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City of London: Tax haven in the heart of Britain (2011)

89 点作者 lowmemcpu将近 5 年前

11 条评论

sprafa将近 5 年前
An enormous amount of money going through Britain appears to be money laundering. Look into real estate in london. An absurd situation.<p>Anecdotally - I spoke to a Goldman Sachs guy who quit - he made software to flag “suspicious” transactions. He said it flagged millions everyday. Money coming in from Saudi Arabia, Gibraltar, Panama, Jersey etc.<p>I asked him why did he quit? This seemed like a useful thing. Stopping such transactions is a good thing, no?<p>He said “you don’t understand. All the software did was flag the transactions. It didnt stop them. It just marked them as ‘suspicious’”<p>I was blown away. “Why have a piece of software that just flags the transactions and does nothing??”<p>He said “Because that’s what the law demands. And so that when we get caught, we can go to the Parliament in the inquiry and say ‘you’re absolutely right, our software did mark this as a problem!’”
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hpoe将近 5 年前
For those interested in learning more about the City of London there is a youtuber, CGP Grey, who has to great 10 min vids on what it is why it exists and how it operates. Link here: <a href="https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=LrObZ_HZZUc" rel="nofollow">https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=LrObZ_HZZUc</a>
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Havoc将近 5 年前
&gt;usually with secrecy as their prime offering.<p>lol. The only ones selling bank secrecy these days is Hollywood action movies. It died out in the real world years ago. All the major offshore locations report holdings to the US tax authorities (FATCA) and the EU tax authorities (CRS).
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slashdotdash将近 5 年前
The Spider’s Web is a documentary film which covers this subject in detail. Well worth watching if you have an interest in finding out more.<p>“An investigation into the world of Britain’s secrecy jurisdictions and the City of London. Today, up to half of global offshore wealth may be hidden in British offshore jurisdictions and Britain and its offshore jurisdictions are the largest global players in the world of international finance.”<p><a href="http:&#x2F;&#x2F;spiderswebfilm.com&#x2F;" rel="nofollow">http:&#x2F;&#x2F;spiderswebfilm.com&#x2F;</a>
boring_twenties将近 5 年前
This book from around the same time goes into detail into global tax havens (including lots on CoL and its history), and the insidious ways that system has integrated itself into the &quot;legitimate&quot; global financial system.<p>I&#x27;m not an expert on the topic but I found the book hard to put down.<p>edit: The book: <a href="https:&#x2F;&#x2F;smile.amazon.com&#x2F;Treasure-Islands-Uncovering-Offshore-Banking&#x2F;dp&#x2F;0230341721" rel="nofollow">https:&#x2F;&#x2F;smile.amazon.com&#x2F;Treasure-Islands-Uncovering-Offshor...</a>
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juskrey将近 5 年前
UK got one thing right: it is not only beneficial, but also rightful to help other people part with dirty money. Pretending that all money can fit some &quot;clean&quot; model and fully feed the economy at the same time, like (part of) EU tries to do, is a dangerous fallacy. Switzerland got that too, but they fell prey to US long before that banking privacy defeat.<p>So now, like in old good times, UK plays on par with US.
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dang将近 5 年前
Discussed at the time: <a href="https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=8181308" rel="nofollow">https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=8181308</a>
twic将近 5 年前
This article weaves together lots of weird and wonderful historical detail to depict the City as a malign and unstoppable force, but it&#x27;s all bollocks. It&#x27;s a pile of allusion and errors, written for an audience who will accept this stuff uncritically.<p>Some examples:<p>&gt; The term “tax haven” is a bit of a misnomer, because such places aren’t just about tax. What they sell is escape: from the laws, rules and taxes of jurisdictions elsewhere, usually with secrecy as their prime offering.<p>There are no laws, rules, or taxes which apply everywhere else in the UK which don&#x27;t apply in the City.<p>&gt; A few examples illustrate the carve-out. Whenever the Queen<p>The queen is a purely ceremonial figure.<p>&gt; The Remembrancer, whose position dates from the reign of Elizabeth I, is the City’s official lobbyist in parliament<p>That particular official is unique to the City, but other local authorities have their own lobbyists in parliament:<p><a href="https:&#x2F;&#x2F;www.local.gov.uk&#x2F;parliament" rel="nofollow">https:&#x2F;&#x2F;www.local.gov.uk&#x2F;parliament</a><p>&gt; The City Corporation is different from any other local authority. Here, hi-tech global finance melds into ancient rites and customs that underline its separateness and power with mystifying pomp. Among the City’s 108 livery companies, or trade associations<p>The livery companies don&#x27;t play any role in the government of the City.<p>&gt; They were astonished to find that the corporation was a big shareholder in the development - a public authority acting as a private company, outside its jurisdiction.<p>I can believe that this was something unique back in 2002, because that was before local authorities were granted the &quot;general power of competence&quot;. But they got that in 2011, and now it&#x27;s routine for them to make investments in all sorts of things.<p><a href="https:&#x2F;&#x2F;www.local.gov.uk&#x2F;sites&#x2F;default&#x2F;files&#x2F;documents&#x2F;general-power-competence--0ac.pdf" rel="nofollow">https:&#x2F;&#x2F;www.local.gov.uk&#x2F;sites&#x2F;default&#x2F;files&#x2F;documents&#x2F;gener...</a><p>&gt; Unlike any other local authority, however, individual people are not the only voters: businesses can vote, too.<p>Nope. Businesses can appoint some of their employees as voters, and the voters can then vote. The businesses get to chose who is a voter, but votes are by secret ballot as usual, so they have no real influence on the actual voting. You can read the rules here:<p><a href="https:&#x2F;&#x2F;www.cityoflondon.gov.uk&#x2F;about-the-city&#x2F;voting-elections&#x2F;Documents&#x2F;wardmote-book-june-2014.pdf" rel="nofollow">https:&#x2F;&#x2F;www.cityoflondon.gov.uk&#x2F;about-the-city&#x2F;voting-electi...</a><p>&gt; Political parties are not involved - candidates stand alone as independents - and this makes organised challenge to City consensus all but impossible.<p>It&#x27;s not that political parties are banned or anything, just that they so far haven&#x27;t managed to unseat independents. Mostly - Labour won five seats in the 2017 elections.<p>&gt; This “missed time” is significant, Glasman says, because it means the City’s rights pre-date the construction of modern political Britain, and this has placed it outside parliament’s normal legislative remit.<p>The City has various rights and privileges that don&#x27;t stem from legislation, because they&#x27;re so old. But that doesn&#x27;t mean they&#x27;re outside parliament&#x27;s legislative remit. If parliament passed an act changing something in the City, that thing would change. It&#x27;s a similar situation to royal prerogative powers.<p>&gt; So, the corporation has two main claims to being a tax haven: first, as a semi-alien entity, floating partly free from Britain (just as the Cayman Islands are), and second, as the hub of a global network of tax havens sucking up offshore trillions from around the world and sending it, or the business of handling it, to London.<p>Neither of which make it a tax haven in any sense at all.<p>&gt; Not only that, but the Lord Mayor and colleagues promise to “take up cudgels on behalf of the City anywhere in the world on any subject which is of concern to the City”.<p>Yes, in much the same way as every local authority will work to advance the interests of its local businesses - including Cornwall:<p><a href="https:&#x2F;&#x2F;www.cornwallti.com&#x2F;about-us&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.cornwallti.com&#x2F;about-us&#x2F;</a><p>Honestly, this article is sensationalist nonsense.
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amiga_500将近 5 年前
The UK is the biggest enemy to western democracy.<p><a href="http:&#x2F;&#x2F;spiderswebfilm.com" rel="nofollow">http:&#x2F;&#x2F;spiderswebfilm.com</a>
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oxAAAFFB将近 5 年前
By the way, I just arrived in London for holiday and am in self quarantine. Any suggestions on what I should do when I get out?
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linuxftw将近 5 年前
The presumption is that this area deserves to have less autonomy. Perhaps the author should consider the reverse: the rest of the country deserves more autonomy. If you are so concerned for the city&#x27;s special privileges, perhaps you should vote (ha!) for the same privileges to be applied to yourself. Instead, predictably, the author wants the states power to expand ever further.