blacksta(m): 10:29am On May 06, 2009
Fact of the Matter: Capital already takes flights from West Africa esp Nigeria into the western world but henceforth it will be close home in Ghana

Nothing new.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 10:31am On May 06, 2009
Ghana is already gaining notoriety as a drug trafficking route into Europe and the United states
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by ElRazur: 10:41am On May 06, 2009
Edoji:

Ghana is already gaining notoriety as a drug trafficking route into Europe and the United states

So is all west african countries with porous borders.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by busibodi(f): 11:19am On May 06, 2009
Edoji:

Ghana is already gaining notoriety as a drug trafficking route into Europe and the United states

supply always go after demand.

why is Europe keep consuming the drug?

The UK Barclays Bank plans to turn Ghana into Africa's money laundering haven. The establishment of a fully operating tax haven so close to Nigeria, Sierra Leone and Equatorial Guinea could see huge mineral wealth in West Africa vanish into it from poverty-stricken countries' coffers.

if this is true, Ghana needs to use it well for their economy and people.

Taxes heavens countries enjoy good quality of life:
Andorra
Bahamas
Bermuda
British Virgin Islands
Cayman Islands
Cook Islands
Cyprus
Gibraltar
Grenada
Isle of Man
Jersey
Liechtenstein
Luxembourg
Maldives
Malta
Marshall Islands
Mauritius
Monaco
Montserrat
Nauru
Panama
Seychelles
St Lucia
St Kitts and Nevis
St Vincent and the Grenadines
Switzerland
Tonga
Turks and Caicos
US Virgin Islands
Vanuatu
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 12:10pm On May 06, 2009
The point is not whether the inhabitants of off-shore havens enjoy a better life. But that money launderers are able to 2exploit off-shore financial centres and tax havens to perpetrate their act to provide safe havens for proceeds of crime; drug money, looting of government money.
nigerian politicians have stashed about $107 billion overseaa according to the estimates.

Money launderers use tax havens because they provide an impenetrable layer of protection around the ownership of assets. They have few commercial or financial justifications, except to conceal the origin and destination of goods in international commerce, to circumvent arms control laws and to evade taxes and hide their loot.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by busibodi(f): 12:43pm On May 06, 2009
nigerian politicians have stashed about $107 billion overseaa according to the estimates.

is that Ghana or Backlay's problem??

why is WEST politicians not stashing away their countries money??

I beg leave Ghana alone.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 1:21pm On May 06, 2009
Leave Ghana alone? and yet we shout against corruption!

Charities are already gearing up to resist and expose it.

President Obama is banning the use of tax havens. Gordon Brown has written to tax havens to clean up their act. OECD, G20 all are speaking out against the use of tax havens.

Yet, the stupid africans who are the most victims say; leave Ghana alone?

Tufiakwa! angry
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by busibodi(f): 1:51pm On May 06, 2009
President Obama is banning the use of tax havens. Gordon Brown has written to tax havens to clean up their act. OECD, G20 all are speaking out against the use of tax havens.

there you go regurgitating your half backed idea.

check list of tax heavens location and you see many are owned by same UK/USA.

Open your eyes, read between the line.

If anybody stashed their money in Ghana. It is Ghana's luck. My only concern Ghana should use the money well.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 1:58pm On May 06, 2009
Well, its not a half "backed" idea. I have cause to write about western hypocricy as regards money laundering.

I wrote in another forum that: "Back in the days of Nuhu Ribadu’s EFCC, the investigation, arrest and indictment of Nigerian corrupt politicians on the streets of London was a sad reminder of the role of London as the centre of laundering illicit wealth from Nigeria in spite of global attempts to crack down on dirty cash. It in particular exposed ‘The dark side of London’s successes.

At the G20 summit, the leaders of the 20 most developed countries of the world signed a Resolution to “take action against non-cooperative jurisdictions, including tax havens; to deploy sanctions to protect our public finances and financial systems”.

At the end of the summit, the UK Prime Minister, Mr Gordon Browns declared: “The era of banking secrecy is over”. However, what Gordon Brown is not saying is that the UK government is as guilty as they come so far as the promotion of banking secrecy and jurisdictions that promote international money laundering is concerned.

The proliferation of jurisdictions offering Safe havens, bank secrecy and confidentiality has done irreparable damage to Africa. The international scene has created a near perfect environment for the growth of money laundering and created obstacles for law enforcement agencies in their effort to tackle the menace".

When I write about money laundering, I am an expert in the field. I am only concerned because the establishment of a tax haven in Ghana would be detrimental to Nigeria's and other Africans interest. and as a Nigerian, I should be concerned.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by busibodi(f): 4:24pm On May 06, 2009
When I write about money laundering, I am an expert in the field. I am only concerned because the establishment of a tax haven in Ghana would be detrimental to Nigeria's and other Africans interest. and as a Nigerian, I should be concerned.

Obviously you have not done your job well.

List of Tax Heavens that are owned by US/UK:

Anguilla
Bermuda
British Virgin Islands
Cayman Islands
Cook Islands
Gibraltar
Grenada
Isle of Man
Jersey
St Lucia
St Kitts and Nevis
St Vincent and the Grenadines
Tonga
Turks and Caicos
US Virgin Islands

So let Ghana be and enjoy benefit of keeping/using other fool's money for their development.
And stop be the loud speaker for US/UK who are MAJOR beneficiary in Tax Heaven than anyone else.

They simply want to cut other countries from particpating in the tax heaven largese because of their shrinking income at home.

British Virgin Islands: the 2000 KPMG report to the United Kingdom government indicated that the British Virgin Islands was the domicile for approximately 41% of the world's offshore companies, making it by some distance the largest offshore jurisdiction in the world by volume of incorporations.

Delaware: A state of the USA which has a significantly low income tax levels (below 6%) and provides tax incentives to US corporations (currently having around 50% of US PLCs registered there) it also has partnership taxation laws which make it favourable to non-US entities, typically allowing taxation at 0% where the partners are registered in non-US jurisdictions.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 4:44pm On May 06, 2009
In criticising the use of Tax havens, THe Financial Havens, Banking Secrecy and Money Laundering: Double issue 34 and 35 of the Crime Prevention and Criminal Justice Newsletter, Issue 8 of the UNDCP Technical Series said: "What started as a business to service the needs of a privileged few has become an enormous hole in the international legal and fiscal system".

The western governments are no longer happy with it because it is a major conduit for tax evasion. The OECD could only name and shame jurisdictions that do not comply with new rules on maintaing the institution. The FATF blacklists them as well.

Check and you will see that the places you talk about are very small unihabited islands that have nothing to lose. Why do you think Switzerland are moving away from, and closing such accounts today. In the long run, for the economies that really want to develop, maintaing tax havens make little economic sense.

On May 4, the Associated Press reported that Obama announced plan to close tax haven loopholes: President Barack Obama proposed to raise taxes on the overseas profits of U.S. companies and to go after evaders who abuse offshore tax shelters.

But see how he would be opposed in Congress, because the main beneficiaries are the big companies.

Ghana is not a small Island of 10,000 people with nothing to lose in having a tax haven.

I could send you my essay on how tax havens destroys the local economy if you care.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by busibodi(f): 4:56pm On May 06, 2009
when is Obama and Brown closing down their tax heaven. Let them start with these 3.

British Virgin Islands: the 2000 KPMG report to the United Kingdom government indicated that the British Virgin Islands was the domicile for approximately 41% of the world's offshore companies, making it by some distance the largest offshore jurisdiction in the world by volume of incorporations.

Delaware: A state of the USA which has a significantly low income tax levels (below 6%) and provides tax incentives to US corporations (currently having around 50% of US PLCs registered there) it also has partnership taxation laws which make it favourable to non-US entities, typically allowing taxation at 0% where the partners are registered in non-US jurisdictions.

United States Virgin Islands offers a 90% exemption from U.S. income taxes and 100% exemption from all other taxes and customs duties to certain qualified taxpayers.
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 5:00pm On May 06, 2009
Could you please give us the population of these three islands?
Re: The Uk Barclays Bank Is Turning Ghana Into Africa's Money Laundering Haven by Edoji: 6:08pm On May 06, 2009
My point is; Yes, there is hypocricy in the west as regards tax havens, but it is the big comapnies that benefit, but for an african country the needs economic development, tax havens encourages corruption and distorts the local economy.

Ka Chineke mezie okwu! cheesy

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